Regulations & Policy: Page 17
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Fed faults Customers Bank over digital asset strategy
In an enforcement action, the Federal Reserve ordered the bank to enhance its compliance with anti-money laundering and OFAC regulations, citing “significant deficiencies.”
By Caitlin Mullen • Aug. 9, 2024 -
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Analysts cast doubt on antitrust angle of Capital One-Discover deal
Capital One’s proposed acquisition of the smaller Discover seems “too small to be a core antitrust concern,” said Barry Barnett, an antitrust lawyer and partner at Susman Godfrey.
By Caitlin Mullen • Aug. 8, 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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IRS amends claim over SVB’s owed taxes
The tax agency is now seeking $43.9 million for 2020 through 2022, and is asking for an extra 90-day stay as its dispute with the FDIC reportedly nears an end.
By Rajashree Chakravarty • Aug. 8, 2024 -
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Citi whistleblower again denied a share of $400M penalty
Tamika Miller did not show the OCC was obligated to fine the bank, an appeals court ruled. Her claim, also denied in 2022, “resembles an attempt to use the litigation process to discover hypothetical wrongdoing,” a judge said.
By Dan Ennis • Aug. 7, 2024 -
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ColumnDive Deposits: It might be the season of the cash sweep
Morgan Stanley and Wells Fargo appear to be test cases in an SEC probe into whether broker-dealers are offering the best options they can for clients’ uninvested cash.
By Dan Ennis • Aug. 7, 2024 -
Retrieved from Screenshot: Google Maps on August 07, 2024
Failed Nebraska bank’s ex-president gets 18 months over loan scheme
Jack Poulsen, former president of Ericson State Bank, which failed in 2020, allegedly issued loans to one of his relatives and kept information from the bank’s board.
By Caitlin Mullen • Aug. 7, 2024 -
CFO Editorial Staff
Fed, FDIC firm up living will guidance for midsize banks
The guidance again delays the deadline to submit wind-down plans but contains expectations for single- and multiple point-of-entry resolution for banks with $250 billion to $1 trillion in assets.
By Caitlin Mullen • Aug. 6, 2024 -
Courtesy of USAA
USAA to pay $64.2M to settle military overcharge lawsuit
More than $33 million will go to members who were sent remediation checks in 2021 and never cashed them. Plaintiffs said the checks came in “nondescript envelope[s]” that looked like “junk mail.”
By Dan Ennis • Aug. 6, 2024 -
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Judge approves plan to end SVB ex-parent’s bankruptcy
The 185-page ruling Friday did not resolve the legal battle between SVB Financial Group and the FDIC over $1.9 billion in seized funds. That case will play out in a California court.
By Rajashree Chakravarty • Aug. 5, 2024 -
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JPMorgan threatens to sue CFPB over Zelle
The bank in May flagged government inquiries over its handling of disputes involving the P2P platform. But Friday, it said it would consider litigation if the agency were to issue an enforcement action on the matter.
By Dan Ennis • Aug. 5, 2024 -
Anna Hrushka/Banking Dive
FDIC slow to counter sexual harassment: OIG
The OIG found that some people working on the FDIC’s Action Plan for a Safe, Fair, and Inclusive Work Environment “have, or had, sexual harassment misconduct or retaliation allegations raised against them.”
By Gabrielle Saulsbery • Aug. 2, 2024 -
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Dimon makes plea for president who will ‘unite us’
The JPMorgan Chase CEO also made a push for the private sector to “have a seat at the table,” in an opinion piece the Washington Post published Friday.
By Caitlin Mullen • Aug. 2, 2024 -
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Wells Fargo faces AML, sanctions-related inquiries
A disclosure included in the bank’s quarterly SEC filing did not give further details but may serve as a flag to investors of concerns from government agencies or authorities.
By Dan Ennis • Aug. 2, 2024 -
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HUD ends HSBC alleged redlining probe
The bank announced it was facing a redlining investigation last August. In May, that investigation was terminated, according to a securities filing.
By Gabrielle Saulsbery • Aug. 1, 2024 -
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OpinionThird-party compliance certification can get cannabis cash safely into banks
Even if the SAFER Banking Act passes, the infrastructure exists within the cannabis industry for third parties to do the kind of accrediting the Joint Commission does for the healthcare field, says attorney F. Miles Adler.
By F. Miles Adler • Aug. 1, 2024 -
Anna Hrushka/Banking Dive
FDIC looks to clamp down on brokered deposits, asset managers’ influence
The agency aims to restrict access to volatile “hot money” banks might use to replace deposit losses. The FDIC also may scrap the honor system on asset managers’ promises not to flex on bank policy.
By Dan Ennis • Aug. 1, 2024 -
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Did regulators send warning shot at already roiled BaaS space?
It’s clear the Synapse debacle was on regulators’ minds when they issued a statement highlighting risks associated with banks’ third-party partnerships, analysts said.
By Caitlin Mullen • July 31, 2024 -
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Q&A5 questions for Brex’s new compliance chief
When it comes to innovation, “if it's moving too quickly for customer protection to keep pace, it’s not happening,” said Sibongile Ngako, who recently joined the fintech as chief compliance officer.
By Caitlin Mullen • July 31, 2024 -
Spencer Platt via Getty Images
Trump pledges to fire Gensler, support crypto
The Republican presidential nominee told Bitcoin 2024 attendees that, if elected, he will hire advisers who “want to see your industry thrive, not dive.”
By Gabrielle Saulsbery • July 29, 2024 -
I going to make a greatest artwork as I can, by my head, my hand and by my mind. via Getty Images
Affirm says CFPB’s proposed BNPL rules will confuse customers
In commenting on the proposal, the BNPL provider said consumers would be better served by rules specific to BNPL transactions, as opposed to credit card regulations.
By Patrick Cooley • July 29, 2024 -
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Q&AClair CEO backs CFPB rule proposal on EWA
Nico Simko supports the Consumer Financial Protection Bureau’s recent rule proposal, and it may be a competitive advantage for him.
By Lynne Marek • July 29, 2024 -
Drew Angerer / Staff via Getty Images
Warner pushes bill requiring banks to test discount window
The lawmaker introduced a measure that would reduce stigma tied to the Fed’s short-term lending facility, which has seen a litany of attention from regulators in recent weeks.
By Caitlin Mullen • July 26, 2024 -
Anna Hrushka/Banking Dive
5 takeaways from the FDIC’s Travis Hill on liquidity, Basel
Banks must be willing to use the liquidity facilities available to them, and regulators must come together on a Basel endgame re-proposal, the FDIC’s vice chair said Wednesday.
By Gabrielle Saulsbery • July 25, 2024 -
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Revolut gets UK banking license
Unreliable revenue figures and a complicated share structure likely contributed to the fintech’s three-year wait. But Revolut’s numbers came in robust and on time this year.
By Dan Ennis • July 25, 2024 -
Permission granted by Jiko
Fed cites digital bank Jiko over capital planning woes
The central bank is requiring the startup, which bought a bank in 2020, to submit a liquidity risk management plan with steps to diversify its funding sources and enhanced stress test scenarios.
By Dan Ennis • July 24, 2024
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