Regulations & Policy
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JPMorgan to pay $151M over flawed investment disclosures, more
The Securities and Exchange Commission issued five enforcement actions against the bank, including allegations that some JPMorgan advisers’ recommendations went against the best interests of clients.
By Dan Ennis • Nov. 1, 2024 -
Capital One warns of possible CFPB enforcement action
The bureau notified the lender last month it’s considering action after customers sued Capital One, claiming it never told savings account holders they could get a higher yield if they switched to another product.
By Caitlin Mullen • Nov. 1, 2024 -
Trendline
Artificial intelligence
Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?
By Banking Dive staff -
Singh, fourth FTX exec sentenced, avoids prison
Former FTX engineering chief Nishad Singh showed an “eagerness to assist” the prosecution during its case against Sam Bankman-Fried, and a similar energy to help CEO John Ray in FTX's bankruptcy case.
By Gabrielle Saulsbery • Oct. 31, 2024 -
FirstSun looks to alter HomeStreet deal again
The firms are “discussing the pursuit of an alternative regulatory structure” after FirstSun said talks with the Fed and a Texas agency indicated the deal may not get a green light.
By Dan Ennis • Oct. 31, 2024 -
Warren blasts DOJ over TD settlement
Penalties imposed fell short and prosecutors’ “legal gymnastics” allowed the bank’s “reckless leadership” to skirt responsibility, the Democrat said.
By Caitlin Mullen • Oct. 31, 2024 -
5 lessons learned from Synapse’s collapse
Ledgering issues, bank partner and regulatory lapses and gross mismanagement led to a shortfall of up to $95 million between bank-held funds and amounts owed to fintech end users, a law firm found.
By Rajashree Chakravarty • Oct. 30, 2024 -
Morgan Stanley adjusts climate targets with Paris goal slipping
The bank’s 2030 targets now include a net-zero scenario that would limit additional temperature rise to 1.7°C, as aspirations for limiting global warming to 1.5°C fade.
By Lamar Johnson • Oct. 30, 2024 -
Treasury floats financial inclusion strategy
The department’s strategy “provides a national roadmap to expand access to foundational financial tools like credit and investments that are key to building wealth,” Treasury Secretary Janet Yellen said Tuesday.
By Rajashree Chakravarty • Oct. 30, 2024 -
New Jersey AG accuses Republic First of redlining
The failed lender originated 6% of its home loans to residents of majority-nonwhite neighborhoods between 2018 and 2022, the state found. The state filed a claim with the FDIC seeking remediation.
By Dan Ennis • Oct. 30, 2024 -
BofA discloses Zelle probe, says it may result in litigation
The bank also said it’s in contact with regulators over its Bank Secrecy Act/anti-money laundering and sanctions compliance programs, and a regulatory order could stem from those discussions.
By Caitlin Mullen • Oct. 30, 2024 -
JPMorgan Chase sues customers who exploited viral ‘glitch’
With four nearly identical lawsuits, the nation’s largest bank wants users to return hundreds of thousands of dollars taken in a scheme promoted on TikTok.
By Gabrielle Saulsbery • Oct. 29, 2024 -
Dimon swipes at regulators, large retailers: ‘Time to fight back’
The JPMorgan CEO slammed recent rules, including Basel and open banking, saying the industry is right to challenge regulators. “If you’re in a knife fight, you better damn well bring a knife,” he said.
By Caitlin Mullen • Oct. 29, 2024 -
How open banking will shape the future of payments
The Consumer Financial Protection Bureau released its open banking final rule last week, leading the payments and financial services industries to begin preparing for a new era in data sharing.
By Patrick Cooley • Oct. 29, 2024 -
BlackRock pens pushback to asset manager proposal
In a 17-page letter, the investment manager laid out its criticism of an FDIC proposal that would require firms to seek agency approval when they pass the 10% threshold of bank ownership.
By Gabrielle Saulsbery • Oct. 28, 2024 -
FDIC hits 3 banks within embattled Texas parent firm
The regulator hit three subsidiary banks of Industry Bancshares with consent orders to improve their capital positions and take a hard look at staff qualifications.
By Caitlin Mullen • Oct. 28, 2024 -
Where UniCredit-Commerzbank is now, from 4 angles
The Italian lender may not have said much in the month after upping its stake in the German bank, but other European — and American — banks have lots of opinions.
By Dan Ennis • Oct. 28, 2024 -
Chopra defends CFPB open banking rule in face of lawsuit
Consumer Financial Protection Bureau Director Rohit Chopra called out bank litigants that sued over the rule, saying he didn’t think they’d read it.
By Patrick Cooley • Oct. 28, 2024 -
Fed cites Washington state bank embroiled in Ponzi scheme allegations
UniBank and its parent company have been named in lawsuits alleging the bank facilitated loans that were used to repay earlier investors of water and oil-and-gas firms.
By Rajashree Chakravarty • Oct. 25, 2024 -
Column
Dive Deposits: Gorman to get $400K a year as Morgan Stanley’s chair emeritus
The bank named CEO Ted Pick its next board chair. But Pick's predecessor will retain access to a car and driver, an office and certain controls over expenses through 2026. He'll also lead Disney's board.
By Dan Ennis • Oct. 25, 2024 -
NYCB postpones profitability goal to 2026
The embattled bank recorded a $280 million loss for the third quarter and said it expected to post a loss for 2025, while whittling its profit forecast to 75 cents to 80 cents per share rather than $1.25.
By Caitlin Mullen • Oct. 25, 2024 -
Industry balks at FDX standard-setting monopoly
Regulators and industry participants worry that FDX will have an unfair monopoly and will advantage its own members if no other organization applies.
By Patrick Cooley • Oct. 24, 2024 -
NY AG adds to scrutiny of Capital One-Discover deal
New York Attorney General Letitia James is probing the proposed acquisition’s effects on competition, arguing “often vulnerable New Yorkers with subprime credit scores” could see impact.
By Caitlin Mullen • Oct. 24, 2024 -
SoLo Funds hit with lawsuit over ‘tips,’ ‘donations’ features
The proposed class action filed last week in a California federal court alleges the fintech misleads borrowers with advertising that deceptively claims to offer zero-interest loans and no hidden fees.
By Rajashree Chakravarty • Oct. 23, 2024 -
Goldman, Apple to pay CFPB $89.8M over Apple Card issues
The bank and tech firm failed to address disputed transactions from their joint Apple Card program, the bureau alleged, and misled cardholders about interest-bearing products.
By Gabrielle Saulsbery • Oct. 23, 2024 -
Trade groups challenge CFPB’s open banking rule on Day 1
Liability over data security emerges as a top concern as the Bank Policy Institute and a Kentucky trade group and bank sue the bureau, arguing overreach.
By Caitlin Mullen • Oct. 23, 2024