Everyone’s calling for the regulation of crypto-bank ties these days

Here's a quick overview of Basel Committee and FSOC recommendations for the digital-asset space.

By Gabrielle Saulsbery • Dec. 20, 2022

Senate confirms Gruenberg to 2nd term leading FDIC

The 45-39 vote Monday effectively puts to rest a partisan power struggle that mired the agency at this time last year.

By Dan Ennis • Dec. 20, 2022

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

Wells Fargo to pay $3.7B in record CFPB settlement

The bank agreed to pay more than $2 billion in consumer redress and a $1.7 billion fine for violations across several product lines. Wells expects to take a $3.5 billion operating loss for 2022’s fourth quarter.

By Anna Hrushka • Dec. 20, 2022

Cannabis-banking bill’s last chance for 2022 just went up in smoke

The SAFE Banking Act was excluded from a $1.7 trillion omnibus spending bill, and most likely will need to be reintroduced after Congress’ next session begins — with a Republican House majority.

By Dan Ennis • Dec. 20, 2022

Fed, FDIC find flaws in Credit Suisse, BNP Paribas living wills

The regulators Friday ordered Credit Suisse to resubmit resolution plans to remediate weaknesses in cash flow forecasting and governance of the bank’s U.S. operations.

By Dan Ennis • Dec. 19, 2022

NYDFS lays out crypto guidance for banks

State-licensed banks that intend to engage in the virtual currency-related activity must submit a proposal at least 90 days in advance, the agency said.

By Rajashree Chakravarty • Dec. 16, 2022

CFPB to face reckoning in next Congress, Republicans warn Chopra

“Next month there will be a new majority in the House of Representatives. I think you'll wish you tried harder to play by the rules,” Rep. Patrick McHenry, R-NC, told the CFPB director.

By Anna Hrushka • Dec. 15, 2022

8 takeaways from the House committee hearing on FTX

CEO John Ray didn't mince words when discussing FTX's business dealings under Sam Bankman-Fried, at one point calling it "old-fashioned embezzlement."

By Gabrielle Saulsbery • Dec. 14, 2022

Custodia is denied default judgment in Fed master account case

U.S. District Judge Scott Skavdahl gave the central bank until Feb. 9 to submit a step-by-step breakdown of its decision-making process with regard to the crypto-focused bank’s master account application.

By Dan Ennis • Dec. 13, 2022

CFPB proposes a database of nonbank repeat offenders

The proposed rule will be open to public comment for 60 days and will be released "no earlier than January 2024," the bureau said Monday.

By Rajashree Chakravarty • Dec. 13, 2022

CBA: Most consumers want more oversight for crypto, fintech firms

The trade group’s study saw an age gap. About 46% of baby boomers and 42% of Gen Xers sought higher regulatory standards for the companies, compared with 24% of millennials and 18% of Gen Zers.

By Gabrielle Saulsbery • Dec. 13, 2022

DOJ, SEC charge Sam Bankman-Fried with defrauding investors

The former FTX CEO, who was arrested Monday in the Bahamas, was supposed to appear in front of the House Financial Services Committee on Tuesday. FTX’s current CEO will testify instead.

By Gabrielle Saulsbery • Dec. 13, 2022

Forget cannabis. Here are 2 banking provisions that did make the NDAA.

Lawmakers sought a database of Fed master account applicants and broke down a hurdle to banks' hiring of people with a conviction history.

By Dan Ennis • Dec. 12, 2022

Warren, Toomey unite on bill to make Fed more transparent

The proposed legislation aims to make the Fed, its regional branches and regulatory agencies in general more accountable for disclosing information.

By Rajashree Chakravarty • Dec. 12, 2022

OCC reiterates its call for crypto caution

Most crypto participants "appear unprepared" for stress from the sector, but banks have inquired less about getting into crypto since the Terra and FTX crashes, the agency said.

By Rajashree Chakravarty • Dec. 9, 2022

SEC wants public companies to disclose crypto risks

Meanwhile, former FTX CEO Sam Bankman-Fried said Friday he would testify Tuesday in front of the House Financial Services Committee.

By Gabrielle Saulsbery • Dec. 9, 2022

OCC judge recommends $18.5M in fines for 3 ex-Wells Fargo execs

The penalties, including a lifetime ban for one, are in line with what the agency had sought. The judge suggested a second lifetime ban. The OCC has 90 days to issue a final decision.

By Rajashree Chakravarty • Dec. 8, 2022

Lawmakers to subpoena Bankman-Fried if he doesn’t testify on FTX collapse

Sens. Elizabeth Warren, D-MA, and Tina Smith, D-MN, penned a letter to regulators concerning bank-crypto connections, as another FTX investigation begins.

By Gabrielle Saulsbery • Dec. 8, 2022

SAFE Banking misses another Senate chance. Now what for cannabis?

An omnibus spending bill and the HOPE Act present two more opportunities to pass the cannabis-banking measure this session. But even some co-sponsors have decried tying it to other legislation.

By Dan Ennis • Dec. 8, 2022

Nexo to exit US market after regulator talks hit dead end

The U.K. crypto lender was reportedly in talks with regulators for 18 months to comply with U.S. financial laws.

By Gabrielle Saulsbery • Dec. 6, 2022

Circle’s $9B SPAC deal falls apart

The stablecoin issuer and the blank-check company that had hoped to take it public terminated their agreement over the wait for SEC approval, they said.

By Dan Ennis • Dec. 6, 2022

Fed’s Barr calls for stricter capital requirements

The vice chair for supervision did not say when a review of the stress test framework would be complete, but more details are expected early next year.

By Rajashree Chakravarty • Dec. 5, 2022

Fed seeks public comment on tighter monitoring of climate risk

The central bank's proposal follows similar moves by the OCC and FDIC. But two Fed governors posted statements explaining their reservations.

By Gabrielle Saulsbery • Dec. 5, 2022

Citi, BofA, JPMorgan investment bankers’ bonuses may dip by 30%: report

Goldman Sachs traders' bonuses may see low double-digit percentage-point declines despite an expected 15% jump in revenue. And 100 or more bankers there could see no bonus, according to Bloomberg.

By Dan Ennis • Dec. 5, 2022

How accurate is your Metro 2® furnishing? (And how do you even know?)

Focus on these four key areas to gain a real-world understanding of accurate Metro 2® furnishing.

By Michelle Macartney • Dec. 5, 2022