KeyBank agrees to third-party racial equity audit

The move comes roughly a month after the National Community Reinvestment Coalition asked the Federal Reserve and the OCC to downgrade KeyBank’s CRA rating over redlining allegations.

By Rajashree Chakravarty • May 5, 2023

Senate panel to hold cannabis banking hearing

Lawmakers behind the latest version of the SAFE Banking Act say the revised text addresses the social equity issues that some key Senate Democrats say the legislation has lacked in previous years.

By Anna Hrushka • May 5, 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

Goldman in talks to settle gender discrimination suit: reports

The class-action lawsuit, which was first filed in 2010, is scheduled to go to trial next month in New York.

By Rajashree Chakravarty • May 4, 2023

Feds probe Goldman’s dealings with SVB in lead-up to collapse

The investment bank was both a buyer of SVB’s bond portfolio and adviser of its failed capital raise in the days ahead of the regional lender’s collapse in March.

By Anna Hrushka • May 4, 2023

Sen. Brown urges FDIC to review Tellus’ business practices

The Senate Banking Committee chair voiced concern over the fintech’s high-interest savings accounts that are not insured by the regulator.

By Rajashree Chakravarty • May 3, 2023

FDIC proposes higher insurance coverage for payroll accounts

Under the agency’s targeted coverage scenario, accounts used for payment purposes — specifically, business payment accounts— would merit higher deposit insurance coverage.

By Anna Hrushka • May 2, 2023

FDIC orders Cross River to correct ‘unsafe’ lending practices

The $9 billion-asset bank, which neither admitted nor denied the charges, is not allowed to enter into any new partnerships with third parties or offer new credit products without the regulator’s approval.

By Anna Hrushka • May 1, 2023

JPMorgan Chase to acquire seized First Republic

The nation's largest bank is taking in roughly $173 billion in loans, $30 billion in securities and $92 billion in deposits as part of the FDIC-orchestrated sale, expected to cost the Deposit Insurance Fund $13 billion.

By Dan Ennis • May 1, 2023

Fed blames own oversight, bank management in SVB failure

In its post-mortem, the central bank said SVB failed because of a “textbook case of mismanagement.” Fed supervisors were also slow to identify problems and take action, it said.

By Anna Hrushka • April 28, 2023

What killed Signature? Poor management, says FDIC.

An FDIC report that published Friday also described staffing shortages in the regulator's examiner arm.

By Gabrielle Saulsbery • April 28, 2023

JPMorgan employees blast return-to-office order: report

Staffers, citing long commutes and work-life balance, swamped the bank’s internal messaging forum with requests that the firm reconsider the policy, according to Reuters.

By Rajashree Chakravarty • April 28, 2023

Texas bank, trade group sue CFPB over small-business data collection rule

Requiring lenders to gather data on borrowers, including those from nonwhite-, LGBTQ+- and women-owned small businesses, would eliminate small lenders from the market, plaintiffs argued.

By Rajashree Chakravarty • April 27, 2023

OCC, FDIC flag ‘unfair, deceptive’ overdraft practices

Regulators highlighted several bank overdraft practices that could result in violations of Dodd-Frank Act rules, as well as Section 5 of the Federal Trade Commission Act.

By Anna Hrushka • April 27, 2023

Banks’ use of ChatGPT-like AI comes under CFPB’s watch

The agency is examining how generative AI tools could propagate bias or misinformation and create risk in the financial services sector, CFPB Director Rohit Chopra said.

By Anna Hrushka • April 26, 2023

SVB, Signature CEOs unlikely to face clawbacks any time soon

Neither bank made a restatement to trigger a clawback. New legislation faces hurdles. But bank executives may have to give pay back if they’re found liable for wrongdoing in an FDIC investigation.

By Robert Freedman • April 26, 2023

Coinbase sues SEC to force agency to share its thinking

The crypto exchange has long sought clarity over how the SEC defines a security but says the agency threatens enforcement actions without explaining its reasoning.

By Dan Ennis • April 25, 2023

First Republic customers withdrew more than $100B in Q1

The ailing firm, which received a $30 billion infusion from 11 banks last month, said it plans to reduce its workforce by as much as 25%.

By Anna Hrushka • April 25, 2023

SVB Financial Group’s CEO, CFO resign

The former Silicon Valley Bank parent did not name a replacement for the CEO role, but said Nicholas Grossi, managing director of advisory firm Alvarez & Marsal, will serve as the company’s interim CFO.

By Anna Hrushka • April 24, 2023

FSOC floats new framework to tag nonbanks as systemically important

Trump-era guidance “created inappropriate hurdles” that gave the process “an unrealistic timeline” for addressing emerging risks, Treasury Secretary Janet Yellen said.

By Dan Ennis • April 21, 2023

Credit Suisse investors sue Finma over $17B write-down

The lawsuit is the first to challenge the Swiss regulator’s decision to render roughly $17 billion worth of Credit Suisse AT1 debt valueless during the $3.25 billion government-backed deal.

By Rajashree Chakravarty • April 21, 2023

Regulators at odds on crypto blame for March bank closures

SEC Chair Gary Gensler tied crypto business to bank failures in front of House lawmakers Tuesday. NYDFS's Adrienne Harris countered him the following day.

By Gabrielle Saulsbery • April 20, 2023

CFPB: Staffer breached data on 256,000 consumer accounts

The agency, which notified lawmakers of the incident last month, said the now-fired employee sent to a personal email account two spreadsheets containing names and transaction-specific account numbers.

By Anna Hrushka • April 20, 2023

Open banking might affect deposit outflows, OCC’s Hsu says

“An open banking culture that ... puts trust above other objectives, including growth and profit, will succeed and thrive over time,” said Acting Comptroller Michael Hsu.

By Rajashree Chakravarty • April 20, 2023

Recent bank failures won’t affect deposit insurance restoration timeline: FDIC

The regulator said it will issue a notice-and-comment rulemaking in May regarding the special assessment.

By Anna Hrushka • April 18, 2023

Stablecoin regulation draft bill published ahead of hearing

The measure would require stablecoin issuers to have reserves that back the digital assets on an “at least one-to-one basis.”

By Gabrielle Saulsbery • April 18, 2023