How banks could fit into Elon Musk’s plans for an ‘everything app’

The billionaire’s intent to bring the social media platform into the banking and payments landscape presents both opportunities and risks for traditional banks, experts said.

By Anna Hrushka • July 31, 2023

BNP Paribas may be next to settle WhatsApp probes by SEC, CFTC

The French bank has reached "proposed resolutions" with the regulators. And it disclosed that it set aside €125 million for litigation. But the bank declined to say whether the two moves were related.

By Dan Ennis • July 28, 2023

Explore the Trendline➔

Top 5 stories from Banking Dive

Amid a swell of activity, financial institutions large and small are leaning into their aspirations. For PNC, it’s scale. For some fintechs, it’s a charter. For Millbury National Bank, it may simply be niceness.

By Banking Dive staff

Bank trade groups seek more transparent Fed stress tests

The Bank Policy Institute and American Bankers Association asked the central bank to make public all models, formulas and methodologies used to determine stress capital buffer requirements.

By Rajashree Chakravarty • July 27, 2023

Fed, FDIC, OCC propose 19% boost in held capital for biggest banks

The 1,089-page proposal also would force banks with $100 billion in assets to account for unrealized gains and losses on some securities and alter the way banks calculate risk-weighted assets.

By Dan Ennis • July 27, 2023

Wyoming looks to hire stablecoin chief

The role comes with a paycheck $10,000 higher than that of Gov. Mark Gordon, who allowed the stablecoin bill to pass without his signature in March.

By Gabrielle Saulsbery • July 27, 2023

Fintechs ‘deeply concerned’ with Senate SBA bill

A bill aimed at reining in the SBA’s 7(a) expansion plan would subject nonbanks to unfair and overly burdensome regulations, fintech trade groups said.

By Anna Hrushka • July 26, 2023

Fintech trade group grows educational arm

The American Fintech Council is partnering with professional services firm FORVIS to offer compliance and training opportunities aimed at improving the fintech ecosystem, AFC CEO Phil Goldfeder said.

By Gabrielle Saulsbery • July 26, 2023

DWS gears up for record SEC greenwashing settlement

The Deutsche Bank-owned asset manager set aside more than €20 million for a penalty that sources told Reuters would come by September.

By Dan Ennis • July 26, 2023

Binance seeks dismissal of CFTC suit

A Monday court document shows Binance's intention to shut down a CFTC suit claiming it violated certain regulations.

By Gabrielle Saulsbery • July 25, 2023

Senators request Fed inspector general’s salary history

Sens. Rick Scott, R-FL, and Elizabeth Warren, D-MA, expressed concern, in a letter, that the structure of the official's compensation may create a conflict of interest.

By Anna Hrushka • July 25, 2023

6 ways FedNow may affect businesses’ cash flow

CFOs may need to lean on their banks for guidance to help them understand the implications of the new real-time payments system.

By Suman Bhattacharyya • July 24, 2023

Fed fines UBS $268.5M over Credit Suisse’s Archegos ties

UBS “has already begun implementing its risk framework, including actions addressing these regulatory findings, across Credit Suisse,” the bank said in a statement Monday seen by Bloomberg.

By Dan Ennis • July 24, 2023

Banks’ restatements of uninsured deposits jump fourfold

Bank of America, for instance, reduced its reported uninsured deposits by $125.3 billion. The move comes as the comment period closes for the FDIC's special assessment fee.

By Rajashree Chakravarty • July 24, 2023

Senate bill would rein in SBA’s fintech lending plan

The legislation, which heads to the full Senate, is in response to the agency’s decision to end a 40-year moratorium on admitting new nonbank entrants to its 7(a) loan program.

By Anna Hrushka • July 21, 2023

Fed fines Deutsche Bank $186M over AML practices

Deutsche highlighted its “historic tardiness” in resolving 2015 and 2017 orders from the Fed, stemming from the bank’s relationship with the Estonia branch of Danske Bank.

By Rajashree Chakravarty • July 20, 2023

Blue Ridge Bank holding company’s CEO resigns

The president of the bank’s fintech division, Kirsten Muetzel, also is leaving the bank this month, according to her LinkedIn profile.

By Anna Hrushka • July 20, 2023

Clair CEO welcomes on-demand pay regulation

Clair CEO Nico Simko weighed in on whether EWA is a payday loan and how the company offers fee-free wage access.

By James Pothen • July 20, 2023

Cannabis fintech Dama Financial looks to double sponsor bank network

Dama Financial’s network of sponsor banks holds the deposits for cannabis-related businesses which, due to conflicting state and federal laws, often operate outside of the banking sector.

By Anna Hrushka • July 19, 2023

Barr acknowledges AI’s promise but warns of bias risk

The red flag is one of five takeaways from a speech Tuesday in which the regulator also touched on the status of the multiagency CRA revamp.

By Dan Ennis • July 18, 2023

CFPB, European regulator open a dialogue on digital rules

Buy now, pay later platforms, artificial intelligence and other developments “if left unchecked, could increase consumers’ exposure to fraud and manipulation,” the regulators said Monday.

By Rajashree Chakravarty • July 18, 2023

Binance lays off at least 1,000: reports

The company told employees last month that it would stop offering certain benefits, according to The Wall Street Journal. CEO Changpeng Zhao said there could be additional layoffs every three to six months.

By Gabrielle Saulsbery • July 17, 2023

St. Louis Fed chief steps down

The reserve bank's president, James Bullard, will become dean of Purdue University’s business school next month. He will continue serving as an adviser at the St. Louis Fed until Aug. 14.

By Rajashree Chakravarty • July 14, 2023

Bank trade groups fire back over Barr recommendations

Five groups asked the Federal Reserve to extend the public comment period to 120 days for upcoming proposed changes to capital requirements.

By Anna Hrushka • July 14, 2023

Fed ends Capital One breach-related enforcement action

The OCC 10 months earlier freed the bank from a separate consent order tied to a former Amazon Web Services employee’s hack that exposed the data of 106 million customers.

By Dan Ennis • July 12, 2023

Merrill Lynch to pay $12M for filing too few SARs

The penalty was dwarfed by others which parent company Bank of America faced Tuesday. The bank reported suspicious activity on transactions of $25,000 or more but should have used a $5,000 threshold, the SEC said.

By Dan Ennis • July 12, 2023