Regulations & Policy
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Courtesy of Wells Fargo multimedia resources
OCC judge recommends $18.5M in fines for 3 ex-Wells Fargo execs
The penalties, including a lifetime ban for one, are in line with what the agency had sought. The judge suggested a second lifetime ban. The OCC has 90 days to issue a final decision.
By Rajashree Chakravarty • Dec. 8, 2022 -
Alex Wong via Getty Images
Lawmakers to subpoena Bankman-Fried if he doesn’t testify on FTX collapse
Sens. Elizabeth Warren, D-MA, and Tina Smith, D-MN, penned a letter to regulators concerning bank-crypto connections, as another FTX investigation begins.
By Gabrielle Saulsbery • Dec. 8, 2022 -
Trendline
Fraud and AML in banking
Peer-to-peer payments, crypto platforms, ESG investment vehicles and COVID-era relief programs continue to be sources of fraud-related frustration.
By Banking Dive staff -
Christopher Furlong via Getty Images
SAFE Banking misses another Senate chance. Now what for cannabis?
An omnibus spending bill and the HOPE Act present two more opportunities to pass the cannabis-banking measure this session. But even some co-sponsors have decried tying it to other legislation.
By Dan Ennis • Dec. 8, 2022 -
Dan Kitwood/Getty Images News via Getty Images
Nexo to exit US market after regulator talks hit dead end
The U.K. crypto lender was reportedly in talks with regulators for 18 months to comply with U.S. financial laws.
By Gabrielle Saulsbery • Dec. 6, 2022 -
Permission granted by Circle
Circle’s $9B SPAC deal falls apart
The stablecoin issuer and the blank-check company that had hoped to take it public terminated their agreement over the wait for SEC approval, they said.
By Dan Ennis • Dec. 6, 2022 -
Tasos Katopodis via Getty Images
Fed’s Barr calls for stricter capital requirements
The vice chair for supervision did not say when a review of the stress test framework would be complete, but more details are expected early next year.
By Rajashree Chakravarty • Dec. 5, 2022 -
Mark Wilson via Getty Images
Fed seeks public comment on tighter monitoring of climate risk
The central bank's proposal follows similar moves by the OCC and FDIC. But two Fed governors posted statements explaining their reservations.
By Gabrielle Saulsbery • Dec. 5, 2022 -
Michael M. Santiago / Staff via Getty Images
Citi, BofA, JPMorgan investment bankers’ bonuses may dip by 30%: report
Goldman Sachs traders' bonuses may see low double-digit percentage-point declines despite an expected 15% jump in revenue. And 100 or more bankers there could see no bonus, according to Bloomberg.
By Dan Ennis • Dec. 5, 2022 -
Envato Elements/Brebca
Sponsored by Bridgeforce LLCHow accurate is your Metro 2® furnishing? (And how do you even know?)
Focus on these four key areas to gain a real-world understanding of accurate Metro 2® furnishing.
By Michelle Macartney • Dec. 5, 2022 -
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10 top reads from Banking Dive
If you're new, welcome. Here's a chance to catch up on some of our best work.
By Dan Ennis • Dec. 4, 2022 -
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CFTC chair pushes lawmakers on the creation of crypto regulatory framework
Thursday's hearing marked the first in a series that will address the downfall of FTX and future regulation in the beleaguered crypto industry.
By Gabrielle Saulsbery • Dec. 2, 2022 -
Panel blasts fintechs for missing ‘obvious and preventable’ PPP fraud
Womply and Blueacorn’s lack of fraud controls made them the “paths of least resistance” for fraudsters, a House subcommittee said Thursday. Another fintech included in the report blamed the SBA’s “sh***y rules.”
By Anna Hrushka • Dec. 2, 2022 -
Dan Kitwood via Getty Images
NYDFS proposes charging crypto businesses for supervision
The fees, up for two comment periods, would help the agency “continue adding top talent to its virtual currency regulatory team,” NYDFS said Thursday.
By Rajashree Chakravarty • Dec. 2, 2022 -
Doug Armand via Getty Images
Republicans blast Gruenberg over FDIC power struggle at hearing
"I'm actually kind of angry that you, Mr. Gruenberg, forced the resignation of your predecessor as FDIC chair, a first-generation American immigrant who was a woman," said Sen. Cynthia Lummis, R-WY.
By Rajashree Chakravarty • Dec. 1, 2022 -
Photo by Kindel Media on Pexels
Trade groups urge Senate to hear SAFE Banking Act
The bill would alleviate “the threat to public safety posed by cash intensive [cannabis-related businesses] effectively being shut out of the banking industry,” the ICBA and other associations said.
By Gabrielle Saulsbery • Nov. 30, 2022 -
Permission granted by Office of the Comptroller of the Currency
OCC may stiffen penalties with revised guidance
Updates to the agency’s policy manual make new categories with elevated fine totals for violations by the largest banks and change the factors that beget leniency. The OCC also suggests restricting bank business as a tie-in.
By Dan Ennis • Nov. 30, 2022 -
Piotrekswat via Getty Images
Can the SBA make its 7(a) loan program attractive to fintechs?
A new proposal could pave the way for nonbanks to grab a share of the small-business agency’s 7(a) lending program, but not everyone is convinced the program is suited for fintechs.
By Anna Hrushka • Nov. 29, 2022 -
Chip Somodevilla via Getty Images
Kraken settles with Treasury Department for $362K
The platform avoided the maximum penalty of $272 million because it self-reported, the Office of Foreign Assets Control said.
By Gabrielle Saulsbery • Nov. 29, 2022 -
Thomas Lohnes via Getty Images
Epstein accusers sue JPMorgan Chase, Deutsche Bank
Two unnamed women who allege the disgraced financier sexually abused them are seeking unspecified damages from the banks, which they say enabled Epstein’s behavior.
By Rajashree Chakravarty • Nov. 28, 2022 -
Just_Super via Getty Images
State regulators probe Genesis for securities violations
Regulators are investigating whether the company influenced residents to invest in crypto securities through its platform without having the right registrations, an Alabama official said.
By Gabrielle Saulsbery • Nov. 28, 2022 -
Justin Sullivan / Staff via Getty Images
Banks discuss refund rule for Zelle customer fraud: report
Under measures being discussed, banks would share liability inside Zelle’s system and guarantee to reimburse one another, sources told The Wall Street Journal.
By Anna Hrushka • Nov. 28, 2022 -
sefa ozel via Getty Images
Regulatory challenges more prominent in eyes of fintech industry leaders this year
Private firms are adopting a more defensive posture, delaying new funding rounds, planning for modest growth and addressing regulatory risks, according to a report.
By Gabrielle Saulsbery • Nov. 23, 2022 -
Mario Tama via Getty Images
Fed, FDIC order Citi to address data management weaknesses
Citi must submit a “mapping document” addressing the issues by Jan. 31. The bank promised “more streamlined systems that improve the quality of our data as well as the speed with which it can be accessed.”
By Anna Hrushka • Nov. 23, 2022 -
Chris Hondros via Getty Images
Goldman Sachs fined $4M over ESG investment policy failures
The bank’s asset-management unit “had several policies and procedures failures involving the ESG research its investment teams used to select and monitor securities,” the SEC said.
By Anna Hrushka • Nov. 23, 2022 -
Permission granted by SoFi
Lawmakers question SoFi CEO, regulators over crypto activity
The Fed gave SoFi two years from its acquisition of a California bank to divest from a digital-assets business, the lawmakers wrote. But two months later, SoFi touted an “expansion” of crypto services.
By Rajashree Chakravarty • Nov. 22, 2022
