Regulations & Policy: Page 3
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Permission granted by U.S. Bank
U.S. Bank to pay $6M to settle CFTC WhatsApp probe
The penalty comes a month after the SEC ordered the Minneapolis-based bank to pay $8 million over record-keeping failures and alleged use of off-channel communications.
By Caitlin Mullen • March 20, 2024 -
Permission granted by Avenga
Sponsored by AvengaSecuring tomorrow: How will DORA impact the financial industry, and what should organizations do to prepare?
The European financial industry is bracing for a significant shift with the impending arrival of the Digital Operational Resilience Act (DORA).
By Adel Al-keysi, Director of Information Security Compliance, Avenga • March 18, 2024 -
Explore the Trendline➔
Courtesy of The Howard Hughes Corp.
TrendlineTop 5 stories from Banking Dive
Banks brace to see if commercial real estate exposure will trigger a rerun of last year’s crisis. And regulators face a mountain of comments from the most contentious proposed rule in decades.
By Banking Dive staff -
Kevin Dietsch via Getty Images
SEC busts company behind $300M crypto Ponzi scheme targeting Latinos
Under the leadership of Gary Gensler, the SEC has intensified efforts to protect investors involved in what he calls the “Wild West” of crypto assets.
By Jim Tyson • March 15, 2024 -
Mario Tama via Getty Images
ColumnDive Deposits: Citi allegations put junior banker treatment back in spotlight
Allegations of verbal harassment, in context with BMO's firing of several bankers in a bullying case, put a power dynamic under the microscope.
By Dan Ennis • March 15, 2024 -
Michael M. Santiago / Staff via Getty Images
JPMorgan Chase fined $348.2M over gaps in trade data reporting
The bank “failed to surveil billions of instances of trading activity on at least 30 global trading venues,” the OCC alleged. “These gaps and deficiencies … constitute unsafe or unsound banking practices.”
By Dan Ennis • March 14, 2024 -
SHansche via Getty Images
UK proposal would make banks give customers 3 months’ notice before ‘debanking’
The legislative move comes months after NatWest's CEO stepped down in the wake of allegations that a former Brexit Party leader was "de-banked" over his political views.
By Rajashree Chakravarty • March 14, 2024 -
Alex Wong via Getty Images
Operational resilience regs may be on the way: OCC’s Hsu
While resilience from issues internal and external may take a back seat to capital and liquidity issues, it “warrants our full attention, especially in our highly interconnected world,” Acting Comptroller of the Currency Michael Hsu said.
By Gabrielle Saulsbery • March 13, 2024 -
Anna Hrushka/Banking Dive
FDIC vice chair wants regulators to hurry up on addressing tokenization
Tokenization could be a "major leap" for the monetary system. Travis Hill doesn't want the U.S. to be left out.
By Gabrielle Saulsbery • March 12, 2024 -
Kent Nishimura via Getty Images
Senators press FDIC, others for answers on SVB, Signature
Sen. Bill Hagerty, R-TN, asked the FDIC why it chose a bid from Related Fund Management in an auction of Signature loans, when Brookfield Property Group offered to pay 14% more for them.
By Rajashree Chakravarty • March 12, 2024 -
DustyPixel via Getty Images
How Golden 1 used AI to find ‘good risk’
The credit union partnered with Zest AI to build its own customized credit scorecard and has seen a 28% increase in approvals to protected classes of borrowers, Golden 1's CEO said.
By Ken McCarthy • March 12, 2024 -
Luna Marina via Getty Images
Compliance, overdraft fees may get greater focus in left-leaning NCUA
Liquidity and interest rate risk remain “very high priorities” for regulatory agencies, credit union executives said at a conference last week.
By Ken McCarthy • March 11, 2024 -
Courtesy of U.S. Bank
OCC clears U.S. Bank from MUFG Union consent order
The enforcement action, for failing to meet federal IT security guidelines, was issued just one day before U.S. Bank announced its $8 billion acquisition of MUFG Union.
