Morgan Stanley claws back bankers’ pay over WhatsApp scandal

The bank is considering the number of messages sent, the banker’s seniority and whether they received prior warnings in levying penalties ranging from a few thousand dollars to more than $1 million, the Financial Times reported.

By Dan Ennis • Jan. 26, 2023

Popular Bank to pay $2.3M over alleged PPP fraud

The subsidiary of Puerto Rico-based Popular Inc. processed and funded six PPP loans in August 2020, totaling roughly $1.1 million, despite having detected signs of potential fraud, the Fed said.

By Anna Hrushka • Jan. 25, 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

Bank of America again awards restricted stock to rank and file

Roughly 96% of the bank’s employees are eligible, though details are sparse this year on the incentive’s value. This marks the sixth straight year Bank of America has given the awards.

By Dan Ennis • Jan. 25, 2023

Davos may have a time-travel portal. Just listen to bank CEOs.

CEO comments on remote work, junior banker salaries and Bitcoin belie a warp to 2021. Or 2017. Or 1975. Or the '50s.

By Dan Ennis • Jan. 24, 2023

FTX-connected Farmington State Bank retreats from crypto, cannabis

The bank will also stop using the Moonstone Bank brand it developed for such “innovation-driven” pursuits, it said.

By Dan Ennis • Jan. 23, 2023

Crypto lender Nexo to pay $45M in SEC settlement

Nexo said last month it would cease U.S. operations after hitting a “dead end” in talks with regulators. One of company’s founders Thursday said he is “confident that a clearer regulatory landscape will emerge soon.”

By Gabrielle Saulsbery • Jan. 20, 2023

ESG debate escalates as GOP goes after influencers

Twenty-one Republican attorneys general argue proxy advisers ISS and Glass Lewis' shareholder voting recommendations on climate policy and board diversity violate their duty to investors.

By Dan Ennis • Jan. 19, 2023

Fed lays out details of its climate pilot

The nation's six largest banks have until July 31 to analyze the impact two natural disasters would have on real estate lending portfolios, and factor in changing sentiment regarding climate change.

By Dan Ennis • Jan. 18, 2023

‘Too-big-to-manage’ banks could be broken up, OCC says

The size and complexity of a bank is the core problem, not “the weaknesses of its systems and processes or the unwillingness or incompetence of its senior leaders,” Acting Comptroller Michael Hsu said.

By Anna Hrushka • Jan. 18, 2023

Fed, OCC approve BMO’s $16.3B Bank of the West acquisition

The tie-up, expected to close Feb. 1, could be an early test of the central bank's proposal to revamp capital requirements for banks with $250 billion to $700 billion in assets.

By Dan Ennis • Jan. 18, 2023

Why Citi expects to see more of its less productive workers

Less productive workers can expect to come into the office to get “coaching they need until they bring the productivity back up again,” CEO Jane Fraser told Bloomberg.

By Dan Ennis • Jan. 17, 2023

City National Bank to pay $31M redlining settlement

The Royal Bank of Canada subsidiary avoided providing mortgage lending services to majority-Black and Hispanic neighborhoods in Los Angeles County from 2017 to at least 2020, the Justice Department alleged.

By Anna Hrushka • Jan. 13, 2023

CFPB proposes registry of nonbanks’ contract terms, conditions

“Take it or leave it” form contracts, usually drafted by a company and its lawyers, can conceal consumer harm and suppress criticism about products and services, the bureau said.

By Rajashree Chakravarty • Jan. 12, 2023

Bank trade groups blast SBA’s fintech proposal

Vice President Kamala Harris has said opening the SBA’s 7(a) program to fintechs would increase lending in underserved markets. The trade groups say the move threatens the integrity of the program.

By Anna Hrushka • Jan. 11, 2023

FDIC gives $5.2B Columbia-Umpqua deal its final sign-off

The biggest pending U.S. banking merger not involving a Canadian buyer is now expected to be complete by the end of February.

By Dan Ennis • Jan. 11, 2023

6 takeaways from Jerome Powell’s climate stance

The Fed chair laid out his mantra Tuesday regarding the central bank's responsibility toward climate risk, and gave five reasons for his boundaries.

By Dan Ennis • Jan. 10, 2023

5 banking trends to watch in 2023

Harsher penalties, a fiercer fight over ESG philosophy and a more urgent push to regulate crypto appear poised to roil the finance sector this year.

By Anna Hrushka , Dan Ennis , Gabrielle Saulsbery • Jan. 10, 2023

NY AG sues Celsius ex-CEO, alleging he defrauded investors

The suit, filed in New York Supreme Court, alleges Alex Mashinsky misrepresented his exchange’s safety to attract billions of dollars in digital assets.

By Gabrielle Saulsbery • Jan. 6, 2023

Numbness, Coinbase helped keep Trustmark’s $100M settlement under the radar

The Mississippi-based bank's effort to end a 13-year Ponzi scheme-related saga came a day before a stalwart in an even more beleaguered sector — crypto — agreed to a payout of the same sum.

By Dan Ennis • Jan. 6, 2023

Coinbase to pay $100M in settlement over lax customer monitoring

The system that flags suspicious activity saw a backlog of more than 100,000 alerts in late 2021, New York's Department of Financial Services found.

By Gabrielle Saulsbery • Jan. 4, 2023

Fed, OCC, FDIC issue joint warning on crypto risks for banks

The regulators didn't go so far as to create new rules around bank-crypto partnerships, but said they're "continuing to assess" if — and how — such tie-ups can proceed safely.

By Gabrielle Saulsbery • Jan. 4, 2023

The twist in JPMorgan’s Epstein fight

The U.S. Virgin Islands last week accused the bank of keeping the disgraced financier as a client after he was convicted in 2008. Days later, the attorney general was fired.

By Dan Ennis • Jan. 3, 2023

2 FTX executives plead guilty; Ellison faces 110 years in prison

The SEC announced separate charges Wednesday, accusing both executives of defrauding investors.

By Gabrielle Saulsbery • Dec. 22, 2022

Toomey bill would put stablecoin oversight in OCC’s hands

The outgoing senator said he wanted to shield stablecoin activity from the Fed, which is still debating whether to issue a central bank digital currency. Toomey noted the Fed’s “significant skepticism” of stablecoins.

By Gabrielle Saulsbery • Dec. 22, 2022

Toomey bill would cut Fed’s 12 regional banks to 5

The measure — the senator’s second this month related to accountability at the central bank — comes less than two weeks before Toomey leaves office.

By Anna Hrushka • Dec. 22, 2022