Sen. Warner proposes mandatory use of Fed discount window

Mandatory use of the Fed’s short-term lending facility could help erase some of the stigma associated with tapping the central bank’s safety net, the Virginia Democrat said.

By Anna Hrushka • Dec. 11, 2023

Signature bid results add fuel, ‘B’ plot in FDIC’s woes

Real estate investor Brookfield accused the agency of cherry-picking a winning bid that was not the highest price for a portfolio of loans from the failed Signature Bank.

By Dan Ennis • Dec. 11, 2023

Explore the Trendline➔

Banking as a Service

The CEO of a leading BaaS provider began 2025 by saying the regulatory woes for the sector were just beginning. The year is ending on a note of opportunity.

By Banking Dive staff

Discover to spend at least $500M on compliance next year

“We’re going to continue to invest whatever we have to invest in order to get the compliance issues behind us,” CFO John Greene said last week.

By Caitlin Mullen • Dec. 11, 2023

5 Senate Republicans ask FDIC’s Gruenberg to step down

The lawmakers questioned the agency chair’s behavior, on allegations he “built a reputation for bullying and for having an explosive temper.” A Wall Street Journal report last month detailed a toxic culture at the FDIC.

By Rajashree Chakravarty • Dec. 8, 2023

21 AGs implore OCC, CFPB to force banks into cooperation

The coalition alleged that national banks often decline to cooperate with state attorneys general, despite being required to do so by the Dodd-Frank Act.

By Gabrielle Saulsbery • Dec. 8, 2023

Atlantic Union hit with $6.2M CFPB penalty

At least $5 million in illegal overdraft fees will be refunded to affected customers. A $1.2 million penalty will be paid into the CFPB’s victims relief fund. The bank denies any wrongdoing.

By Gabrielle Saulsbery • Dec. 7, 2023

Bank CEOs outline perceived dire consequences of Basel III

The proposed capital hike has been widely criticized by GOP lawmakers, who on Wednesday gave the CEOs of the nation’s largest banks ample time to voice their concerns to the Senate Banking Committee.

By Anna Hrushka • Dec. 7, 2023

House Financial Services Chair McHenry won’t seek reelection

“This is not a decision I come to lightly, but I believe there is a season for everything and — for me — this season has come to an end,” Rep. Patrick McHenry, R-NC, said in a statement Tuesday.

By Rajashree Chakravarty • Dec. 6, 2023

CFPB’s MoneyLion suit paused for Supreme Court funding ruling

MoneyLion, which is being sued by the CFPB over claims it violated the Military Lending Act, was granted its request for a pause ahead of the Supreme Court’s ruling on the CFPB’s funding structure.

By Anna Hrushka • Dec. 6, 2023

3 takeaways from bank executives’ conference appearances

Wells Fargo is setting aside up to $1 billion for "unanticipated" severance costs. Lazard plans to stock up on managing directors. And JPMorgan kept most of First Republic's clients — with one catch.

By Dan Ennis • Dec. 6, 2023

WaFd, Luther Burbank extend merger deadline to February

Both banks say they're "fully committed" to the deal, but it's the second delay for the transaction, originally expected to close by June 2023. It also faces opposition from a coalition of 54 nonprofits.

By Gabrielle Saulsbery • Dec. 5, 2023

Wells Fargo union-linked lawsuit, settlement get lost in the shuffle

An employee accused Wells of improperly denying overtime to its senior premier bankers. But that story was overtaken in the news cycle by another Wells legal matter: ex-CEO Tim Sloan's $34 million lawsuit.

By Dan Ennis • Dec. 5, 2023

House votes to repeal CFPB small-business data collection rule

The Republican-led chamber voted 221-202 to repeal the CFPB small-business data collection rule. President Joe Biden is expected to veto it, according to sources.

By Rajashree Chakravarty • Dec. 4, 2023

Wells Fargo’s ex-CEO Sloan sues bank for $34M

The San Francisco-based lender is “depriving Mr. Sloan of tens of millions of dollars” in canceled stock awards and unpaid bonuses, and causing “emotional distress,” lawyers wrote.

By Dan Ennis • Dec. 4, 2023

Breaking down capital requirements

For this primer, think of capital requirements performing a similar function for a bank that an airbag has in a car.

By Gabrielle Saulsbery • Dec. 4, 2023

Bank of America fined $24M by FINRA over alleged spoofing

Between October 2014 and February 2021, a former supervisor and a former junior trader at the bank executed more than 700 instances of spoofing in the U.S. Treasury secondary markets, FINRA alleged.

By Rajashree Chakravarty • Dec. 1, 2023

Capital hikes, geopolitics expected at bank CEO hearing

Bank executives, including JPMorgan Chase’s Jamie Dimon and Bank of America’s Brian Moynihan, will likely use the forum to push back against regulators’ proposal to raise bank capital requirements.

By Anna Hrushka • Nov. 30, 2023

Senator renews call for Gruenberg’s ouster as FDIC OIG offers fresh inquiry

“This time, there needs to be more than just a survey of the workforce,” Sen. Joni Ernst, R-IA, said in a letter Wednesday to the FDIC chair. “There needs to be real ramifications.”

By Dan Ennis • Nov. 30, 2023

First Fed Bank hit with FDIC consent order over fintech joint venture

The order is the latest enforcement action to come down on a bank as regulators continue to step up scrutiny of fintech partnerships.

By Anna Hrushka • Nov. 29, 2023

SoFi exits crypto business

SoFi customers can liquidate their accounts, or choose to be migrated to Blockchain.com. If they do nothing, SoFi will liquidate the assets for them, to be transferred to their brokerage accounts.

By Gabrielle Saulsbery • Nov. 29, 2023

Bank of America to pay $12M over lax mortgage data reporting

Hundreds of the bank’s loan officers failed to collect demographic data from applicants but reported to the Consumer Financial Protection Bureau that the applicants had chosen not to respond, the agency said.

By Dan Ennis • Nov. 29, 2023

Google, Symphony launch voice analytics offering for banks

The new messaging compliance tool, which combines Google Cloud's Vertex AI with Symphony’s Cloud9, comes as regulators are cracking down on record-keeping violations at financial firms.

By Anna Hrushka • Nov. 28, 2023

First OCC fintech chief had phony resume: reports

Prashant Bhardwaj alleged he held positions at Huntington and Fifth Third — and at Citi at a time when he would have been 13, according to a resume The Information obtained through FOIA.

By Gabrielle Saulsbery • Nov. 27, 2023

Fed, FDIC, OCC extend long-term debt comment period

The agencies extended the deadline to Jan. 16 — the same day to which regulators extended the comment period for their capital-requirements proposal.

By Rajashree Chakravarty • Nov. 27, 2023

KeyBank names commercial-banking chief as next top HR exec

Angela Mago will take the role before Dec. 31, succeeding Brian Fishel, who is retiring, according to American Banker. A statement from KeyBank did not indicate whether the departure was planned.

By Dan Ennis • Nov. 22, 2023