NY AG sues Gemini, Genesis, Digital Currency Group for fraud

Letitia James has sued multiple crypto firms this year. Now, she seeks to bar Gemini, Genesis and DCG from working in New York after alleging that they defrauded 230,000 people out of $1.1 billion.

By Gabrielle Saulsbery • Oct. 19, 2023

Fed’s Bowman urges ‘responsible innovation’

The U.S. already has a “safe and efficient payment system” that could be disrupted by CBDCs or stablecoins, the central bank governor said.

By James Pothen • Oct. 19, 2023

Explore the Trendline➔

M&A

President Donald Trump’s reelection was predicted to yield loosened regulation. But tariff volatility and economic uncertainty has thrown a wrench into an expected boom in mergers and acquisitions.

By Banking Dive staff

Senate votes 53-44 to block CFPB data collection rule

The small-business lending rule, which has drawn privacy concerns from critics, faces stiff resistance. The House is unlikely to vote on it until it fills its leadership vacuum.

By Dan Ennis • Oct. 19, 2023

Fed keeps U.S. Bank in lower capital category

The approval, announced Tuesday, frees the Minneapolis-based firm from stricter capital requirements designated for banks with more than $700 billion in assets.

By Anna Hrushka • Oct. 18, 2023

HSBC disables texting on work phones: report

The development follows a regulatory crackdown on the use of unapproved communication methods that result in recordkeeping violations.

By Gabrielle Saulsbery • Oct. 18, 2023

Texas ramps up probe into JPMorgan, BofA, Wells fossil-fuel ties

The state's attorney general wants bond issuers to check that members of a net-zero climate initiative, also including Morgan Stanley, State Street and TD, are complying with state law.

By Dan Ennis • Oct. 18, 2023

Basel publishes crypto exposure proposal

Banks will have to disclose crypto exposure by 2025 under plans unveiled Tuesday. The plans are open for public comment through Jan. 31.

By Gabrielle Saulsbery • Oct. 17, 2023

CFTC, FTC sue former Voyager Digital CEO

Stephen Ehrlich, the ex-chief executive of the bankrupt crypto firm created “no better than a house of cards,” a CFTC commissioner said. The company agreed to a $1.65 billion settlement with the FTC.

By Gabrielle Saulsbery • Oct. 13, 2023

Bowman: New capital requirements threaten financial stability

“Regulatory reform can pose significant financial stability risks, particularly if those changes ... fail to take sufficient account of the incentive effects and potential consequences,” the central bank governor said.

By Rajashree Chakravarty • Oct. 13, 2023

A look at Week 2 of the Bankman-Fried trial

Sam Bankman-Fried's right-hand man and woman, who have both pleaded guilty to crimes related to FTX's downfall, testified about the recurring practice of stealing customer funds.

By Gabrielle Saulsbery • Oct. 13, 2023

Regulators ramp up pressure on BaaS banks

Firms that work with fintechs are coming under more scrutiny as examiners look to recalibrate their supervision of banks that operate banking-as-a-service programs, Klaros Group’s Konrad Alt said.

By Anna Hrushka • Oct. 11, 2023

White House, CFPB are coming for ‘junk fees’

The Biden administration and the Consumer Financial Protection Bureau want banks and other institutions to stop hitting consumers with extra fees. Come February, offenders face monetary penalties.

By Gabrielle Saulsbery • Oct. 11, 2023

Ripple CFO departs for Maven Clinic amid SEC battle

CFO Kristina Campbell is leaving Ripple as the exchange continues its three-year battle with the SEC over its XRP token.

By Grace Noto • Oct. 10, 2023

Fed’s Jefferson flags tightening from rising bond yields

Financing costs may have risen in recent weeks as investors upgrade their expectations for economic growth or alter their view of underlying risks, the central bank's vice chair said.

By Jim Tyson • Oct. 9, 2023

Barr: Capital proposal will have ‘limited’ impact on lending costs

Speaking to the American Bankers Association on Monday, Fed Vice Chair for Supervision Michael Barr pushed back on claims that new capital rules would hamper lending activity.

By Anna Hrushka • Oct. 9, 2023

BlackRock creates net-zero investment after axing pair of ESG funds

The asset management firm has shifted resources to climate-specific funds after the SEC updated the “Names Rule” to increase accountability on ESG funds.

By Lamar Johnson • Oct. 9, 2023

FDIC’s McKernan blasts Basel endgame, long-term debt

The regulator seeks more transparency on quantitative thresholds, and anticipates changes to long-term debt holdings could leave regional banks at a competitive disadvantage.

By Rajashree Chakravarty • Oct. 6, 2023

Banks face AI ‘arms race’ in battle against cyber threats: Barr

It is critical for financial institutions to make investments in generative AI to safeguard against cyberattacks, the Federal Reserve's vice chair for supervision said.

By Anna Hrushka • Oct. 6, 2023

Banks would have to disclose crypto exposure in new Basel plan

The Basel Committee on Banking Supervision put some onus of this year's banking crisis on crypto in a report Thursday. It also announced a proposed framework for banks who touch crypto, to debut soon.

By Gabrielle Saulsbery • Oct. 5, 2023

Bowman: Regulatory thresholds, deposit insurance need more research

“Bank failures demand scrutiny, but bank failures alone do not justify wholesale revisions to the bank regulatory framework,” the Federal Reserve governor said at a conference Wednesday.

By Rajashree Chakravarty • Oct. 5, 2023

Monzo names US CEO in renewed push to capture American market

Conor Walsh, who served six years as head of global product at Cash App, replaces Carol Nelson, who stepped down last year, shortly after the U.K. fintech withdrew its application for a U.S. bank charter.

By Anna Hrushka • Oct. 5, 2023

Fed OIG faults central bank’s Silvergate supervision

Silvergate “grew exponentially in a 5-year period,” growing its assets from less than $1 billion in 2017 to more than $16 billion at the end of 2021, the OIG said in a report that criticized the central bank’s supervision of the bank.

By Rajashree Chakravarty • Oct. 4, 2023

SEC can’t appeal judge’s Ripple decision

U.S. District Judge Analisa Torres rejected the regulator’s motion to appeal her July decision, but set a court date for other aspects of Ripple’s case.

By Gabrielle Saulsbery • Oct. 4, 2023

CFPB case meets skepticism from Supreme Court conservatives

Justices from Clarence Thomas to Samuel Alito have questioned the funding-structure argument from the ex-Trump official representing two payday lending groups.

By Dan Ennis • Oct. 4, 2023

Top bank CEOs to testify Dec. 6 to Senate panel

Executive compensation may take center stage at the hearing. But the CEOs may also use the forum to criticize a capital proposal they say will hamper their ability to extend credit.

By Anna Hrushka • Oct. 2, 2023