SVB Financial Group’s CEO, CFO resign

The former Silicon Valley Bank parent did not name a replacement for the CEO role, but said Nicholas Grossi, managing director of advisory firm Alvarez & Marsal, will serve as the company’s interim CFO.

By Anna Hrushka • April 24, 2023

FSOC floats new framework to tag nonbanks as systemically important

Trump-era guidance “created inappropriate hurdles” that gave the process “an unrealistic timeline” for addressing emerging risks, Treasury Secretary Janet Yellen said.

By Dan Ennis • April 21, 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

Credit Suisse investors sue Finma over $17B write-down

The lawsuit is the first to challenge the Swiss regulator’s decision to render roughly $17 billion worth of Credit Suisse AT1 debt valueless during the $3.25 billion government-backed deal.

By Rajashree Chakravarty • April 21, 2023

Regulators at odds on crypto blame for March bank closures

SEC Chair Gary Gensler tied crypto business to bank failures in front of House lawmakers Tuesday. NYDFS's Adrienne Harris countered him the following day.

By Gabrielle Saulsbery • April 20, 2023

CFPB: Staffer breached data on 256,000 consumer accounts

The agency, which notified lawmakers of the incident last month, said the now-fired employee sent to a personal email account two spreadsheets containing names and transaction-specific account numbers.

By Anna Hrushka • April 20, 2023

Open banking might affect deposit outflows, OCC’s Hsu says

“An open banking culture that ... puts trust above other objectives, including growth and profit, will succeed and thrive over time,” said Acting Comptroller Michael Hsu.

By Rajashree Chakravarty • April 20, 2023

Recent bank failures won’t affect deposit insurance restoration timeline: FDIC

The regulator said it will issue a notice-and-comment rulemaking in May regarding the special assessment.

By Anna Hrushka • April 18, 2023

Stablecoin regulation draft bill published ahead of hearing

The measure would require stablecoin issuers to have reserves that back the digital assets on an “at least one-to-one basis.”

By Gabrielle Saulsbery • April 18, 2023

Small banks should be exempt from FDIC special assessment: ICBA

Large banks should be on the hook for the fee, since they would be the main beneficiaries of the FDIC’s decision to backstop uninsured deposits at SVB and Signature Bank, ICBA CEO Rebeca Romero Rainey said.

By Anna Hrushka • April 17, 2023

Fed approves UBS acquisition of Credit Suisse’s US subsidiaries

UBS must submit an implementation plan within three months of the merger's closing to address the structure, integration and business delineations of the combined organization, the central bank said.

By Rajashree Chakravarty • April 17, 2023

Inflation is still far too high, Fed’s Waller says

Monetary policy needs to be tightened further, the central bank official said Friday, suggesting interest rates could rise again in May.

By Gabrielle Saulsbery • April 17, 2023

Fed’s Bowman urges more support of de novo banks

As the number of banks continues to decline in the U.S., regulators should consider lowering upfront capitalization requirements of de novo institutions, Federal Reserve Governor Michelle Bowman said.

By Anna Hrushka • April 17, 2023

FTX has recovered more than $7.3B during bankruptcy

FTX’s chief bankruptcy lawyer said in a Wednesday court hearing that the exchange is considering a reboot, but that it's just one of many options.

By Gabrielle Saulsbery • April 14, 2023

More filings allege JPMorgan execs knew of Epstein’s sex crimes

The risk management team flagged Epstein for making multiple cash withdrawals of $40,000 to $80,000 each month, court filings show.

By Gabrielle Saulsbery • April 13, 2023

Trump rollbacks not to blame for SVB failure, FDIC vice chair says

FDIC Vice Chair Travis Hill pointed to SVB’s “mismanagement of interest rate risk,” adding that policymakers should focus on filling “evident holes in our framework, rather than just trying to undo policies of the past.”

By Anna Hrushka • April 13, 2023

SBA to open flagship lending program to fintechs

A new rule, which takes effect May 11, ends a 40-year moratorium on admitting new nonbank lenders to the agency’s 7(a) loan program.

By Anna Hrushka • April 12, 2023

JPMorgan wants managing directors in office 5 days a week

“Our leaders ... have to be visible on the floor, they must meet with clients, they need to teach and advise, and they should always be accessible for immediate feedback and impromptu meetings,” the bank’s operating committee said.

By Dan Ennis • April 12, 2023

CFPB director wants some payments firms labeled systemically important

The bureau's chief, Rohit Chopra, urged users who maintain balances on their digital wallets and money-transfer apps to move that uninsured money to a bank account.

By Anna Hrushka • April 12, 2023

Goldman Sachs fined $15M by CFTC in swaps case

The bank failed to disclose the same-day value of pre-trade-mid-market marks in dozens of swaps in 2015 and 2016, when it knew it could make a quick profit, the CFTC said.

By Rajashree Chakravarty • April 11, 2023

Warren, AOC question Circle, BlockFi over SVB ties

The lawmakers wrote 14 depositors, asking whether “mutual backscratching arrangements” encouraged firms to keep large uninsured deposits at Silicon Valley Bank.

By Anna Hrushka • April 11, 2023

OCC to audit JPMorgan’s dealmaking: sources

The audit was scheduled before JPMorgan sued the founder of Frank, a fintech it bought. The Justice Department charged the fintech exec with fraud, a development that has raised questions around due diligence.

By Dan Ennis • April 7, 2023

Merrill Lynch stampedes back into the collective consciousness

A leadership change, a delayed retirement and an SEC penalty put Bank of America's long-since-acquired thundering herd front and center several times in less than a week.

By Dan Ennis • April 6, 2023

Swiss council orders bonus cuts for 1,000 Credit Suisse execs

The tiered cuts in the bank’s top three management levels are worth up to $66 million, said the federal council, which also directed Credit Suisse to retrieve bonuses that have already been paid.

By Rajashree Chakravarty • April 6, 2023

UBS embarks on ‘Herculean’ Credit Suisse integration

Enmeshing the two banks is expected to take roughly three to four years, UBS executives said at a shareholder meeting two weeks after agreeing to take over its chief rival.

By Dan Ennis • April 5, 2023

Dimon warns against reactionary regulations

The banking industry must avoid "knee-jerk, whack-a-mole or politically motivated responses" to the current financial crisis, JPMorgan's CEO said in a letter to shareholders Tuesday.

By Gabrielle Saulsbery • April 4, 2023