Regulations & Policy: Page 20
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SEC crypto chief quits
David Hirsch worked at the Securities and Exchange Commission for nine years, and ran its crypto asset and cyber unit for two.
By Gabrielle Saulsbery • June 17, 2024 -
Permission granted by Regions Bank
Bank execs weigh in on private credit threat
Direct lenders aren’t yet infringing where Regions Bank is active, “but it’s coming, I suspect,” CEO John Turner said. A JPMorgan executive said the market is big enough that both sides can succeed.
By Caitlin Mullen • June 17, 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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Gemini to settle with NY AG for $50M
The $50 million in digital assets will go directly to investors of its defunct Gemini Earn program, who will be made whole, according to the settlement.
By Gabrielle Saulsbery • June 17, 2024 -
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Fed hits Synapse partner Evolve with enforcement action
An exam last year revealed Evolve Bank & Trust didn’t have an effective risk management framework in place for its fintech partnerships, the Fed said.
By Caitlin Mullen • June 14, 2024 -
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Wells Fargo fires employees over faked productivity
Employees were “discharged after review of allegations involving simulation of keyboard activity creating impression of active work,” according to FINRA disclosures.
By Gabrielle Saulsbery • June 14, 2024 -
Anna Hrushka/Banking Dive
Biden nominates CFTC commissioner to replace Gruenberg at FDIC
Christy Goldsmith Romero, who has twice received unanimous Senate confirmation, has been a commissioner with the Commodity Futures Trading Commission since March 2022.
By Caitlin Mullen • June 13, 2024 -
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Chopra raises alarm on ‘financial surveillance’ at Senate hearing
“Plans to monetize sensitive financial transaction data are a reminder that the United States is slowly lurching toward more financial surveillance and even financial censorship,” CFPB Director Rohit Chopra said Wednesday.
By Rajashree Chakravarty • June 13, 2024 -
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Terraform Labs, Do Kwon to settle with SEC for $4.47B
Meanwhile, Kwon remains in Montenegro as courts wrestle with whether or not to extradite him to his home country of South Korea or to the U.S. to face charges.
By Gabrielle Saulsbery • June 13, 2024 -
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FDIC culture hearing turns to partisan sparring
Republicans accused Democrats of playing politics for not demanding a faster removal of outgoing agency chief Martin Gruenberg, who did not attend Wednesday.
By Gabrielle Saulsbery • June 12, 2024 -
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Gruenberg won’t attend hearing on FDIC culture
The agency's chief has a scheduling conflict, a spokesperson said. Two FDIC board members will testify Wednesday. Meanwhile, the White House reportedly has a new front-runner to lead the FDIC.
By Dan Ennis • June 11, 2024 -
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Moelis puts banker on leave after punch in video goes viral
A banker that social media users identified as the assailant in a Brooklyn street incident emphasized empathy and "staying away from toxic people" on a podcast last year.
By Dan Ennis • June 10, 2024 -
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TD sues wealth advisers who left for Raymond James
Within a week of Gregg Desmarais' and Brett Bartkiewicz's departures, TD lost at least 10 accounts worth more than $22 million, the bank said. But a FINRA disclosure tells a different story.
By Rajashree Chakravarty • June 10, 2024 -
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Canadian bank’s Minnesota deal gets Fed approval
VersaBank has waited two years for a green light on its $13.5 million proposed purchase of Stearns Bank Holdingford. Now it just needs sign-off from the OCC and a Canadian regulator.
By Dan Ennis • June 7, 2024 -
Retrieved from Senate Banking Committee.
Banks, AI partners must share responsibility for safety: OCC’s Hsu
“With AI, it is easier to disclaim responsibility for bad outcomes than with any other technology in recent memory,” Acting Comptroller of the Currency Michael Hsu said.
By Rajashree Chakravarty • June 7, 2024 -
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TD faces $4.9B proposed class action
Canada’s second largest lender has been awash with anti-money laundering woes, with allegations based in multiple states. The bank set aside $450 million in April and overhauled its AML program.
By Gabrielle Saulsbery • June 7, 2024 -
Retrieved from Consumer Financial Protection Bureau.
CFPB finalizes open banking standard setter rule
The bureau will consult public interest groups and app developers on open banking standards, and no single special interest can dominate the standards-making process.
By Gabrielle Saulsbery • June 6, 2024 -
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Deep Dive4 things banks are doing to grease the M&A wheels
Cautious regulators and more drawn-out regulatory approval timelines have given rise to some changes in merger agreement conditions.
By Caitlin Mullen • June 6, 2024 -
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Citi boosts paid leave to 24 weeks for birth mothers
The additional eight weeks of recovery time matches policies launched by Morgan Stanley and Barclays. Citi is also offering two weeks of paid leave annually to care for an immediate family member.
By Dan Ennis • June 5, 2024 -
Courtesy of Fifth Third
Fifth Third CEO eyes systemically important label for nonbanks
Regulatory reforms are effectively pushing some activity outside the banking system, making it less transparent and harder for banks to compete, said Tim Spence, the regional bank's CEO.
By Caitlin Mullen • June 3, 2024 -
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Supreme Court remands BofA escrow dispute to appeals court
The nation’s highest court said the lower court "did not conduct the kind of nuanced comparative analysis" required by federal law and a previous Supreme Court ruling.
By Gabrielle Saulsbery • May 31, 2024 -
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Merrill Lynch to pay $20M to settle racial discrimination case
Four ex-Merrill advisers and more than 1,000 class-action participants allege Merrill has not afforded Black advisers the same opportunities as their White counterparts. Merrill denies these claims.
By Gabrielle Saulsbery • May 30, 2024 -
N26 readies for a post-cap future
Germany's financial regulator will drop its limit on the fintech's growth June 1. N26's CEO said the cap has cost billions in lost valuation. But its compliance systems can handle an increased load.
By Dan Ennis • May 29, 2024 -
Win McNamee / Staff via Getty Images
Dimon: ‘No magic formula’ on CEO, chairman moves
The JPMorgan CEO largely pinned his future timeline on the board Wednesday during a conference appearance, while Wells Fargo CEO Charlie Scharf detailed his investment-banking growth strategy.
By Caitlin Mullen • May 29, 2024 -
The image by Lisa Chamberlain is licensed under CC BY-SA 2.0
Goldman alum Beth Hammack named Cleveland Fed’s next president
Hammack, once considered a CFO contender at Goldman, left the bank in February after 30 years. She replaces Loretta Mester.
By Gabrielle Saulsbery • May 29, 2024 -
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Trades shift to one-day settlement
The shift to T+1, a settlement cycle in which transactions settle one business day after they're made, has been in the works since the SEC approved it in February 2023. Trades haven’t settled that quickly since the 1920s.
By Gabrielle Saulsbery • May 28, 2024
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