Regulations & Policy: Page 2
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Goldman to pay $5.5M CFTC fine over alleged recordkeeping failures
Software issues caused the bank to fail to record thousands of phone calls, violating recordkeeping rules and a prior cease-and-desist order, the agency said.
By Gabrielle Saulsbery • Aug. 30, 2023 -
FDIC should have voted on First Republic sale, board member says
Such a move would ensure no value is left on the table, Jonathan McKernan said. Other board members voiced concerns the process would take too long or be overly complex.
By Anna Hrushka • Aug. 30, 2023 -
Explore the Trendline➔
ultramarine5 via Getty ImagesTrendlineBank and fintech partnerships
A partnership can be a broad hand-up from a giant bank, a targeted effort to fix a societal issue, or a strategic miscalculation.
By Banking Dive staff -
Regulators want banks to hold more debt to shield against failures
Under the proposal, large banks would be required to maintain a minimum amount of eligible long-term debt equal to 3.5% of average total assets or 6% of risk-weighted assets, whichever is higher.
By Anna Hrushka • Aug. 29, 2023 -
Oklahoma bank to pay $1.15M to settle DOJ redlining probe
American Bank of Oklahoma cooperated in the investigation but bristled at the agency's references to the Tulsa Race Massacre in its statement.
By Dan Ennis • Aug. 29, 2023 -
SVB’s top supervisor at SF Fed to retire
The central bank outpost did not comment on the timing of Azher Abbasi’s departure. Niel Willardson, a longtime Minneapolis Fed official, will succeed Abbasi in the role.
By Dan Ennis • Aug. 29, 2023 -
Massachusetts’ top court rules against Robinhood
The Supreme Judiciary Court’s 5-0 ruling upholds the state’s fiduciary rule, holding broker-dealers like Robinhood to fiduciary duties of care and loyalty, similar to investment advisers.
By Gabrielle Saulsbery • Aug. 28, 2023 -
Bank groups urge regulators to delay CRA revamp
New capital requirements and a CFPB court case threaten to upend how banks design their Community Reinvestment Act programs, the Bank Policy Institute and the American Bankers Association said.
By Anna Hrushka • Aug. 28, 2023 -
4 takeaways from Powell’s Jackson Hole speech
Inflation is down from last year, but the Fed plans to keep on the path of restrictive monetary policy until it's at 2%, the central bank’s chair said.
By Gabrielle Saulsbery • Aug. 25, 2023 -
TD discloses DOJ probe of bank’s AML compliance
The Canadian lender laid out losses Thursday from its failed First Horizon deal, adding — without detail — that it expects further penalties.
By Dan Ennis • Aug. 25, 2023 -
JPMorgan, Goldman and others to pay $499M to end stock-lending suit
Morgan Stanley and UBS also agreed to settle the 2017 class action brought by pension funds. Bank of America is the case's sole remaining defendant.
By Gabrielle Saulsbery • Aug. 24, 2023 -
Morgan Stanley to pay $6.9M over WhatsApp use — to a perhaps surprise source
The U.K.'s energy regulator, Ofgem, fined a subsidiary of the bank for failing to retain communications between traders over the platform. Morgan Stanley's penalty was reduced 30% for cooperating.
By Dan Ennis • Aug. 24, 2023 -
The image by Ted Eytan is licensed under CC BY-SA 2.0
CFPB sues Curo Group subsidiary over consumer loan practices
The fintech lender’s subsidiary, Heights Finance, reaped hundreds of millions of dollars in loan costs and fees through “illegal loan-churning practices," the agency said.
By Rajashree Chakravarty • Aug. 23, 2023 -
Column
Policy ‘reminders’ can be dangerous at downsizing banks
Goldman's statement on office attendance could be about Labor Day. But employees may not want to risk consequences while the bank is trimming its headcount.
By Dan Ennis • Aug. 23, 2023 -
Regions fined $2.95M over flood insurance violations
The bank failed to monitor a portfolio of home equity loans for compliance “due to changes in loan servicing platforms and third-party service providers,” the Federal Reserve said.
By Gabrielle Saulsbery • Aug. 22, 2023 -
Nasdaq to delist Republic First for failing to file SEC paperwork
The Philadelphia bank blamed previous leadership for delays in its audit and annual report. The lender has weathered board upheaval and a spike in trading when similarly named First Republic faltered.
By Dan Ennis • Aug. 22, 2023 -
Tennessee man pleads guilty to $1M fraud in PPP, EIDL case
Former local political candidate John Paul Dillon faces up to 90 years in prison and $2.5 million in damages over falsified information on COVID-era aid applications.
By Gabrielle Saulsbery • Aug. 22, 2023 -
Supreme Court won’t let Republican AGs join CFPB funding case
Twenty-seven attorneys general petitioned last month for their own platform in oral arguments over the constitutionality of the agency's funding.
By Dan Ennis • Aug. 22, 2023 -
JPMorgan’s lawsuit against Frank execs on ice through criminal trial
Prioritizing the criminal case against Charlie Javice and Olivier Amar may “hasten settlement [or] obviate the need for this case altogether,” a judge ruled Thursday.
By Gabrielle Saulsbery • Aug. 21, 2023 -
Fed orders wind-down of FTX-associated Farmington State Bank
The central bank alleged the small Washington state-based lender changed its business plan and started working with digital assets without first gaining regulatory approval.
By Gabrielle Saulsbery • Aug. 18, 2023 -
Citi gives Edward Jones a second chance at banking
The brokerage firm applied for an industrial loan charter license in 2020, but withdrew the application last year, citing “the current environment” and “recent conversations” with the FDIC.
By Anna Hrushka • Aug. 18, 2023 -
Malvern Bancorp, ex-CFO settle with SEC over ‘material misstatements’
The former CFO of Malvern Bancorp failed to maintain accurate books and records and implement effective internal controls over financial reporting, the SEC found.
By Alexei Alexis • Aug. 17, 2023 -
Silvergate CEO out as bank continues wind-down
CEO Alan Lane left his role Tuesday, alongside Chief Legal Officer John Bonino. Chief Financial Officer Antonio Martino will follow on Sept. 30.
By Gabrielle Saulsbery • Aug. 17, 2023 -
SVB Financial claims it’s losing $9M a month in FDIC battle
The holding company, which filed for bankruptcy on March 15, said it stands to lose $100 million annually if the regulator continues to hold on to nearly $2 billion in seized deposits.
By Anna Hrushka • Aug. 16, 2023 -
FDIC chair previews tougher regulations for large banks
Martin Gruenberg said regulators plan to improve the orderly resolution of banks with more than $100 billion in assets — a category that included failed Silicon Valley Bank.
By Rajashree Chakravarty • Aug. 15, 2023 -
Custodia launches with US dollar deposits, preps crypto custody
The bank, which is engaged in a legal battle with the Fed, said it’s initially serving U.S. business customers only and awaiting final regulatory clearance to launch its bitcoin custody service.
By Anna Hrushka • Aug. 14, 2023