Regulations & Policy: Page 2


  • A cityscape photographed at dusk, featuring the global headquarters of Goldman Sachs Company in center left, set in contrast to older buildings along New York's financial district.
    Image attribution tooltip
    JayLazarin via Getty Images
    Image attribution tooltip

    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 Aug. 30, 2023
  • First Republic Bank logo
    Image attribution tooltip
    Spencer Platt via Getty Images
    Image attribution tooltip

    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 Aug. 30, 2023
  • Bank sign on glass wall of business center Explore the Trendline
    Image attribution tooltip
    ultramarine5 via Getty Images
    Image attribution tooltip
    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
  • Martin Gruenberg addresses the Senate Banking Committee.
    Image attribution tooltip
    Win McNamee via Getty Images
    Image attribution tooltip

    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 Aug. 29, 2023
  • DOJ
    Image attribution tooltip
    robertcicchetti via Getty Images
    Image attribution tooltip

    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 Aug. 29, 2023
  • San Francisco skyline
    Image attribution tooltip
    georgeclerk via Getty Images
    Image attribution tooltip

    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 Aug. 29, 2023
  • Stock Trading Platform Robinhood Goes Public On The New York Stock Exchange
    Image attribution tooltip
    Spencer Platt / Staff via Getty Images
    Image attribution tooltip

    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 Aug. 28, 2023
  • The Office of the Comptroller of the Currency's seal hangs on a brick building.
    Image attribution tooltip
    Permission granted by Office of the Comptroller of the Currency
    Image attribution tooltip

    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 Aug. 28, 2023
  • Federal Reserve Chair Jerome Powell.
    Image attribution tooltip
    Scott Olson via Getty Images
    Image attribution tooltip

    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 Aug. 25, 2023
  • TD Bank at One Vanderbilt
    Image attribution tooltip
    Permission granted by TD Bank
    Image attribution tooltip

    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 Aug. 25, 2023
  • golden lady justic on wooden background
    Image attribution tooltip
    aerogondo via Getty Images
    Image attribution tooltip

    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 Aug. 24, 2023
  • Image attribution tooltip
    Mario Tama via Getty Images
    Image attribution tooltip

    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 Aug. 24, 2023
  • Entrance to CFPB building
    Image attribution tooltip
    The image by Ted Eytan is licensed under CC BY-SA 2.0
    Image attribution tooltip

    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 Aug. 23, 2023
  • Goldman Sachs CEO David Solomon appears onstage.
    Image attribution tooltip
    Paul Morigi via Getty Images
    Image attribution tooltip
    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 Aug. 23, 2023
  • regions bank
    Image attribution tooltip
    Permission granted by Regions Bank
    Image attribution tooltip

    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 Aug. 22, 2023
  • Downtown Philadelphia.
    Image attribution tooltip
    Sean Pavone/iStock/Getty Images Plus via Getty Images
    Image attribution tooltip

    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 Aug. 22, 2023
  • DOJ
    Image attribution tooltip
    robertcicchetti via Getty Images
    Image attribution tooltip

    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 Aug. 22, 2023
  • U.S. Supreme Court building
    Image attribution tooltip
    Al Drago/Getty Images via Getty Images
    Image attribution tooltip

    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 Aug. 22, 2023
  • People pass the JPMorgan Chase headquarters building on May 26, 2023 in New York City.
    Image attribution tooltip
    Michael M. Santiago via Getty Images
    Image attribution tooltip

    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 Aug. 21, 2023
  • Cryptocurrency tokens lying next to a gavel
    Image attribution tooltip
    Just_Super via Getty Images
    Image attribution tooltip

    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 Aug. 18, 2023
  • Edward Jones
    Image attribution tooltip
    Permission granted by Edward Jones
    Image attribution tooltip

    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 Aug. 18, 2023
  • Image attribution tooltip
    Chip Somodevilla via Getty Images
    Image attribution tooltip

    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
  • Image attribution tooltip
    Dan Kitwood/Getty Images News via Getty Images
    Image attribution tooltip

    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 Aug. 17, 2023
  • A sign is posted in front of the Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California. Silicon Valley Bank was shut down on Friday morning by California regulators and w
    Image attribution tooltip
    Justin Sullivan via Getty Images
    Image attribution tooltip

    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 Aug. 16, 2023
  • Martin Gruenberg addresses the Senate Banking Committee.
    Image attribution tooltip
    Win McNamee via Getty Images
    Image attribution tooltip

    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 Aug. 15, 2023
  • Large amount of US dollars isolated on a black background.
    Image attribution tooltip
    alfexe via Getty Images
    Image attribution tooltip

    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 Aug. 14, 2023