Bank of America fined $24M by FINRA over alleged spoofing

Between October 2014 and February 2021, a former supervisor and a former junior trader at the bank executed more than 700 instances of spoofing in the U.S. Treasury secondary markets, FINRA alleged.

By Rajashree Chakravarty • Dec. 1, 2023

Senator renews call for Gruenberg’s ouster as FDIC OIG offers fresh inquiry

“This time, there needs to be more than just a survey of the workforce,” Sen. Joni Ernst, R-IA, said in a letter Wednesday to the FDIC chair. “There needs to be real ramifications.”

By Dan Ennis • Nov. 30, 2023

Explore the Trendline➔

Mobile banking trends

Whether referring to niches or marketwide adoption, any discussion of mobile banking today can focus on the narrowing of gaps.

By Banking Dive staff

First Fed Bank hit with FDIC consent order over fintech joint venture

The order is the latest enforcement action to come down on a bank as regulators continue to step up scrutiny of fintech partnerships.

By Anna Hrushka • Nov. 29, 2023

SoFi exits crypto business

SoFi customers can liquidate their accounts, or choose to be migrated to Blockchain.com. If they do nothing, SoFi will liquidate the assets for them, to be transferred to their brokerage accounts.

By Gabrielle Saulsbery • Nov. 29, 2023

Bank of America to pay $12M over lax mortgage data reporting

Hundreds of the bank’s loan officers failed to collect demographic data from applicants but reported to the Consumer Financial Protection Bureau that the applicants had chosen not to respond, the agency said.

By Dan Ennis • Nov. 29, 2023

Google, Symphony launch voice analytics offering for banks

The new messaging compliance tool, which combines Google Cloud's Vertex AI with Symphony’s Cloud9, comes as regulators are cracking down on record-keeping violations at financial firms.

By Anna Hrushka • Nov. 28, 2023

First OCC fintech chief had phony resume: reports

Prashant Bhardwaj alleged he held positions at Huntington and Fifth Third — and at Citi at a time when he would have been 13, according to a resume The Information obtained through FOIA.

By Gabrielle Saulsbery • Nov. 27, 2023

Fed, FDIC, OCC extend long-term debt comment period

The agencies extended the deadline to Jan. 16 — the same day to which regulators extended the comment period for their capital-requirements proposal.

By Rajashree Chakravarty • Nov. 27, 2023

KeyBank names commercial-banking chief as next top HR exec

Angela Mago will take the role before Dec. 31, succeeding Brian Fishel, who is retiring, according to American Banker. A statement from KeyBank did not indicate whether the departure was planned.

By Dan Ennis • Nov. 22, 2023

Blue Ridge Bank sheds fintech partners, explores capital raise

The Charlottesville, Virginia-based firm, whose fintech program came under OCC scrutiny last year, said it is in the process of offboarding about a dozen of its roughly 50 BaaS partners.

By Anna Hrushka • Nov. 22, 2023

Binance names new CEO after taking $4.3B in penalties

“I made mistakes, and I must take responsibility," the crypto exchange's founder Changpeng Zhao tweeted. "This is best for our community, for Binance, and for myself."

By Gabrielle Saulsbery • Nov. 22, 2023

McKernan, Hsu to lead panel overseeing FDIC review

The agency's chair, Martin Gruenberg, won't play a role in the review. Neither will his No. 2, Travis Hill. That's not independent enough for some observers.

By Dan Ennis • Nov. 22, 2023

Binance CEO to step down: reports

Changpeng Zhao, the founder and CEO of the world's largest crypto exchange, will step down and plead guilty to AML charges, Forbes and WSJ reported.

By Gabrielle Saulsbery • Nov. 21, 2023

SEC sues Kraken for commingling funds, failing to register

The Securities and Exchange Commission has added another suit to its list of ongoing legal complaints against cryptocurrency firms.

By Gabrielle Saulsbery • Nov. 21, 2023

House oversight panel wants to investigate FDIC culture, too

Two Republicans on the committee are asking agency officials to brief them on recent misconduct allegations and to turn over any related documents filed since Jan. 1, 2021.

By Dan Ennis • Nov. 21, 2023

Citi names new co-CIO

The bank elevated Jonathan Lofthouse, a 26-year Citi veteran, after Stuart Riley, co-CIO since September, left. Riley's departure was not related to Citi's reorganization, a source told Bloomberg.

By Matt Ashare • Nov. 21, 2023

Wells Fargo workers file petition to join union

Working conditions and pay concerns spurred employees at branches in New Mexico and Alaska to signal they’ll hold elections to join the Communications Workers of America’s Wells Fargo Workers United.

By Dan Ennis • Nov. 21, 2023

Signature Bank CRE, apartment loans have likely winning bids: reports

Billions of dollars in commercial real estate loans, and loans tied to rent-regulated buildings, will likely go to different bidders, Bloomberg and The Wall Street Journal reported Sunday.

By Gabrielle Saulsbery • Nov. 20, 2023

SEC hit companies with $5B in penalties in fiscal 2023

The agency took almost 800 enforcement actions, the second-highest ever, fueled by 18,000 whistle-blower tips. Wells Fargo and HSBC were among banks that paid millions of dollars in penalties in the WhatsApp probe.

By Robert Freedman • Nov. 20, 2023

5 takeaways from Michael Barr’s remarks at The Clearing House conference

The Fed's vice chair for supervision expressed optimism about FedNow’s benefits while making the case for the central bank's contentious capital-requirements proposal.

By Suman Bhattacharyya • Nov. 20, 2023

Gruenberg takes responsibility for FDIC culture as lawmakers demand probes

House Financial Services Committee Republicans suggest cultural issues may have contributed to a shortage of examiners ahead of Signature Bank's failure.

By Dan Ennis • Nov. 20, 2023

Banks’ deposit insurance tab grows as calls for FDIC chief’s ouster persist

The agency is seeking $16.3 billion to make up for losses from failed banks. Meanwhile, several lawmakers are urging Martin Gruenberg to step down in the wake of misconduct allegations and a change in testimony.

By Dan Ennis • Nov. 17, 2023

Morgan Stanley fined $6.5M over client data breach

The action from six attorneys general marks at least the fourth penalty Morgan Stanley has paid related to data breaches in recent years.

By Anna Hrushka • Nov. 17, 2023

Ramaswamy unveils crypto plan

The Republican is the first presidential candidate in his party to address crypto in his campaign platform.

By Gabrielle Saulsbery • Nov. 17, 2023

Third-party guidance could have ‘chilling effect’ on BaaS, former FDIC chair warns

“I don’t think that the current set of regulators really want banking-as-a-service and third-party partnerships to blossom,” former FDIC Chair Jelena McWilliams said during an event in Washington, D.C. on Tuesday.

By Anna Hrushka • Nov. 15, 2023