Regulations & Policy
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Wells Fargo says US authorities probing Zelle disputes
JPMorgan also said it was responding to civil and government authorities’ inquiries regarding handling Zelle customer disputes. The banks did not divulge further details.
By Rajashree Chakravarty • May 3, 2024 -
TD faces DOJ probe over fentanyl-tied money laundering: report
Criminals allegedly laundered millions of dollars of fentanyl proceeds through TD branches in New York and New Jersey, according to The Wall Street Journal.
By Gabrielle Saulsbery • May 3, 2024 -
Trendline
Artificial intelligence
A Federal Reserve official warned about the AI “arms race” banks face against cyber threats. But what about their race against each other?
By Banking Dive staff -
Column
Dive Deposits: Citi’s climate portrait shows a big contrast
This week, Citi disclosed it is on pace to reach its 2030 sustainable finance goals, but Reuters also found a draft indicating the losses the bank would incur if the world goes net zero.
By Dan Ennis • May 3, 2024 -
SVB to sell venture-capital arm to investment firm Pinegrove
SVB Capital will be acquired for a combination of cash and “other economic consideration,” the companies said, without giving details on the deal’s value.
By Caitlin Mullen • May 3, 2024 -
Russian court cancels seizure of some JPMorgan funds
The court had ordered seizure of $439.5 million late last month in an ongoing sanctions dispute between JPMorgan and Russia-owned VTB Bank.
By Gabrielle Saulsbery • May 2, 2024 -
Republicans seek ‘shot clock’ on regulators’ bank merger reviews
A bill introduced by Rep. Andy Barr, R-KY, seeks to curtail the amount of time banks wait for a regulatory response on merger applications.
By Caitlin Mullen • May 2, 2024 -
JPMorgan expects to pay $100M more in trading penalties
The penalty, which the lender said it will pay to a third, unnamed U.S. regulator, adds to the $348.2 million JPMorgan agreed to pay the OCC and the Fed in March.
By Rajashree Chakravarty • May 2, 2024 -
Officials push Fed to finalize capital-requirements rule by August: report
The central bank “has made no decisions on timing, process or substance” of the proposal, it said in a statement seen Wednesday by Bloomberg.
By Dan Ennis • May 2, 2024 -
Citi banker, accused of berating and intimidating employees, leaves: report
Edward Ruff was placed on leave in January as the bank investigated allegations he intimidated one co-worker and shouted insults at members of his team because they were late to a call.
By Dan Ennis • May 2, 2024 -
Lawmakers push to revoke Funding Circle’s SBLC license
Rep. Roger Williams and Sen. Joni Ernst wrote to SBA Administrator Isabel Guzman to raise concerns over the agency granting the London-based fintech its first SBLC license.
By Rajashree Chakravarty • May 1, 2024 -
NYCB posts $335M loss, but shares jump on turnaround plan
CEO Joseph Otting said the lender has “identified an opportunity” to sell $5 billion in assets but declined to share details until a deal is final.
By Caitlin Mullen • May 1, 2024 -
TD sets aside $450M for AML penalties
The amount, however, is meant to cover the fine from just one of the three U.S. regulators investigating the bank's anti-money laundering systems.
By Dan Ennis • May 1, 2024 -
Q&A
Republic First not alone in feeling unrealized losses: analyst
“There will be banks that have similar problems to this,” necessitating an infusion of capital or a sale, said Robert Hartheimer, an FDIC veteran who now works at consulting firm Klaros Group.
By Caitlin Mullen • May 1, 2024 -
Binance founder Changpeng Zhao gets 4 months in prison
He pleaded guilty in November to violating anti-money laundering laws. The sentence is less than the 12 to 18 months suggested by guidelines, and less than the three years the DOJ was hoping for.
By Gabrielle Saulsbery • April 30, 2024 -
FDIC hits Alabama, Oklahoma banks with consent orders
In separate orders, the regulator said the banks must step up their anti-money laundering compliance programs and ensure their related training programs are sufficient.
By Caitlin Mullen • April 29, 2024 -
FedNow pricing aimed at avoiding market disruption
The Federal Reserve sought to “not upset the marketplace as a second mover” when it set fees for the new instant payments system last year, a central bank official said Wednesday.
By James Pothen , Lynne Marek • April 29, 2024 -
DOJ examines Capital One-Discover deal’s competitive angle
The Fed and the OCC extended their comment periods on the proposed acquisition until May 31. Capital One doesn’t “take any signaling” from the regulators’ decision, CEO Richard Fairbank said.
By Caitlin Mullen • April 26, 2024 -
FDIC tables asset manager proposal
The proposed measures were shelved Thursday when FDIC director and Acting Comptroller of the Currency Michael Hsu did not support either one.
By Gabrielle Saulsbery • April 26, 2024 -
Customers Bancorp reframes ex-CFO’s dismissal
Carla Leibold's departure was by "mutual agreement," not "cause," the bank holding company said in an amended filing. Leibold will receive $2.5 million but will forfeit her equity awards.
By Dan Ennis • April 26, 2024 -
Russian court orders seizure of nearly $440M in JPMorgan funds
The ongoing legal battle between state-owned VTB Bank and the largest U.S. bank revolves around funds frozen in the wake of Russia’s invasion of Ukraine and subsequent sanctions.
By Rajashree Chakravarty • April 25, 2024 -
BofA, Goldman shareholders nix proposals to split CEO, chair roles
Roughly 33% of Goldman voters and 31% of BofA shareholders supported the measures, an uptick from last year for both banks. JPMorgan Chase shareholders will vote on a similar measure next month.
By Caitlin Mullen • April 25, 2024 -
US seeks 3 years in prison for Changpeng Zhao, $5.3B fine for Do Kwon
The federal government is tying up loose ends to address high-profile crypto crimes of yesteryear.
By Gabrielle Saulsbery • April 24, 2024 -
First Internet Bank CEO talks M&A, BaaS work
After its acquisition of First Century Bank fell through in 2022, First Internet built its own banking-as-a-service team, CEO David Becker said. It now counts startup Ramp as a client.
By Caitlin Mullen • April 24, 2024 -
Two SEC attorneys resign after ‘gross abuse of power’ sanctions
A judge sanctioned the regulator in March for issues in its case against crypto platform DEBT Box. The lead attorneys on the case have resigned, according to Bloomberg.
By Gabrielle Saulsbery • April 23, 2024 -
FDIC eyes executive bonus rule, asset management passivity rule
At its next board meeting, the regulator is likely to address limits on asset managers’ power over banks as well as an unfulfilled Dodd-Frank requirement.
By Gabrielle Saulsbery • April 22, 2024