FinCEN warns over Hamas, crypto ties

“Hamas moves funds through the smuggling of physical currency as well as a regional network of complicit money transmitters, exchange houses, and Hizballah-affiliated banks,” the FinCEN said in its alert.

By Rajashree Chakravarty • Oct. 24, 2023

OCC applying ‘supply chain mindset’ to bank-fintech scrutiny: Hsu

Arrangements where multiple parties play a role in delivering financial products to consumers are more complicated, and will likely garner more scrutiny from the OCC, Acting Comptroller Michael Hsu said.

By Anna Hrushka • Oct. 24, 2023

Explore the Trendline➔

Top 5 stories from Banking Dive

Since the approval of Capital One’s acquisition of Discover, banks have increasingly waded into new deals. Beyond that, they’ve doubled down on strategy, from organic growth to branch placement to app design.

By Banking Dive staff

Crypto legislation would put US ‘back in the game,’ stakeholders say

A pair of House bills would help the industry gain clarity, scale digital asset products and promote financial inclusion, cryptocurrency stakeholders said Sunday on a panel at Money20/20.

By Anna Hrushka • Oct. 23, 2023

Fed, FDIC, OCC extend capital-requirements comment period

The agencies are also launching an effort to collect more data from banks affected by the proposal. Comments are now due Jan. 16.

By Dan Ennis • Oct. 20, 2023

Metropolitan Commercial Bank fined $29.5M by Fed, NYDFS

“MCB failed to prevent a massive, ongoing fraud in the MovoCash prepaid card program, allowing bad actors to abuse the financial system,” New York’s superintendent of financial services said.

By Rajashree Chakravarty • Oct. 20, 2023

Fed developing broader stress test scenarios: Barr

Additional scenarios would be “exploratory” and wouldn’t be used to set a bank’s stress capital buffer requirement, Fed Vice Chair for Supervision Michael Barr said.

By Anna Hrushka • Oct. 20, 2023

Downsizing rule #2: If your bank is cutting jobs, think before you post

One Citi banker may have learned it’s probably never a good time to snark about the Holocaust on Instagram. Not when Israel and Hamas are at war, and not when Citi is shrinking its headcount.

By Dan Ennis • Oct. 20, 2023

Ameris Bank to pay $9M to settle DOJ redlining probe

Other lenders, between 2016 and 2021, generated mortgage applications in Jacksonville, Florida's majority-Black and Hispanic neighborhoods at three times the rate that Ameris did, the agency alleged.

By Dan Ennis • Oct. 20, 2023

CFPB unveils open banking proposal

The rule will make it easier for consumers to share deposit account and credit card data with fintechs, the CFPB said. Future rulemaking may also include mortgage, auto loan and student loan data, the bureau said.

By Anna Hrushka • Oct. 19, 2023

Judge removes Tulsa massacre references from DOJ redlining order

The judge said the reference to the 1921 Tulsa Race Massacre was not essential to determine the American Bank of Oklahoma’s lending practices a century later.

By Rajashree Chakravarty • Oct. 19, 2023

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

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