Regulations & Policy: Page 22
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FDIC’s Gruenberg faces amplified calls to quit
“It’s time for Chairman Gruenberg to resign so the FDIC can move forward with the leadership it deserves and desperately needs to ensure employees and the important work of this agency are supported,” said Sen. Tim Scott, R-SC.
By Gabrielle Saulsbery • May 9, 2024 -
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TD begins damage control after fentanyl report
In the "sobering" aftermath of the bank's AML crisis, executives are detailing an improvement plan and reassuring employees, but analysts are calling for change in the face of a "lost decade."
By Dan Ennis • May 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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8 findings from the FDIC sexual harassment audit
The law firm Cleary Gottlieb identified 10 root causes of the FDIC’s culture issue. Chair Martin Gruenberg’s anger isn’t listed as one. And harassment at the agency wasn’t always sexual, the review found.
By Gabrielle Saulsbery • May 8, 2024 -
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Regulators propose executive bonus rule
“[P]oorly designed financial institution compensation programs can provide incentives for short-term risk taking that can jeopardize the safety and soundness of the institution,” FDIC Chair Martin Gruenberg said.
By Gabrielle Saulsbery • May 7, 2024 -
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Third-party risk guide ‘a welcome sign,’ analysts say
The guide from the Fed, OCC and FDIC aims to help bankers “get in the same mindset as the examination team” when assessing and managing third-party relationship risks, said the ICBA’s Michael Emancipator.
By Caitlin Mullen • May 7, 2024 -
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Robinhood may face SEC lawsuit over crypto unit
In a blog post, the company cited its "good-faith attempts" with the agency. At least one analyst said Robinhood has no incentive to sue because the SEC chair's term is up in two years.
By Dan Ennis • May 7, 2024 -
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FirstSun, HomeStreet seek charter change for merger
FirstSun opted for a Texas state charter to skirt oversight by the OCC. Executives said that agency is slowing the banks’ tie-up over concerns with HomeStreet's CRE exposure.
By Dan Ennis • May 6, 2024 -
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Oklahoma adds Barclays to anti-ESG list
The British bank joins JPMorgan Chase, BlackRock, Bank of America, Wells Fargo and State Street and eight other financial institutions on the list.
By Rajashree Chakravarty • May 6, 2024 -
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2 Stifel employees leave after inappropriate relationship with cleaner
The investment bank did not identify the employees. One resigned immediately after Stifel found misconduct, while the other is "in a legal process" with the bank, The Times of London reported.
By Dan Ennis • May 6, 2024 -
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Wells Fargo says US authorities probing Zelle disputes
JPMorgan also said it was responding to civil and government authorities’ inquiries regarding handling Zelle customer disputes. The banks did not divulge further details.
By Rajashree Chakravarty • May 3, 2024 -
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TD faces DOJ probe over fentanyl-tied money laundering: report
Criminals allegedly laundered millions of dollars of fentanyl proceeds through TD branches in New York and New Jersey, according to The Wall Street Journal.
By Gabrielle Saulsbery • May 3, 2024 -
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ColumnDive Deposits: Citi’s climate portrait shows a big contrast
This week, Citi disclosed it is on pace to reach its 2030 sustainable finance goals, but Reuters also found a draft indicating the losses the bank would incur if the world goes net zero.
By Dan Ennis • May 3, 2024 -
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SVB to sell venture-capital arm to investment firm Pinegrove
SVB Capital will be acquired for a combination of cash and “other economic consideration,” the companies said, without giving details on the deal’s value.
By Caitlin Mullen • May 3, 2024 -
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Russian court cancels seizure of some JPMorgan funds
The court had ordered seizure of $439.5 million late last month in an ongoing sanctions dispute between JPMorgan and Russia-owned VTB Bank.
By Gabrielle Saulsbery • May 2, 2024 -
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Republicans seek ‘shot clock’ on regulators’ bank merger reviews
A bill introduced by Rep. Andy Barr, R-KY, seeks to curtail the amount of time banks wait for a regulatory response on merger applications.
By Caitlin Mullen • May 2, 2024 -
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JPMorgan expects to pay $100M more in trading penalties
The penalty, which the lender said it will pay to a third, unnamed U.S. regulator, adds to the $348.2 million JPMorgan agreed to pay the OCC and the Fed in March.
By Rajashree Chakravarty • May 2, 2024 -
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Officials push Fed to finalize capital-requirements rule by August: report
The central bank “has made no decisions on timing, process or substance” of the proposal, it said in a statement seen Wednesday by Bloomberg.
By Dan Ennis • May 2, 2024 -
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Citi banker, accused of berating and intimidating employees, leaves: report
Edward Ruff was placed on leave in January as the bank investigated allegations he intimidated one co-worker and shouted insults at members of his team because they were late to a call.
By Dan Ennis • May 2, 2024 -
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Lawmakers push to revoke Funding Circle’s SBLC license
Rep. Roger Williams and Sen. Joni Ernst wrote to SBA Administrator Isabel Guzman to raise concerns over the agency granting the London-based fintech its first SBLC license.
By Rajashree Chakravarty • May 1, 2024 -
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NYCB posts $335M loss, but shares jump on turnaround plan
CEO Joseph Otting said the lender has “identified an opportunity” to sell $5 billion in assets but declined to share details until a deal is final.
By Caitlin Mullen • May 1, 2024 -
Permission granted by TD Bank
TD sets aside $450M for AML penalties
The amount, however, is meant to cover the fine from just one of the three U.S. regulators investigating the bank's anti-money laundering systems.
By Dan Ennis • May 1, 2024 -
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Q&ARepublic First not alone in feeling unrealized losses: analyst
“There will be banks that have similar problems to this,” necessitating an infusion of capital or a sale, said Robert Hartheimer, an FDIC veteran who now works at consulting firm Klaros Group.
By Caitlin Mullen • May 1, 2024 -
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Binance founder Changpeng Zhao gets 4 months in prison
The ex-crypto boss pleaded guilty in November to violating anti-money laundering law. The sentence is less than the 12 to 18 months suggested by guidelines, and the three years the DOJ was hoping for.
By Gabrielle Saulsbery • April 30, 2024 -
Anna Hrushka/Banking Dive
FDIC hits Alabama, Oklahoma banks with consent orders
In separate orders, the regulator said the banks must step up their anti-money laundering compliance programs and ensure their related training programs are sufficient.
By Caitlin Mullen • April 29, 2024 -
CFO Editorial Staff
FedNow pricing aimed at avoiding market disruption
The Federal Reserve sought to “not upset the marketplace as a second mover” when it set fees for the new instant payments system last year, a central bank official said Wednesday.
By James Pothen , Lynne Marek • April 29, 2024
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