Powell, Goldman and FDIC rules are targets in wake of SVB’s failure

Sen. Elizabeth Warren sent a pointed letter to the Fed chair. President Joe Biden wants Congress to expand FDIC authority. And 20 Democrats raise concern over Goldman's dual role with the failed bank.

By Dan Ennis • March 20, 2023

11 banks deposit $30B in ailing First Republic

The joint action from the nation’s largest banks follows the collapse of Silicon Valley Bank and Signature Bank, events that have shaken the banking industry and sowed fears of contagion.

By Anna Hrushka • March 16, 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

Rules could limit creditors’ gains if SVB parent files for bankruptcy

An investment group wants the parent company to file for bankruptcy and then auction its nonbank businesses, but the FDIC could use sale proceeds to help pay depositors.

By Robert Freedman • March 16, 2023

A look at SVB’s new CEO, Tim Mayopoulos

The former Fannie Mae CEO on Tuesday urged clients who left SVB in the past week to return. The FDIC allegedly has targeted Mayopoulos since 2017 as someone who could steer a seized bank.

By Anna Hrushka • March 16, 2023

Wells Fargo ex-exec Tolstedt fined $17M by OCC

The former retail-banking chief, who will plead guilty to obstructing a bank examination, faces 16 months in prison in the plea deal and has agreed to a ban from the banking industry.

By Dan Ennis • March 15, 2023

Fed considers stricter capital requirements for midsize banks

Sen. Elizabeth Warren, D-MA, on Tuesday proposed a legislative route to do the same, but Republicans and even some Democrats are waiting on the Fed's review of recent bank failures.

By Dan Ennis • March 15, 2023

‘Meme stock in reverse’: SVB collapse portends new era of viral bank runs

Silicon Valley Bank’s demise gave the banking sector a glimpse into how social media and digital banking can turn a financial institution from operational to insolvent in a matter of hours.

By Anna Hrushka • March 15, 2023

Fed, DOJ, SEC will all review Silicon Valley Bank’s failure

Sen. Elizabeth Warren, D-MA, however, demanded that Fed Chair Jerome Powell recuse himself from the central bank’s review, due to be publicly released by May 1.

By Gabrielle Saulsbery • March 14, 2023

Regulators backstop SVB deposits, launch emergency lending facility

The bank’s depositors received access to all their funds Monday morning. The $25 billion lending facility is aimed at providing liquidity to banks impacted by the firm’s collapse.

By Anna Hrushka • March 13, 2023

Biden: SVB, Signature customers can ‘rest assured’

Investors and certain debt holders, unlike depositors, will not be protected, President Joe Biden said.

By Gabrielle Saulsbery • March 13, 2023

Signature Bank closed by NY regulator

Business clients pulled deposits Friday after the crumbling of fellow crypto-friendly Silicon Valley Bank. An auction for Signature's assets could begin Monday.

By Dan Ennis • March 13, 2023

Finance firms outpacing other industries in work flexibility: survey

Eighteen percent of the 76 banks surveyed said they are fully flexible, while that percentage jumped to 78% for fintechs, a Scoop study found.

By Dan Ennis • March 8, 2023

Lake Shore Bancorp CEO to retire early amid OCC consent order

CEO Daniel Reininga had planned to retire in May, but a February consent order overrode an earlier agreement the OCC had with the bank, concerning cybersecurity.

By Rajashree Chakravarty • March 8, 2023

Brown calls for public meetings over LMI-area branch closures

The letter comes after a nonprofit in Toledo, Ohio, submitted a petition over the proposed closure of a Fifth Third branch in the city’s Englewood neighborhood.

By Rajashree Chakravarty • March 7, 2023

Hsu: Crypto needs lead regulator, global framework of rules

The OCC's acting chief, during a speech Monday, likened FTX’s collapse to that of the Bank of Credit and Commerce International in 1991.

By Gabrielle Saulsbery • March 7, 2023

Senate Republicans warn Fed to be mindful on capital requirements

Sen. Tim Scott, R-SC, and nine other lawmakers expressed concern that the Fed's vice chair for supervision did not detail what he meant when he promised a “holistic” review.

By Rajashree Chakravarty • March 6, 2023

U.S. Bank subtly upgrades penalty forecast

The bank flagged that the CFPB is considering enforcement action over card-based, COVID-era unemployment benefits, and also warned that the SEC is requesting information related to its long-running WhatsApp probe.

By Dan Ennis • March 6, 2023

Senators urge Fed, OCC, FDIC and NCUA to keep close eye on Zelle

Five Democrats blasted the platform for its use of murky language, such as “authorized” transactions, in fraud-related reimbursements of customers.

By Rajashree Chakravarty • March 3, 2023

First Horizon warns TD deal may be in limbo

The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. That could fuel analysts’ questions at TD’s earnings call Thursday.

By Dan Ennis • March 1, 2023

Ohio bank reaches $9M redlining settlement with DOJ

Newark, Ohio-based Park National Bank failed to provide home loans in majority-Black and Hispanic neighborhoods in the Columbus area between 2015 and 2021, the agency said.

By Anna Hrushka • March 1, 2023

FDIC OIG highlights crypto, cybersecurity challenges

More than 130 FDIC-insured banks have ongoing or planned crypto-related activities, the agency found. Risks from digital assets and new technologies require a whole-of-government response, the report said.

By Rajashree Chakravarty • Feb. 28, 2023

CFPB’s fate at stake in Supreme Court case

The high court’s decision could set a precedent for future actions challenging everything the CFPB has done, said Scott Pearson, a partner in Manatt's consumer financial services practice.

By Anna Hrushka • Feb. 28, 2023

BNY Mellon, Fifth Third, BlackRock warn of SEC probes

The three institutions’ flags to investors, a week after Wells Fargo and HSBC did likewise, added fuel to rumors that a new wave of record-keeping penalties may be in the works.

By Dan Ennis • Feb. 28, 2023

Connecticut AG seeks more authority after M&T-People’s United deal

The state's top lawyer said his office received more than 400 complaints following the acquisition. A proposed bill would let him look at them further.

By Gabrielle Saulsbery • Feb. 27, 2023

At Goldman, Fridays are for radical honesty

Looking ahead to its investor day Tuesday, the bank detailed a shortfall in set-asides and an expansion into a probe of credit-card practices.

By Dan Ennis • Feb. 24, 2023