Trade groups clap back at Warren’s call to rescind crypto guidance

The crypto winter is "wholly unrelated" to banks’ involvement in OCC-approved activities, the Bank Policy Institute and the American Bankers Association wrote. But further clarity is crucial.

By Gabrielle Saulsbery • Aug. 31, 2022

Advocates seize on TD-First Horizon deal in rejection plea

Twelve groups led by the Center for Responsible Lending wrote OCC and Fed officials, urging them to quash the merger on overdraft and market concerns.

By Dan Ennis • Aug. 30, 2022

Explore the Trendline➔

Top 5 stories from Banking Dive

Since the approval of Capital One’s acquisition of Discover, banks have increasingly waded into new deals. Beyond that, they’ve doubled down on strategy, from organic growth to branch placement to app design.

By Banking Dive staff

Ford ILC application gets pushback from ICBA, consumer groups

In a joint letter to the FDIC, four groups called the car maker’s bid to use the charter to promote the electrification of its vehicle fleet disingenuous, while the ICBA said the ILC charter exploits a regulatory loophole.

By Anna Hrushka • Aug. 30, 2022

Green Dot helps Secret Service recover $286M in stolen COVID relief

Scammers gained access to Economic Injury Disaster Loans by creating 15,325 accounts through the digital bank. Green Dot and PayPal helped the Secret Service recover more than $400 million in December.

By Anna Hrushka • Aug. 29, 2022

Allegiance, CBTX extend merger timeline, wait for Fed

Merger approvals have lagged over the past two years amid COVID-19 challenges and a shortage of governors at the central bank. The Fed is fully staffed now, but tie-ups still seem slow to close.

By Dan Ennis • Aug. 29, 2022

3 takeaways from Fed Chair Jerome Powell’s Jackson Hole speech

The central bank chief hinted at continued aggressive interest-rate hikes, said "some" economic pain now was preferable to more of it later, and invoked his forebears in a warning about expectations.

By Dan Ennis • Aug. 26, 2022

Texas may have singled out BlackRock, paper trail suggests

The lieutenant governor asked for BlackRock to be put on a divestment list before the state began its probe. JPMorgan Chase, Wells Fargo and Goldman Sachs appeared on a previous draft.

By Dan Ennis • Aug. 26, 2022

BlackRock, BNP Paribas, UBS, Credit Suisse named to Texas ‘boycott’ list

The state’s comptroller sent inquiries to 150 companies in March and April based on their energy-related policies and recent actions. State pension funds have 30 days to report their holdings with the listed companies.

By Dan Ennis • Aug. 25, 2022

Time runs short for Congress’ leading anti-overdraft advocate

Rep. Carolyn Maloney's defeat in a primary Tuesday leaves lawmakers four months to rally support for a perennial measure to rein in banking fees.

By Dan Ennis • Aug. 24, 2022

Dive Deposits: BofA, RBC eye ‘balance’ in data- or emotion-based stances

Two banks' messaging, on overdraft and office returns, could hardly be more different. One relies on statistics, another has no specifics. Yet they have one word in common.

By Dan Ennis • Aug. 23, 2022

FDIC orders FTX, 4 other crypto firms to halt ‘false and misleading’ claims

Brett Harrison, FTX’s president, responded on Twitter, saying the company “really didn’t mean to mislead anyone.” The FDIC cited a deleted tweet from Harrison in its letter to the company.

By Anna Hrushka • Aug. 22, 2022

GreenState scraps acquisition of Nebraska bank after judge denies appeal

“We are still coming to Nebraska. This simply pushes our timetable back a year,” the credit union’s CEO said, adding it may expand into Omaha organically.

By Dan Ennis • Aug. 22, 2022

Citi fined $14.8M over faulty trade monitoring

The bank had almost no oversight into the second-most serious category of risks on nearly half of trades during an 18-month span, the U.K.’s Financial Conduct Authority said.

By Dan Ennis • Aug. 19, 2022

TD faces community advocates’ concerns over First Horizon deal

TD touted its recent efforts to boost nonwhite homeownership and small businesses, as advocates spotlighted the bank's mortgage lending record.

By Dan Ennis • Aug. 19, 2022

Toomey grills FDIC on potential overreach in bank-crypto ties

The Pennsylvania Republican asked for more information about reports that employees from the agency’s headquarters asked regional staff to send letters to banks discouraging their relationships with crypto companies.

By Dan Ennis • Aug. 18, 2022

Fed puts onus on banks to check legality of crypto ventures

Like the FDIC, the central bank urges banks to notify the regulator before starting crypto activity. But unlike the OCC, the Fed doesn't detail what is permissible under law.

By Dan Ennis • Aug. 17, 2022

SEC, Fed fine EagleBank $22.9M, ban ex-CEO over insider lending

EagleBank had deficient internal controls between 2015 and 2018, allowing the bank to lend to entities its then-CEO owned or controlled, including certain family trusts, the Fed said.

By Anna Hrushka • Aug. 17, 2022

Fed master account guidance includes tiered review framework

Firms that lack deposit insurance or traditional regulatory frameworks would undergo the highest level of scrutiny, while companies with federal deposit insurance would be subject to a “streamlined” process.

By Anna Hrushka • Aug. 16, 2022

CFPB urges up-to-date data safeguards for finance firms

The agency suggested companies embrace multifactor authentication, password management and timely software updates to avoid violating federal consumer protection laws.

By Anna Hrushka • Aug. 15, 2022

PNC eliminates NSF fees

The Pittsburgh lender in April 2021 began curtailing the penalty for customers of its Virtual Wallet tool and is now extending that policy across its user base.

By Dan Ennis • Aug. 12, 2022

2 ex-JPMorgan Chase traders convicted in spoofing case

A sales executive assigned to the bank’s precious-metals desk was acquitted Wednesday. All three were found not guilty on a separate racketeering charge.

By Dan Ennis • Aug. 11, 2022

CFPB fines fintech Digit $2.7M over ‘faulty’ savings algorithm

In addition to the fine, the bureau will require Digit to redress harmed customers. Oportun, which acquired Digit last year, said the fintech owes 1,947 customers approximately $35 each, for a total of $68,145.

By Anna Hrushka • Aug. 11, 2022

August recess means lawmakers are catching up on their writing

Sen. Pat Toomey, R-PA, pushes to force the Fed into more transparency. Rep. Maxine Waters, D-CA, asks the CFPB for help with Equifax. And a number of Republicans set the SEC and CFPB in their sights.

By Dan Ennis • Aug. 10, 2022

FDIC signals greater scrutiny of commercial real estate loans

“CRE loan concentrations add dimensions of risk that necessitate continued attention from banks and their regulators, especially as the pandemic lingers and uncertainties remain,” the FDIC said last week.

By Anna Hrushka • Aug. 9, 2022

New laws extend statute of limitations to 10 years in PPP, EIDL fraud cases

Two laws signed Friday give prosecutors the same time frame to bring fraud charges against fintechs as they have for banks in cases tied to COVID-19 relief loan applications.

By Dan Ennis • Aug. 8, 2022