Cloud providers pose potential risk to banking sector: Treasury report

The report cautions against letting a growing number of financial institutions rely on a relative handful of cloud providers to support remote work and promote innovation.

By Rajashree Chakravarty • Feb. 9, 2023

54 nonprofits oppose WaFd, Luther Burbank merger

A group led by the California Reinvestment Coalition wrote the FDIC with concerns that the deal poses fair-housing and systemic-risk concerns.

By Gabrielle Saulsbery • Feb. 9, 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

Fed’s Barr urges banks to ‘eradicate’ discrimination

Barr encouraged banks to analyze their own lending decisions, focus on diversity within their organizations and recognize the "long shadow" of inequality.

By Rajashree Chakravarty • Feb. 8, 2023

Biden unfairly lumps overdraft with ‘junk fees,’ trade groups say

“Instead of mischaracterizing an entire industry, policymakers ... should work in tandem with banks” to expand consumers’ access to financial tools that will help them weather economic challenges, CBA CEO Lindsey Johnson said.

By Anna Hrushka • Feb. 8, 2023

Fed’s Powell sees ‘significant road ahead’ to curb inflation

The central bank’s policymakers will probably push up borrowing costs at coming meetings even though some measures of inflation have eased somewhat, Powell said.

By Jim Tyson • Feb. 7, 2023

House Republicans target SEC climate risk rule

The Financial Services Committee chair announced Friday the creation of a Republican group focused on vetting Biden administration proposals promoting environmental, social and governance best practices.

By Jim Tyson • Feb. 6, 2023

Small banks, fintechs ask CFPB for more time to phase out screen scraping

A CFPB proposal aims to eliminate screen scraping by requiring banks to establish APIs, standardized software widely regarded as a more secure way to connect consumers’ accounts to financial apps.

By Anna Hrushka • Feb. 1, 2023

NYCB to close 69% of Flagstar’s mortgage offices

The move lends credence to reports of hundreds of layoffs last week and presumably means the bank will no longer offer new mortgage lending outside its nine-state branch footprint.

By Dan Ennis • Feb. 1, 2023

PPP, EIDL borrowers with ‘questionable’ Social Security numbers got $5.4B: panel

The SBA disbursed loans to 69,323 applicants with SSNs that either didn’t exist or didn’t match name or birth date information, the Pandemic Response Accountability Committee found.

By Gabrielle Saulsbery • Jan. 31, 2023

Crypto bank Anchorage Digital names execs to compliance, BSA posts

The eight-move revamp of C-suite and other leading posts comes nine months after the OCC ordered the digital bank to fix BSA and anti-money laundering shortcomings.

By Dan Ennis • Jan. 31, 2023

Citizens Bank continues auto-loan pullback

The Providence, Rhode Island-based lender aims to scale back its portfolio in that segment to between $5 billion and $6 billion by 2024, CEO Bruce Van Saun told Reuters. That’s down from $14.5 billion in December 2021.

By Dan Ennis • Jan. 31, 2023

Custodia Bank denied Fed membership, master account

The Fed said Custodia’s crypto-focused business model "presented significant safety and soundness risks.” The bank said it would continue pursuing its claims in court.

By Anna Hrushka • Jan. 30, 2023

2023: Same regulatory challenges—different (and better) approaches to furnishing

Consumers and regulatory agencies are demanding tougher and higher standards from lenders. See trends in credit furnishing and disputes to help you face this year’s challenges.

By Dianna Cooper • Jan. 30, 2023

Goldman Sachs cuts CEO Solomon’s pay by 28.6%

The drop to $25 million for 2022 means JPMorgan Chase's Jamie Dimon will most likely retain the title of top-paid U.S. Wall Street bank chief.

By Dan Ennis • Jan. 27, 2023

Wells Fargo holds CEO Scharf’s pay steady at $24.5M

The bank targeted a 10.2% pay increase — and Scharf's performance warranted more, Wells said. But the CEO said a raise would be inappropriate given the work that remains in transforming the bank, according to a filing.

By Dan Ennis • Jan. 27, 2023

Warren asks Congress to help SEC fight crypto fraud

The Democratic senator called SEC Chair Gary Gensler “the right leader to get the job done,” but said regulators need to do more to bolster their scrutiny of the industry.

By Anna Hrushka • Jan. 26, 2023

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

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