Regulations & Policy: Page 16
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Sponsored by AML RightSourceStrategic compliance: Bridging the skill gap with managed services
Balancing compliance: staff recruitment or external partnership?
Sept. 3, 2024 -
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Custodia cuts 25% of its staff amid Fed lawsuit: report
The digital asset-focused bank, chartered in Wyoming, is putting its resources toward an ongoing lawsuit with the Federal Reserve, which denied the lender a master account last year.
By Gabrielle Saulsbery • Aug. 30, 2024 -
Explore the Trendline➔
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TrendlineThe Banking Dive Outlook on 2022
Some narratives in 2022, such as office returns, will seem like a logical progression from the year before. Others, such as the regulatory sphere and shift toward smaller M&A, may mark a big shift from the previous 12 months.
By Banking Dive staff -
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Warren grills FINRA over enforcement decline
“Financial crimes cannot be prevented if you take the cop off the beat,” Sen. Elizabeth Warren scolded FINRA CEO Robert Cook. A spokesperson for the agency said it will respond to Warren's letter.
By Caitlin Mullen • Aug. 30, 2024 -
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Goldman catches a break on capital requirements
The Fed reduced Goldman’s stress capital buffer to 6.2% after the bank argued that losses from its sale of GreenSky don’t belong in projections for the future.
By Dan Ennis • Aug. 29, 2024 -
Permission granted by TDECU
Texas credit union discovers year-old data breach
TDECU fell victim to last year’s MoveIt data breach, but only found out in July. The credit union said the incident is not expected to impact its acquisition of a Louisiana bank.
By Gabrielle Saulsbery • Aug. 29, 2024 -
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Fed’s Waller questions faster cross-border payments ties
There could be more fraud and money laundering if countries move too quickly to link their faster payments systems, the central bank governor said Wednesday at a conference.
By Lynne Marek • Aug. 29, 2024 -
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Abra settles SEC charges over unregistered securities
All assets, plus interest, have been returned to Abra Earn customers since the program shuttered in 2023, CEO Bill Barhydt said Monday on social media.
By Gabrielle Saulsbery • Aug. 27, 2024 -
Courtesy of BNY Mellon newsroom
BNY fined $5M over swap reporting, violating prior CFTC order
The bank “repeatedly failed to correctly report at least five million swap transactions and failed to properly supervise its swap dealer business,” the CFTC said Monday.
By Rajashree Chakravarty • Aug. 27, 2024 -
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Judge rejects challenge to CFPB small-biz data collection rule
Trade groups argued the CFPB didn’t consider costs or bank comments regarding the rule. The rule may be ill-advised, the judge said, but that doesn’t make it unlawful.
By Dan Ennis • Aug. 27, 2024 -
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Kraken must face SEC lawsuit, judge rules
The Securities and Exchange Commission sued the crypto firm in November for allegedly operating an unregistered securities exchange. A judge denied Kraken’s motion for dismissal Friday.
By Gabrielle Saulsbery • Aug. 26, 2024 -
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Fed’s Powell says ‘time has come’ for rate cuts
Expressing confidence that inflation is largely under control, “the direction of travel is clear,” the central bank chair said at the Kansas City Fed’s annual policy forum in Jackson Hole, Wyoming.
By Caitlin Mullen • Aug. 23, 2024 -
Anna Hrushka/Banking Dive
Trade groups seek extension on FDIC’s ‘hot money’ rule
Organizations need 60 more days “to furnish responses and data that fulsomely address the questions and issues raised” by proposed changes on brokered deposits, 11 trade groups wrote.
By Rajashree Chakravarty • Aug. 22, 2024 -
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TD sets aside another $2.6B for expected AML penalties
The bank “expects a global resolution” by the end of 2024, CEO Bharat Masrani said Thursday. “While we are not through the tunnel yet, we can see the light,” he said.
By Caitlin Mullen • Aug. 22, 2024 -
Former Kansas bank CEO gets 24 years in prison
Shan Hanes pleaded guilty in May to one count of embezzlement as a bank officer after taking $47.1 million from Heartland Tri-State Bank as part of a crypto scheme.
By Gabrielle Saulsbery • Aug. 21, 2024 -
Courtesy of USAA
USAA CEO to retire in 2025
The company’s board is evaluating internal and external candidates to succeed Wayne Peacock, USAA’s first non-military chief executive.
By Caitlin Mullen • Aug. 20, 2024 -
"Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
RBC doubles down on its portrait of ex-CFO’s firing
The bank detailed mementos and texts Nadine Ahn and another exec exchanged, a promotion plan called “Project Ken” and a time when Ahn fired an employee in a “substantively identical” situation.
By Dan Ennis • Aug. 19, 2024 -
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Regional bank M&A ramps up
This year’s U.S. bank deal count has outpaced that of last year’s, although cumulative deal value is far lower, according to Dealogic data.
By Caitlin Mullen • Aug. 19, 2024 -
Permission granted by TD Bank
TD, BNY, Truist hit with WhatsApp penalties
The Canadian lender and its subsidiaries were fined $46.5 million by the SEC and $82 million by the CFTC over unapproved platform use and recordkeeping violations. Truist self-reported and saw reduced penalties.
By Dan Ennis • Aug. 15, 2024 -
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Failed bank CEO’s associate gets 25 years for role in collapse
Robert Kowalski, an attorney and housing developer, must pay $7.2 million to the FDIC over the 2017 fall of Washington Federal, plus more than $400,000 in back taxes to the IRS.
By Gabrielle Saulsbery • Aug. 15, 2024 -
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Texas adds NatWest to its fossil fuel divestment list
The addition expands to 16 the number of financial institutions barred from new state contracts. But, by and large, the list still avoids restricting big U.S. banks.
By Rajashree Chakravarty • Aug. 15, 2024 -
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Senators ask Dimon to justify new checking account fees
“JPMorgan Chase is the industry leader when it comes to usurious overdraft fees,” Sens. Elizabeth Warren, D-MA, and Chris Van Hollen, D-MD, wrote in a letter sent Friday.
By Rajashree Chakravarty • Aug. 13, 2024 -
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CFPB to scour banks’ chatbot use in White House initiative
A year after its order to fight "junk fees,” the CFPB is tasked with rooting out time-wasting “doom loops.”
By Dan Ennis • Aug. 13, 2024 -
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Wells, BofA, JPMorgan approved as underwriters despite Louisiana anti-ESG law
Net-Zero Banking Alliance members were approved as underwriters for state bonds “under a yellow caution flag.” But the state's treasurer later said he wouldn’t recommend Bank of America’s application.
By Lamar Johnson • Aug. 12, 2024 -
"Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
RBC ex-CFO sues bank for $35.6M
Nadine Ahn and Ken Mason, another fired RBC exec, didn't have an affair, each said in court filings, contrary to a “clear insinuation” from the bank. Further, Ahn said she missed out on a path to CEO.
By Dan Ennis • Aug. 12, 2024 -
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Q&AChime exec talks on CFPB’s new EWA stance
Employers are responding quickly to the Consumer Financial Protection Bureau’s rule noting earned wage access services may constitute lending, says a Chime executive.
By Lynne Marek • Aug. 12, 2024
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