Barr, Gruenberg testimony brings slogans, tone shifts and policy talk

Among other things, House Financial Services Committee Chair Patrick McHenry, R-NC, is making a habit of telling the public what Congress can't do.

By Dan Ennis • March 31, 2023

CFPB finalizes small-business data collection rule

The final rule covers financial institutions that issue at least 100 small-business loans a year — up from 25 loans per year proposed in 2021.

By Rajashree Chakravarty • March 31, 2023

Explore the Trendline➔

Artificial intelligence

Banks must decide whether to forge AI tools in-house or partner with outside firms. AI’s importance can’t be understated, but legacy tech may also constrain the budget for banks looking to innovate.

By Banking Dive staff

Wells Fargo to pay $97.8M in sanctions penalties

While the Office of Foreign Assets Control called the bank’s deficient oversight resulting in violations "egregious," it said it was "not a result of a systemic compliance breakdown."

By Gabrielle Saulsbery • March 31, 2023

Biden eyes stiffer liquidity rules, stress testing for midsize banks

The White House also seeks to require firms with between $100 billion and $250 billion to give regulators comprehensive resolution plans, or living wills.

By Anna Hrushka • March 30, 2023

Yellen takes aim at deregulation

Banks were a “pillar of strength” for the financial system at the onset of the COVID-19 pandemic, the treasury secretary said, but the failures of Signature and Silicon Valley Bank “demonstrate that our business is unfinished.”

By Gabrielle Saulsbery • March 30, 2023

Massachusetts regulators probe Citizens Financial unit

The Secretary of the Commonwealth’s office is investigating the sale of annuities controlled by indicted financier Greg Lindberg. A total of $2.2 billion in customer funds has been frozen since 2019, The Wall Street Journal reported.

By Anna Hrushka • March 30, 2023

JPMorgan CEO Jamie Dimon to be deposed in Epstein case

The under-oath interview is expected in early May, a source told Reuters. Lawyers for the bank argued it should take place after the deposition of JPMorgan's ex-private-banking chief, Jes Staley.

By Dan Ennis • March 29, 2023

Barr, Gruenberg face Senate panel over SVB, Signature failures

“It is not the job of [Fed] supervisors to fix the issues identified,” Barr said Tuesday. “It is the job of the bank's senior management and board of directors to fix its problems.”

By Dan Ennis • March 28, 2023

CFTC sues Binance over compliance ‘evasion’

The crypto exchange said it would restrict U.S. customers from certain trading but communicated with users on an app set to automatically delete messages, the CFTC alleged.

By Gabrielle Saulsbery • March 28, 2023

FDIC orders neobank Utoppia to stop making claims of deposit insurance

As of January, the fintech’s website claimed Utoppia was “insured by the FDIC,” according to the regulator. The FDIC also said Utoppia’s CFO made false claims of deposit insurance on LinkedIn.

By Anna Hrushka • March 28, 2023

Credit Suisse could face disciplinary action: Finma

Additionally, the chairman of Credit Suisse's largest shareholder resigned after his comments may have played into a run that doomed the bank.

By Rajashree Chakravarty • March 27, 2023

Fed could have rejected Custodia’s application 3 times, it says

The central bank blasted Custodia’s decision to accept only uninsured deposits, as well as its lack of diversification, in a scathing 86-page order Friday.

By Anna Hrushka • March 27, 2023

Bank crisis puts deposit insurance, Fed IG in focus but leaves cannabis out

Lawmakers are shuffling priorities in the wake of Signature and Silicon Valley Bank failures. In a surprise turn, the overdraft fight even gets a callback.

By Dan Ennis • March 24, 2023

Citizens Bank, Customers Bancorp consider bids for failed SVB: reports

While Citizens is eyeing SVB’s private-banking unit, Customers is considering buying all or part of the lender, sources told Reuters and Bloomberg, respectively.

By Rajashree Chakravarty • March 24, 2023

CFPB funding is constitutional, 2nd Circuit court rules

The decision creates a clear conflict between the Second and Fifth Circuits, providing the Supreme Court with further incentive to directly resolve the issue, said an attorney at Dorsey & Whitney.

By Anna Hrushka • March 24, 2023

Citi names 32-year vet Selva as its COO

The longtime exec, also serving as the bank's head of personal banking and wealth management, will replace Karen Peetz, who is retiring in May.

By Rajashree Chakravarty • March 23, 2023

Bank failures could cause SMB credit crunch

“The current banking crisis could directly lead to a small business crisis if they are not able to quickly access the capital they need to sustain and expand their operations,” Biz2Credit’s CEO said.

By Anna Hrushka • March 22, 2023

SVB Financial says FDIC has $2B of its cash

It likely won't have access to the cash, which would be used to pay back creditors, for months.

By Gabrielle Saulsbery • March 22, 2023

6 strategies for smaller banks in a post-SVB world

Lenders racked by last week's crisis of confidence could choose to skirt the FDIC's deposit cap, lean into benefactors, cut costs, dismiss the problem or brace for a hit.

By Dan Ennis • March 22, 2023

7 months later, RBC puts a number on its RTO policy

The bank, starting May 1, aims to have hybrid workers in the office three to four days a week, it said Tuesday. That likely gives employees at Canada's largest lender an added in-office day.

By Dan Ennis • March 22, 2023

Several Epstein claims dismissed against JPMorgan, Deutsche

Each bank, however, still must face four claims, a judge ruled Monday. A lawyer for an alleged Epstein victim called it a "monumental victory." 

By Dan Ennis • March 21, 2023

Yellen: Government could insure more deposits to stem contagion

The federal government’s decision to backstop funds at Silicon Valley Bank and Signature Bank could be extended to smaller firms that experience similar deposit runs, the treasury secretary said.

By Anna Hrushka • March 21, 2023

Texas adds HSBC to divestment list

The British bank in December said it would no longer finance new oil and gas fields. Texas’ comptroller called the policy update “a prime example” of a bank “push[ing] a social agenda ... over the economic health of [its] clients.”

By Dan Ennis • March 21, 2023

FDIC pushes SVB bid deadline to Friday

The regulator split the auction process, so bidders can make separate offers for Silicon Valley Private Bank, also due Friday.

By Dan Ennis • March 20, 2023

UBS to buy Credit Suisse in $3.25B government-backed deal

UBS Chair Colm Kelleher said he will trim Credit Suisse’s investment banking arm, likely bringing an end to the CS First Boston spinoff.

By Rajashree Chakravarty • March 20, 2023