Fed, FDIC, OCC update guidance on third-party risk management

Regulators described the new guidance as “principles-based,” which can be adjusted to the unique circumstances of each third-party relationship.

By Anna Hrushka • June 7, 2023

Investors urge judge to advance Wells Fargo diverse hiring lawsuit

Following a New York Times report that alleged employees were conducting sham interviews, shareholders claim the bank assured investors that its diverse hiring policy was working.

By Anna Hrushka • June 6, 2023

Explore the Trendline➔

Fraud and AML in banking

A top-10 bank’s AML practices may have tanked the year’s biggest merger. The episode underscores the importance of a solid strategy to fight fraud and money laundering.

By Banking Dive staff

SEC sues Coinbase as federal crackdown on crypto continues

Coinbase was accused Tuesday of operating an unregistered national securities exchange, broker and clearing agency. The SEC also took aim at its staking-as-a-service program, a day after suing crypto firm Binance.

By Gabrielle Saulsbery • June 6, 2023

SEC charges Binance, CEO Zhao with 13 violations

The regulator alleged high-value U.S. customers were secretly allowed to trade on Binance platforms after the company said otherwise, and that controls allowed customers’ funds to commingle.

By Dan Ennis • June 5, 2023

Republicans draft crypto legislation

The discussion draft, which largely addresses how digital assets can be defined as commodities, represents the most significant federal legislative development in the crypto sphere this year.

By Gabrielle Saulsbery • June 5, 2023

Banks could face 20% capital buffer increase: report

The largest increases are expected to fall on lenders with big trading operations, and those who rely heavily on fee income, sources told The Wall Street Journal.

By Anna Hrushka • June 5, 2023

Pennsylvania lender to pay more than $3M in DOJ redlining settlement

ESSA Bank & Trust’s president signaled the bank’s cooperation but said ESSA “did not receive a single fair lending complaint from any customer or potential customer” during the time in question.

By Dan Ennis • June 2, 2023

CFPB slaps warning on P2P

The federal agency told consumers that money sitting in uninsured accounts, such as some offered by PayPal, Venmo and Cash App, could be at risk.

By Lynne Marek • June 2, 2023

CFPB orders OneMain to pay $20M over add-ons, delinquent refunds

Some customers were led to believe that signing up for an add-on product was imperative to receive a loan, the CFPB said.

By Rajashree Chakravarty • June 1, 2023

Wells Fargo ex-exec Tolstedt to pay $5M to SEC

Tolstedt publicly endorsed Wells Fargo’s “cross-sell metric” as a measure of success, including at investor conferences, despite knowing figures were distorted by bankers opening unauthorized accounts, the agency said.

By Dan Ennis • May 31, 2023

OCC targets big banks with ‘persistent weaknesses’

The regulator's new enforcement manual appendix comes in the wake of the recent bank failures and is aimed at larger and more complex financial institutions.

By Rajashree Chakravarty • May 30, 2023

NYC regulator halts city deposits at Capital One, KeyBank

New York City Comptroller Brad Lander also voted against allowing Wells Fargo, PNC and International Finance Bank to hold public funds after they failed to submit anti-discrimination plans.

By Rajashree Chakravarty • May 26, 2023

Citizens Bank to pay $9M to settle disputed-charge suit

The bureau claimed the bank, in 2015, improperly denied customer reports of fraud and unauthorized use and, in some cases, failed to fully reimburse users.

By Dan Ennis • May 23, 2023

First Citizens sues HSBC over departure of 42 SVB bankers

The North Carolina bank accused a former SVB executive of helping HSBC, his new employer, incite a mass migration of talent and trade-secret information.

By Dan Ennis • May 23, 2023

Legislators spar over stablecoin proposals

Lawmakers agree stablecoin legislation is needed to ensure the U.S. establishes itself as a leader in the space.

By Caitlin Mullen • May 22, 2023

Defining a personalization strategy? Banks must consider 4 unique consumer profiles

Research reveals the four types of bank customers based on their desired outcome from personalization.

By Katie Pagenkopf • May 22, 2023

The banking failure fallout and regulatory changes to come

To get a jump on future regulations, banks will have to shore up their own risk management, interest rate modeling, and economic stress-testing capabilities.

By Aaron Ricadela • May 22, 2023

Warren blasts First Republic’s ‘troubling’ sale to JPMorgan

The senator criticized the OCC’s role in approving the deal, saying it failed to factor in an assessment methodology that estimates the impact a lender would have on the economy if it were to fail.

By Anna Hrushka • May 19, 2023

Fed IG hearing, bank failure reports prompt calls for more independent probes

"It looks like, to anyone in the public, that you gave your boss a free pass and that's just not going to cut it here,” Sen. Elizabeth Warren, D-MA, told the central bank's inspector general.

By Dan Ennis • May 18, 2023

Deutsche Bank to pay $75M to Epstein victims

Epstein victims have sued both Deutsche Bank and JPMorgan, alleging they benefited from their relationships with the financier despite knowing of his crimes.

By Gabrielle Saulsbery • May 18, 2023

BlackRock bumps its in-office requirement to 4 days a week

“When fast-moving, high-client-interest events are happening, having our teams physically together to find solutions, seize opportunities and learn from each other makes a difference,” two executives wrote Tuesday.

By Dan Ennis • May 17, 2023

6 suggestions the Fed’s Michael Barr has for banks, supervisors

The central bank's supervision czar laid out his recommendations for capital requirements, a culture shift promoting quicker action by regulators, and a host of other tweaks.

By Dan Ennis • May 16, 2023

More than 140 Democrats sign court brief defending CFPB

An amicus brief Monday urged the Supreme Court to overturn the 5th Circuit Court’s ruling that the bureau’s funding structure is unconstitutional.

By Rajashree Chakravarty • May 16, 2023

SVB, Signature Bank execs testify before Senate panel

Tuesday’s hearing marks the first time executives from the two collapsed firms appeared in a public setting.

By Anna Hrushka • May 16, 2023

HSBC, Scotiabank to pay CFTC, SEC more than $100M in fines

The penalties mark the return of WhatsApp-related regulatory action. Additionally, HSBC settled spoofing-related charges. The British bank warned of both investigations as early as February 2022.

By Gabrielle Saulsbery • May 15, 2023