Regulations & Policy: Page 41

  • People walk by a branch of Signature Bank.
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    Signature Bank CRE, apartment loans have likely winning bids: reports

    Billions of dollars in commercial real estate loans, and loans tied to rent-regulated buildings, will likely go to different bidders, Bloomberg and The Wall Street Journal reported Sunday.

    By • Nov. 20, 2023
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    SEC hit companies with $5B in penalties in fiscal 2023

    The agency took almost 800 enforcement actions, the second-highest ever, fueled by 18,000 whistle-blower tips. Wells Fargo and HSBC were among banks that paid millions of dollars in penalties in the WhatsApp probe.

    By Robert Freedman • Nov. 20, 2023
  • Frost Bank skyscraper Explore the Trendline➔
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    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
  • Federal Reserve Board Vice Chair for Supervision Michael S. Barr with hand to ear as if trying to listen.
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    Win McNamee via Getty Images
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    5 takeaways from Michael Barr’s remarks at The Clearing House conference

    The Fed's vice chair for supervision expressed optimism about FedNow’s benefits while making the case for the central bank's contentious capital-requirements proposal.

    By • Nov. 20, 2023
  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Banking Dive
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    Gruenberg takes responsibility for FDIC culture as lawmakers demand probes

    House Financial Services Committee Republicans suggest cultural issues may have contributed to a shortage of examiners ahead of Signature Bank's failure.

    By • Nov. 20, 2023
  • Martin Gruenberg addresses the Senate Banking Committee.
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    Win McNamee via Getty Images
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    Banks’ deposit insurance tab grows as calls for FDIC chief’s ouster persist

    The agency is seeking $16.3 billion to make up for losses from failed banks. Meanwhile, several lawmakers are urging Martin Gruenberg to step down in the wake of misconduct allegations and a change in testimony.

    By • Nov. 17, 2023
  • Shot of Morgan Stanley logo
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    Mario Tama via Getty Images
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    Morgan Stanley fined $6.5M over client data breach

    The action from six attorneys general marks at least the fourth penalty Morgan Stanley has paid related to data breaches in recent years.

    By • Nov. 17, 2023
  • vivek ramaswamy
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    Michael M. Santiago via Getty Images
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    Ramaswamy unveils crypto plan

    The Republican is the first presidential candidate in his party to address crypto in his campaign platform.

    By • Nov. 17, 2023
  • FDIC
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    Courtesy of FDIC
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    Third-party guidance could have ‘chilling effect’ on BaaS, former FDIC chair warns

    “I don’t think that the current set of regulators really want banking-as-a-service and third-party partnerships to blossom,” former FDIC Chair Jelena McWilliams said during an event in Washington, D.C. on Tuesday.

    By • Nov. 15, 2023
  • Martin Gruenberg addresses the Senate Banking Committee.
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    Win McNamee via Getty Images
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    FDIC to conduct third-party audit following report of ‘sexualized’ culture

    Following a Wall Street Journal report on his agency’s “boys’ club,” FDIC Chair Martin Gruenberg said BakerHostetler would conduct a review on his agency within 90 days.

    By • Nov. 14, 2023
  • The U.S. Capitol Building as seen on a sunny day in Washington, DC.
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    Anna Moneymaker via Getty Images
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    GOP senators blast capital-requirements proposal ahead of hearing

    Sen. Tim Scott, R-SC, and 38 other lawmakers asked the Fed, FDIC and OCC to withdraw the proposal in a letter one day before representatives of each agency testify on Capitol Hill.

    By • Nov. 14, 2023
  • View of Revolut mobile app
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    Courtesy of Revolut Press Kit
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    Revolut appoints interim CFO as it races to meet filing deadline

    Revolut’s interim CFO and new U.K. CEO face an upward battle to win the fintech’s long-sought after U.K. banking license.

    By Grace Noto • Nov. 10, 2023
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    Mario Tama via Getty Images
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    Morgan Stanley wealth management business faces Fed probe: report

    The investment bank’s vetting processes for potential foreign clients has been under investigation by the central bank since 2020, according to The Wall Street Journal.

    By • Nov. 9, 2023
  • A Wells Fargo bank signage is seen on Broadway on December 20, 2022 in New York City.
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    Michael M. Santiago via Getty Images
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    Wells Fargo execs expect asset cap to extend into 2025: report

    The bank’s top executives believe the first quarter of 2025 will be the earliest that a $1.95 trillion asset cap imposed by the Federal Reserve could be lifted, Bloomberg reported.

