The Latest

  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Banking Dive
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    Discover, FDIC reach consent agreement

    The agreement, issued last week, addresses “shortcomings” in Discover’s compliance management system for consumer protection laws, the company said.

  • A customer stands outside of Silicon Valley Bank
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    Justin Sullivan/Getty Images via Getty Images
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    Fed scrutiny failed to match SVB’s growth: Fed inspector general

    Examiners assigned to Silicon Valley Bank, which collapsed in March, did not have sufficient expertise in supervising large, complex institutions, according to the Fed inspector general.

  • Martin Gruenberg addresses the Senate Banking Committee.
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    Win McNamee via Getty Images
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    Changes to deposit insurance coverage unlikely: Gruenberg

    “While there was considerable interest in the immediate aftermath of the bank failures earlier this year, that has dissipated with time,” FDIC Chair Martin Gruenberg said at a conference Thursday.

  • Header image for "CFOs Gather Once Again: A Conference Notebook"
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    Getty Images via Getty Images
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    Banking events for the 2023-24 conference season

    It’s time to plan for the rest of this year and beyond. Banking Dive has you covered with a running list of industry conferences, expos and meetings.

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    Jack Taylor via Getty Images
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    Ripple backs out of Fortress Trust acquisition

    A deal to acquire the crypto custodian was announced on Sept. 8 but canceled a mere three weeks later. Ripple remains an investor in Fortress, CEO Brad Garlinghouse said.

  • The Justice Department building on a foggy morning in Washington, DC.
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    Samuel Corum/Getty Images via Getty Images
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    Washington Trust to pay $9M in redlining settlement: DOJ

    The community bank engaged in discriminatory lending practices from 2016 to at least 2021 in predominantly Black and Hispanic neighborhoods in Rhode Island, the DOJ said.

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    Pascal Le Segretain via Getty Images
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    BNP Paribas tracking London office badge swipes: report

    "Many of our competitors have already implemented similar measures,” the bank said in a memo to BNP employees, according to Reuters.

  • Citibank logo
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    Justin Sullivan via Getty Images
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    Citi to sell China retail-wealth business to HSBC: reports

    The deal would mark the latest iteration of Citi’s steps to withdraw from consumer franchises across the globe. HSBC, meanwhile, has pledged to build out its Asian wealth business over the next five years.

  • A golden bull stands on top of a slew of 100 US Dollar banknotes
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    asbe via Getty Images
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    Deposits drop year over year for first time in 29 years: S&P

    Nearly one-third of the 4.8% overall drop came from the big four banks, the report found. BMO saw the greatest increase by percentage. Charles Schwab, meanwhile, saw the biggest decline.

  • U.S. Capitol In Washington
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    Stefan Zaklin via Getty Images
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    Landmark cannabis banking bill heads to full Senate

    While Wednesday’s vote advances the landmark SAFER Banking Act to the Senate floor, the bill’s companion legislation in the House faces uncertainty in the Republican-controlled chamber.

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    Keeping track of multiple BNPL loans? There’s an app for that.

    Cushion CEO Paul Kesserwani felt overwhelmed when he tried to keep track of several BNPL loans at once, so he shifted his fintech’s focus to help others in the same boat.

  • The Office of the Comptroller of the Currency's seal hangs on a brick building.
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    Permission granted by Office of the Comptroller of the Currency
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    OCC taps agency insider to head new fintech office

    Donna Murphy, who is also the deputy comptroller for compliance risk policy at the OCC, took over the unit in September. An OCC spokesperson declined to comment on the former CFTO’s exit.

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    Chris Hondros via Getty Images
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    JPMorgan agrees to pay $75M to settle USVI’s Epstein case

    The settlement, roughly a month before trial was set to start, includes $30 million for charities meant to address human trafficking and other sex crimes. The bank also reached a confidential deal with ex-executive Jes Staley.

  • A cannabis leaf placed on a one dollar bill partially shields President George Washington's portrait.
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    Kendall Davis/HR Dive
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    Deep Dive

    Cannabis-friendly banks face pressure to differentiate

    Banks have used risk-based pricing and non-interest bearing accounts to justify the high cost and labor associated with banking the sector. But as more players enter the game, firms are feeling the pressure to rethink their strategies.

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    Thomas Lohnes via Getty Images
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    DWS to pay $25M to settle SEC’s ESG, AML probes

    “DWS advertised that ESG was in its ‘DNA,’ but … its investment professionals failed to follow the ESG investment processes that it marketed,” Sanjay Wadhwa, the SEC’s deputy director of enforcement, said Monday.

  • Person walking by Chase bank building
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    Spencer Platt via Getty Images
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    Chase digital bank to ban crypto payments for UK customers

    “If we think you're making a payment related to crypto assets, we'll decline it,” Chase U.K. told customers in an email reported by CoinDesk.

  • View of the Statue of Liberty in front of the New York City Skyline
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    OlegAlbinsky via Getty Images
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    Judge dismisses lawsuit against NY Fed over COVID vaccine firings

    In his decision, the judge said it would be an “extreme proposition” to make allowance “whenever someone with a political objection to a rule wraps that objection in religious garb.”

  • A 'Citi' sign is displayed outside Citigroup Center near Citibank headquarters in Manhattan on December 5, 2012 in New York City.
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    Mario Tama via Getty Images
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    Column

    Does ‘Get on board ... or get off’ mean the death of ‘soft skills Citi’?

    CEO Jane Fraser's blunt comments earned her a comparison to Jamie Dimon. But those who see this as a 180 from the bank that championed flex work may have forgotten Citi's COVID vaccine stance. 

  • image of Goldman Sachs logo on wall with red background.
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    Michael M. Santiago/ via Getty Images
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    SEC, FINRA each fine Goldman $6M for sending inaccurate data

    Goldman Sachs provided inaccurate or incomplete ‘blue sheet’ data on no less than 163 million transactions over the last decade, the SEC said. The bank also misreported 97 million trades to FINRA.

  • U.S. Rep. Tom Emmer holds up his hands while standing at a podium.
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    Chip Somodevilla via Getty Images
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    House panel passes bill to thwart CBDC

    The Financial Services Committee advanced a bill last week that would block the creation of a central bank digital currency.

  • A Wells Fargo flag flies in front of a Wells Fargo bank branch.
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    Justin Sullivan via Getty Images
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    Wells Fargo taps ex-diplomat, Morgan Stanley vet as vice chair

    Thomas Nides, a former U.S. ambassador to Israel, will replace William Daley, who is retiring.

  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Banking Dive
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    FDIC’s Hill: Regulatory agenda may be too packed

    At a Cato Institute event, the agency’s vice chair laid out what the regulator has on the agenda. But he's concerned it's moving too quickly on too many things.

  • American flags in front of marble building
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    lucky-photographer via Getty Images
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    JPMorgan, BofA, Wells face price-fixing suit over municipal bonds

    Baltimore, Philadelphia and San Diego allege eight big banks conspired to raise the rates on more than 12,000 variable-rate demand obligations from 2008 to 2016.

  • Varo to Anyone is displayed on a mobile phone.
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    Permission granted by Varo Bank
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    Varo aims to displace Venmo, Cash App volume with new P2P feature

    The bank on Thursday launched a feature enabling Varo account holders to instantly transfer funds at no cost to anyone with a U.S. debit card.

  • Mountains with high-rise buildings in the foreground.
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    Sean Pavone via Getty Images
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    Bank of Utah faces embezzlement lawsuit

    Clients of Stephen Swensen, a once-respected financial adviser accused of swindling $29 million, named the bank in a lawsuit and claimed it was aware of a years-long Ponzi scheme uncovered by the SEC.