Small banks should be exempt from FDIC special assessment: ICBA

Large banks should be on the hook for the fee, since they would be the main beneficiaries of the FDIC’s decision to backstop uninsured deposits at SVB and Signature Bank, ICBA CEO Rebeca Romero Rainey said.

By Anna Hrushka • April 17, 2023

Fed approves UBS acquisition of Credit Suisse’s US subsidiaries

UBS must submit an implementation plan within three months of the merger's closing to address the structure, integration and business delineations of the combined organization, the central bank said.

By Rajashree Chakravarty • April 17, 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

Inflation is still far too high, Fed’s Waller says

Monetary policy needs to be tightened further, the central bank official said Friday, suggesting interest rates could rise again in May.

By Gabrielle Saulsbery • April 17, 2023

Fed’s Bowman urges more support of de novo banks

As the number of banks continues to decline in the U.S., regulators should consider lowering upfront capitalization requirements of de novo institutions, Federal Reserve Governor Michelle Bowman said.

By Anna Hrushka • April 17, 2023

FTX has recovered more than $7.3B during bankruptcy

FTX’s chief bankruptcy lawyer said in a Wednesday court hearing that the exchange is considering a reboot, but that it's just one of many options.

By Gabrielle Saulsbery • April 14, 2023

More filings allege JPMorgan execs knew of Epstein’s sex crimes

The risk management team flagged Epstein for making multiple cash withdrawals of $40,000 to $80,000 each month, court filings show.

By Gabrielle Saulsbery • April 13, 2023

Trump rollbacks not to blame for SVB failure, FDIC vice chair says

FDIC Vice Chair Travis Hill pointed to SVB’s “mismanagement of interest rate risk,” adding that policymakers should focus on filling “evident holes in our framework, rather than just trying to undo policies of the past.”

By Anna Hrushka • April 13, 2023

SBA to open flagship lending program to fintechs

A new rule, which takes effect May 11, ends a 40-year moratorium on admitting new nonbank lenders to the agency’s 7(a) loan program.

By Anna Hrushka • April 12, 2023

JPMorgan wants managing directors in office 5 days a week

“Our leaders ... have to be visible on the floor, they must meet with clients, they need to teach and advise, and they should always be accessible for immediate feedback and impromptu meetings,” the bank’s operating committee said.

By Dan Ennis • April 12, 2023

CFPB director wants some payments firms labeled systemically important

The bureau's chief, Rohit Chopra, urged users who maintain balances on their digital wallets and money-transfer apps to move that uninsured money to a bank account.

By Anna Hrushka • April 12, 2023

Goldman Sachs fined $15M by CFTC in swaps case

The bank failed to disclose the same-day value of pre-trade-mid-market marks in dozens of swaps in 2015 and 2016, when it knew it could make a quick profit, the CFTC said.

By Rajashree Chakravarty • April 11, 2023

Warren, AOC question Circle, BlockFi over SVB ties

The lawmakers wrote 14 depositors, asking whether “mutual backscratching arrangements” encouraged firms to keep large uninsured deposits at Silicon Valley Bank.

By Anna Hrushka • April 11, 2023

OCC to audit JPMorgan’s dealmaking: sources

The audit was scheduled before JPMorgan sued the founder of Frank, a fintech it bought. The Justice Department charged the fintech exec with fraud, a development that has raised questions around due diligence.

By Dan Ennis • April 7, 2023

Merrill Lynch stampedes back into the collective consciousness

A leadership change, a delayed retirement and an SEC penalty put Bank of America's long-since-acquired thundering herd front and center several times in less than a week.

By Dan Ennis • April 6, 2023

Swiss council orders bonus cuts for 1,000 Credit Suisse execs

The tiered cuts in the bank’s top three management levels are worth up to $66 million, said the federal council, which also directed Credit Suisse to retrieve bonuses that have already been paid.

By Rajashree Chakravarty • April 6, 2023

UBS embarks on ‘Herculean’ Credit Suisse integration

Enmeshing the two banks is expected to take roughly three to four years, UBS executives said at a shareholder meeting two weeks after agreeing to take over its chief rival.

By Dan Ennis • April 5, 2023

Dimon warns against reactionary regulations

The banking industry must avoid "knee-jerk, whack-a-mole or politically motivated responses" to the current financial crisis, JPMorgan's CEO said in a letter to shareholders Tuesday.

By Gabrielle Saulsbery • April 4, 2023

Credit Suisse chair, CEO apologize at shareholder meeting

"We ran out of time," the bank's CEO, Ulrich Körner, told attendees. Axel Lehmann, meanwhile, was narrowly re-elected chair, but some investors continued to blame the bank and the Swiss government.

By Dan Ennis • April 4, 2023

CFPB issues updated policy statement on abusive practices

The guidance did not impose any new legal requirements but outlined the background, objectives and analysis of the abusive practices that would ensure fair dealings in the market.

By Rajashree Chakravarty • April 4, 2023

Dutch neobank Bunq applies for US bank license

Bunq CEO Ali Niknam said the neobank is expanding to the U.S. to serve European expatriates “with strong ties to both sides of the Atlantic.”

By Anna Hrushka • April 4, 2023

Swiss prosecutor opens probe into UBS-Credit Suisse deal

The investigation comes amid reports that the tie-up could spur a cull of 11,000 jobs in Switzerland alone and another 25,000 globally.

By Rajashree Chakravarty • April 3, 2023

Barr, Gruenberg testimony brings slogans, tone shifts and policy talk

Among other things, House Financial Services Committee Chair Patrick McHenry, R-NC, is making a habit of telling the public what Congress can't do.

By Dan Ennis • March 31, 2023

CFPB finalizes small-business data collection rule

The final rule covers financial institutions that issue at least 100 small-business loans a year — up from 25 loans per year proposed in 2021.

By Rajashree Chakravarty • March 31, 2023

Wells Fargo to pay $97.8M in sanctions penalties

While the Office of Foreign Assets Control called the bank’s deficient oversight resulting in violations "egregious," it said it was "not a result of a systemic compliance breakdown."

By Gabrielle Saulsbery • March 31, 2023

Biden eyes stiffer liquidity rules, stress testing for midsize banks

The White House also seeks to require firms with between $100 billion and $250 billion to give regulators comprehensive resolution plans, or living wills.

By Anna Hrushka • March 30, 2023