    By • Nov. 9, 2023
  • An exterior shot of a Fifth Third Bank location is shown
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    Courtesy of Fifth Third
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    Fifth Third to pay $8M SEC penalty, warns of solar lending probe

    The bank said it is cooperating with “several civil investigative demands” from state attorneys general looking into the lending practices of a solar finance firm it acquired.

    By • Nov. 9, 2023
  • Rostin Behnam
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    Chip Somodevilla via Getty Images
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    Half of CFTC’s 2023 enforcement actions had crypto ties

    Of the Commodity Futures Trading Commission's 96 enforcement actions charging fraud, manipulation, and other violations in fiscal 2023, 47 were against players in the digital asset space.

    By • Nov. 8, 2023
  • A sign with the 'Citi' logo
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    Citi fined $25.9M over alleged discrimination

    The bank, between 2015 and 2021, denied certain credit card products to applicants with surnames ending in “ian” and “yan,” suffixes that Citi employees associated with Armenian national origin, the CFPB said.

    By • Nov. 8, 2023
  • Rohit Chopra, Director of the Consumer Financial Protection Bureau, giving a speech in an auditorium.
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    Anna Moneymaker via Getty Images
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    CFPB proposes new oversight for payment tech firms

    Google, Apple and 15 other big non-bank technology companies that provide digital wallets or payments apps would be subject to increased regulation if a new Consumer Financial Protection Bureau rule is approved.

    By Lynne Marek , James Pothen • Nov. 7, 2023
  • A close up of the Department of Treasury seal on the front of the headquarters with "the Department of Treasury" and "1789" on an outer circle and a shield with the scales of justice up top and a key.
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    Chip Somodevilla via Getty Images
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    Iowa community bank becomes 5th to fail this year

    The $66 million-asset Citizens Bank of Sac City, Iowa, entered receivership of the FDIC on Friday and was then acquired by Iowa Trust & Savings.

    By • Nov. 7, 2023
  • A view of the Marriner S. Eccles Federal Reserve building.
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    Anna Moneymaker via Getty Images
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    Banks tighten standards on loans to companies of all sizes: Fed

    Demand for commercial and industrial loans fell during the third quarter as the Fed pushed up the benchmark interest rate to a 22-year high.

    By Jim Tyson • Nov. 6, 2023
  • Treasury Secreatry Janet Yellen peers behind her glasses on Capitol Hill.
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    Chip Somodevilla via Getty Images
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    FSOC to strengthen oversight on nonbanks

    The rule effectively reverses Trump-era regulation allowing nonbanks, such as hedge funds, to be designated systemically important.

    By • Nov. 6, 2023
  • KeyBank branch
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    Courtesy of KeyBank
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    U.S. Bank, KeyBank may be next on the WhatsApp hit list

    A look at SEC filings from last week signal looming record-keeping penalties and a broadening probe of COVID-era unemployment benefits at the nation's largest “super-regional.”

    By • Nov. 6, 2023
  • Financial advisor with mortgage loan investment contract.
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    Getty Images
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    Sponsored by Veritran

    How onboarding sets banks and customers up for a long and valuable relationship

    With the right technology, banks can continuously build on the success of onboarding.

    Nov. 6, 2023
  • Royal Bank of Canada, global headquarters, Toronto, Canada
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    "Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
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    RBC to pay SEC $6M to settle software accounting violation charges

    The bank lacked a “reliable method” to determine the right capitalization rate for internally developed software costs and applied the same rate each year between 2008 and 2020, the regulator said.

    By Maura Webber Sadovi • Nov. 3, 2023
  • Sam Bankman-Fried
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    Michael M. Santiago via Getty Images
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    Former FTX CEO found guilty on 7 counts

    Nearly a year after FTX's collapse and 11 months after his arrest in the Bahamas, Sam Bankman-Fried has been found guilty of fraud. Sentencing was tentatively set for March 28.

    By • Nov. 2, 2023
  • First Republic Bank logo
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    Former First Republic Bank executives under FDIC investigation

    The FDIC can ban former directors and officers from the banking industry if they are found to have made decisions with "willful or continuing disregard" for a bank’s best interests. The FDIC can also impose fines on these individuals.

    By • Nov. 2, 2023