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➔

Bank 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

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

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