Senate confirms Jefferson, Kugler, Cook to Fed roles

Philip Jefferson becomes the second Black man to serve as the central bank’s vice chair, and Adriana Kugler becomes the board's first member of Latin descent.

By Dan Ennis • Sept. 7, 2023

Fed issues enforcement order to Kansas bank

The central bank cited deficiencies in staffing, internal controls, credit risk management, lending and credit administration, capital, IT and third-party risk management.

By Dan Ennis • Sept. 6, 2023

Explore the Trendline➔

The 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

FDIC seeks bids for $33B in Signature CRE loans

The deadline is set for Nov. 1, according to Bloomberg. About $15 billion of the loans are tied to properties that are rent-stabilized or rent-controlled.

By Dan Ennis • Sept. 6, 2023

Average overdraft fee falls 11% to near-two-decade low: survey

The average nonsufficient funds fee, meanwhile, plunged 25% over the past year, Bankrate found. But ATM fees reached a record high. 

By Rajashree Chakravarty • Sept. 5, 2023

JPMorgan processed $1B for Epstein: USVI lawyer

The lender, which the U.S. Virgin Islands is suing for $190 million, was “a full service bank for Jeffrey Epstein’s sex trafficking,” lawyer Mimi Liu said in a hearing Thursday, according to Reuters.

By Gabrielle Saulsbery • Sept. 1, 2023

Goldman, regional bank warnings show the Fed is now playing offense

The central bank has requested action from Citizens, Fifth Third and M&T regarding capital, liquidity, technology and compliance, according to Bloomberg. Goldman’s fintech partnerships are reportedly under scrutiny, too.

By Dan Ennis • Aug. 31, 2023

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 Gabrielle Saulsbery • Aug. 30, 2023

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 Anna Hrushka • Aug. 30, 2023

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 Anna Hrushka • Aug. 29, 2023

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 Dan Ennis • Aug. 29, 2023

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 Dan Ennis • Aug. 29, 2023

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 Gabrielle Saulsbery • Aug. 28, 2023

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 Anna Hrushka • Aug. 28, 2023

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 Gabrielle Saulsbery • Aug. 25, 2023

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 Dan Ennis • Aug. 25, 2023

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 Gabrielle Saulsbery • Aug. 24, 2023

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 Dan Ennis • Aug. 24, 2023

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 Rajashree Chakravarty • Aug. 23, 2023

Dive Deposits: 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 Dan Ennis • Aug. 23, 2023

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 Gabrielle Saulsbery • Aug. 22, 2023

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 Dan Ennis • Aug. 22, 2023

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 Gabrielle Saulsbery • Aug. 22, 2023

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 Dan Ennis • Aug. 22, 2023

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 Gabrielle Saulsbery • Aug. 21, 2023

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 Gabrielle Saulsbery • Aug. 18, 2023