By Rajashree Chakravarty • March 8, 2024 -
Justin Sullivan via Getty Images
Deep DiveA year after SVB, what’s improved and what needs work?
Banking Dive looks at six factors — from upcoming regulations to commercial real estate — to see how the landscape has changed between the crises of 2023 and 2024.
By Dan Ennis • March 8, 2024 -
Sean Pavone via Getty Images
NYCB names ex-OCC chief Otting as CEO
Former Treasury Secretary Steven Mnuchin will take a seat on the bank's board after his Liberty Strategic Capital and other investors infused NYCB with $1.05 billion.
By Dan Ennis • March 7, 2024 -
3000ad via Getty Images
Powell eyes ‘broad,’ ‘material’ changes to capital requirements proposal
The Fed chair cited “voluminous” public comments the proposal has elicited but wouldn’t dismiss the idea that the regulation could be re-proposed or withdrawn.
By Dan Ennis • March 7, 2024 -
Getty Images via Getty Images
Powell predicts CRE woes will hit smaller banks hardest
The Federal Reserve, bankers and commercial real estate executives have warned of turbulence as property owners struggle to refinance debt at higher rates.
By Jim Tyson • March 7, 2024 -
David McNew via Getty Images
29 House Republicans urge Fed to withdraw capital requirements plan
The letter comes as the central bank's supervision chief is rewriting the proposal, Reuters reported, with expected changes to the way potential losses and risk weights are calculated.
By Dan Ennis • March 6, 2024 -
Permission granted by TD Bank
ColumnDive Deposits: TD gives its AML woes long-haul messaging
The bank's First Horizon stumble is as woven into its fabric as the Revlon error is for Citi, or the fake-accounts scandal is for Wells Fargo, if one looks at TD's responses to analysts.
By Dan Ennis • March 6, 2024 -
Puerto Rican bank sues Fed for $150M in damages
Banco San Juan Internacional filed an amended lawsuit last week over the Fed’s decision to terminate the bank’s master account.
By Rajashree Chakravarty • March 5, 2024 -
Sean Pavone via Getty Images
Metropolitan Commercial Bank exits BaaS
“The decision to terminate these financial service partnerships will reduce the Company’s exposure to the heightened, and evolving, regulatory standards related to these activities,” the bank said in its 10-K filing last week.
By Gabrielle Saulsbery • March 4, 2024 -
Mark Wilson via Getty Images
West Virginia warns Citi, TD, others over fossil-fuel stances
BMO, HSBC, Fifth Third and Northern Trust also received notices that the state would add them to a restricted financial institution list over alleged "boycotts."
By Lamar Johnson • March 1, 2024 -
Courtesy of The Howard Hughes Corp.
NYCB names DiNello as CEO, takes $2.4B impairment charge
The bank appointed a chief risk officer and chief audit executive Friday, hours after SEC filings revealed material weakness in the review, oversight, risk assessment and monitoring of NYCB's lending.
By Dan Ennis • March 1, 2024 -
Dan Kitwood/Getty Images News via Getty Images
Gemini to return more than $1.1B to Earn customers
The crypto exchange and New York's Department of Financial Services reached an agreement Wednesday that included a $37 million penalty for compliance failures.
By Gabrielle Saulsbery • Feb. 29, 2024 -
Anna Hrushka/Banking Dive
Tennessee bank hit with FDIC consent order over BaaS business
Under the consent order, Lineage Bank must implement an enhanced risk management program overseen by its board of directors, increase capital levels, and let go of some fintech partners.
By Rajashree Chakravarty • Feb. 28, 2024 -
nathaphat via Getty Images
Smaller credit unions face hurdles despite NCUA’s fintech rule
The financial innovation rule may open the door to more partnerships, but larger institutions still have advantages on tech, budget and risk management, experts say.
By Ken McCarthy • Feb. 28, 2024
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