Fed official makes a case for the dollar’s hegemony

Can the dollar’s reign as the world’s reserve currency persist? This Fed official makes a strong case, but digital doubts may remain.

By Lynne Marek • Feb. 27, 2024

California AG urges small banks, credit unions to ax ‘surprise’ overdraft fees

Some overdraft and returned deposited-item fees may violate the state’s Unfair Competition Law and the federal Consumer Financial Protection Act, Rob Bonta warned in a letter last week.

By Ken McCarthy • Feb. 26, 2024

Explore the Trendline➔

Artificial intelligence

A Federal Reserve official warned about the AI “arms race” banks face against cyber threats. But what about their race against each other?

By Banking Dive staff

Zions Bank CEO to retire April 1

The bank's CFO will succeed the longtime chief executive at a crucial moment for regional banks like Zions, which saw its profits drop 50% in the fourth quarter.

By Dan Ennis • Feb. 26, 2024

Russia’s VTB Bank chief charged with US sanctions violations

The Justice Department also charged Andrey Kostin with conspiracy to commit money laundering in alleged efforts to hide his ownership of a Colorado home. Kostin rejected the charges in comments to Russian media.

By Rajashree Chakravarty • Updated Feb. 26, 2024

Capital One-Discover deal carries $1.38B termination fee

The fee would apply if Discover chooses another buyer or if either board has a change of heart but not if regulators block the deal.

By Dan Ennis • Feb. 23, 2024

JPMorgan Chase sued over bounced check fees

The lawsuit filed Tuesday claimed JPMorgan charged “unconscionable” and “predatory” fees for returned checks between November 2021 and October 2022.

By Rajashree Chakravarty • Feb. 22, 2024

OCC’s Hsu calls for federal payments licensing

The acting comptroller called on Congress to replace the state-by-state money transmitter licensing system for payments companies with a federal regulatory framework.

By James Pothen • Feb. 22, 2024

Fraser’s pay is still on the bottom rung, but the floor has risen

The Citi CEO saw a 6.1% compensation boost to $26 million — on trend among bank chiefs — in a year when the lender launched its toughest reshuffle.

By Dan Ennis • Feb. 21, 2024

Cross-border payments remain focus for Fed

Tools that “automate processes, reduce costs and promote effective safeguards across jurisdictions” may help improve cross-border payments, a Federal Reserve official said last week.

By Lynne Marek • Feb. 20, 2024

Warren probes Zelle scam policy

Three senators, including Elizabeth Warren, asked Zelle owner Early Warning Services to provide detailed information about its fraud reimbursement policy.

By James Pothen • Feb. 20, 2024

Capital One to acquire Discover in $35.3B deal

The transaction would give a big boost to a bank well-known for its credit card component, yet lend regulatory gravitas and investment dollars to a struggling card network.

By Dan Ennis • Feb. 20, 2024

Dive Deposits: Regulators, bankers talk about NYCB without saying its name

The Fed's vice chair for supervision pledged more scrutiny of CRE portfolios and a closer look when banks cross a certain asset threshold.

By Dan Ennis • Feb. 16, 2024

Fed unveils 2024 stress test scenarios

The results of the stress test, which will include 32 banks instead of 23 compared to last year, are expected to be out in June, the Federal Reserve said. 

By Ken McCarthy • Feb. 16, 2024

Wells Fargo fake-accounts consent order lifted by OCC

The Office of the Comptroller of the Currency said the bank’s “safety and soundness” and its compliance with regulations have prompted the agency to terminate the 2016 consent order.

By Rajashree Chakravarty • Feb. 16, 2024

Viva Wallet CEO sues JPMorgan, claiming bank is limiting growth

Haris Karonis alleges JPMorgan, which owns 48.5% of Viva, is seizing on "perverse incentives" that allow the bank to take full control of the fintech if its value falls below €5 billion next year.

By Gabrielle Saulsbery • Feb. 15, 2024

SoLo Funds nears 2M users

The peer-to-peer lending platform has faced some regulatory backlash, but a study from London's Centre for Economics and Business Research shows it's cheaper than many other subprime options.

By Gabrielle Saulsbery • Feb. 14, 2024

Santander says no breaches of US sanctions found in internal review: reports

The Spanish bank conducted an internal review following a Financial Times report that money held there violated sanctions held by the U.S. against Iran, according to a memo seen by Bloomberg and Reuters.

By Gabrielle Saulsbery • Feb. 14, 2024

IRS sues FDIC to get $1.45B in SVB back taxes

The amount covers corporate income and employment taxes due between 2020 and 2023, but is an estimate because a review of the tax returns is ongoing, the IRS said. The FDIC has denied SVB’s entire tax claim.

By Dan Ennis • Feb. 14, 2024

Bank lobbyists ride a 15-year high

Thanks in part to a contentious capital requirements proposal, banks — especially midsize ones — have their highest lobbyist headcount since 2008, according to OpenSecrets.

By Dan Ennis • Feb. 13, 2024

Citi faces rebukes, new orders from regulators: report

The Federal Reserve sent three notices late last year instructing the lender to improve its data and governance, Reuters reported.

By Rajashree Chakravarty • Feb. 12, 2024

NY AG expands suit against DCG

Attorney General Letitia James initially alleged that Digital Currency Group and others defrauded investors of $1 billion. Now, after hearing from more investors, that number is up to $3 billion.

By Gabrielle Saulsbery • Feb. 12, 2024

Barclays ceases direct funding of new fossil fuel projects

The London-based bank will also require all of its portfolio energy companies to report their scoped emissions reductions targets and any expansion plans by Jan. 1, 2025.

By Lamar Johnson • Feb. 12, 2024

U.S. Bank, KeyBank, Huntington tagged in $81M round of SEC penalties

KeyBank ($10 million) and U.S. Bank ($8 million) warned investors of the WhatsApp probes in November. Huntington ($1.5 million) self-reported and took the smallest penalty, the SEC said.

By Dan Ennis • Feb. 9, 2024

Yellen backs legislation to avert AI threat to financial stability

Testimony by the Treasury secretary follows a pledge by the Biden administration to seize on the benefits of artificial intelligence while containing its risks.

By Jim Tyson • Feb. 8, 2024

Ex-Heartland Tri-State CEO charged with embezzling $47M in crypto

A Heartland customer told authorities he saw a red flag when Shan Hanes, the bank’s CEO until July, asked him for $12 million to help take his money out of a crypto investment, according to Bloomberg.

By Gabrielle Saulsbery • Feb. 8, 2024