Citizens CEO knocks higher capital requirements

“The rest of the economy is saying this has to be rethought,” CEO Bruce Van Saun said, adding the increase could scuttle lending to entrepreneurs and less affluent borrowers.

By Suman Bhattacharyya • March 29, 2024

Warren reiterates call for gun MCC guidance

The senator and 32 other Democrats are stressing the need for federal guidance on the gun merchant category code as states take opposing sides.

By Caitlin Mullen • March 29, 2024

Explore the Trendline➔

Fraud and AML in banking

It’s not just big banks like Citi and TD that face stiffer AML oversight from regulators. The FDIC is looking closely at banks offering BaaS alongside fintechs.

By Banking Dive staff

UBS’s $15.9M pay package makes Ermotti Europe’s top-paid bank CEO

The executive has committed to staying on at the Swiss bank through the Credit Suisse integration "if not longer," UBS said Thursday in an annual report.

By Dan Ennis • March 28, 2024

FTX founder Sam Bankman-Fried gets 25 years in prison

The former crypto exchange CEO was convicted in November on seven counts of fraud and conspiracy.

By Gabrielle Saulsbery • March 28, 2024

SEC can continue its case against Coinbase

The agency “sufficiently pleaded that Coinbase operates as an exchange, as a broker, and as a clearing agency under the federal securities laws,” U.S. District Judge Katherine Polk Failla ruled.

By Gabrielle Saulsbery • March 27, 2024

SBA critics push back on fintechs making 7(a) loans

During a hearing last week, Sen. Joni Ernst, R-IA, challenged SBA Administrator Isabel Guzman over her push for direct lending by nonbank entities, highlighting the license Funding Circle received last year.

By Rajashree Chakravarty • March 27, 2024

Citi wraps up reorg’s ‘major actions’

The bank is informing employees this week of its largest round of reassignments and departures so far — changes CEO Jane Fraser said aim to put Citi "on the front foot."

By Dan Ennis • March 27, 2024

Wells Fargo overcharged military members, lawsuit claims

Military families discovered the overcharges in 2022, when the bank sent misleading correspondence and payments to some customers, the proposed class action alleges.

By Rajashree Chakravarty • March 26, 2024

A New Jersey ‘super-community bank’ is just one approval away

The proposed combination of Provident and Lakeland has received approvals from the FDIC and the New Jersey Department of Banking and Insurance. That leaves only a green light from the Federal Reserve.

By Gabrielle Saulsbery • March 26, 2024

Capital One pledges to give Discover’s network a boost

Dominated by Visa and Mastercard, card network markets “sorely need an injection of competitive rivalry,” Capital One argued in its application to regulators to purchase Discover.

By Caitlin Mullen • March 26, 2024

Citi agrees to disclose green financing ratios, following JPMorgan

The New York City comptroller has withdrawn shareholder proposals with the two banks. The measure still faces votes at Bank of America, Goldman Sachs, Morgan Stanley and Royal Bank of Canada.

By Lamar Johnson • March 26, 2024

Fed, FDIC, OCC delay effective date for parts of CRA

One change eliminates a loophole that would have forced some banks to re-draw their assessment areas before April 1, only to return to a current threshold in 2026.

By Dan Ennis • March 25, 2024

‘Lax lending practices’ led to Iowa bank’s downfall: FDIC OIG

The report called out inaction on the part of the community bank’s management to address issues flagged by regulators in recent years.

By Caitlin Mullen • March 25, 2024

Yellen open to cannabis banking legislation

Cannabis’ federal illegality presents a hurdle for banks, which remain concerned about violating anti-money laundering laws.

By Gabrielle Saulsbery • March 22, 2024

Regulators defend Basel III pursuit, global financial stability

Top-ranking officials at the Fed, the FDIC and the OCC testified before the House Financial Services Committee on Thursday, emphasizing the importance of coordination between international and national financial authorities.

By Rajashree Chakravarty • March 22, 2024

Advocates urge transparency in Capital One-Discover review

More than 30 organizations demanded the deal not be subject to expedited federal review and that public hearings be held in the largest lending markets for both Capital One and Discover.

By Caitlin Mullen • March 22, 2024

FDIC proposes more scrutiny of bank mergers

Deals to create banks with $100 billion or more in assets would see greater focus on anti-money laundering and financial stability. Smaller mergers would weigh the impact to local communities.

By Dan Ennis • March 21, 2024

He could get 5 years. He could get 100. For how long will Sam Bankman-Fried go to prison?

Ryan Lee O'Neill, a New Jersey-based defense attorney, has represented countless defendants in the FTX founder's place. She has her own estimates.

By Gabrielle Saulsbery • March 20, 2024

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

Securing 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

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

Dive 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

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

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

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