Dive Deposits: Trustmark’s $100M settlement flies under the radar

The Mississippi-based bank’s effort to end a 13-year Ponzi scheme-related saga came a day before Coinbase, a stalwart in the even more beleaguered crypto sector agreed to a payout of the same sum.

By Dan Ennis • Jan. 6, 2023

Coinbase to pay $100M in settlement over lax customer monitoring

The system that flags suspicious activity saw a backlog of more than 100,000 alerts in late 2021, New York's Department of Financial Services found.

By Gabrielle Saulsbery • Jan. 4, 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

Fed, OCC, FDIC issue joint warning on crypto risks for banks

The regulators didn't go so far as to create new rules around bank-crypto partnerships, but said they're "continuing to assess" if — and how — such tie-ups can proceed safely.

By Gabrielle Saulsbery • Jan. 4, 2023

The twist in JPMorgan’s Epstein fight

The U.S. Virgin Islands last week accused the bank of keeping the disgraced financier as a client after he was convicted in 2008. Days later, the attorney general was fired.

By Dan Ennis • Jan. 3, 2023

2 FTX executives plead guilty; Ellison faces 110 years in prison

The SEC announced separate charges Wednesday, accusing both executives of defrauding investors.

By Gabrielle Saulsbery • Dec. 22, 2022

Toomey bill would put stablecoin oversight in OCC’s hands

The outgoing senator said he wanted to shield stablecoin activity from the Fed, which is still debating whether to issue a central bank digital currency. Toomey noted the Fed’s “significant skepticism” of stablecoins.

By Gabrielle Saulsbery • Dec. 22, 2022

Toomey bill would cut Fed’s 12 regional banks to 5

The measure — the senator’s second this month related to accountability at the central bank — comes less than two weeks before Toomey leaves office.

By Anna Hrushka • Dec. 22, 2022

Everyone’s calling for the regulation of crypto-bank ties these days

Here's a quick overview of Basel Committee and FSOC recommendations for the digital-asset space.

By Gabrielle Saulsbery • Dec. 20, 2022

Senate confirms Gruenberg to 2nd term leading FDIC

The 45-39 vote Monday effectively puts to rest a partisan power struggle that mired the agency at this time last year.

By Dan Ennis • Dec. 20, 2022

Wells Fargo to pay $3.7B in record CFPB settlement

The bank agreed to pay more than $2 billion in consumer redress and a $1.7 billion fine for violations across several product lines. Wells expects to take a $3.5 billion operating loss for 2022’s fourth quarter.

By Anna Hrushka • Dec. 20, 2022

Cannabis-banking bill’s last chance for 2022 just went up in smoke

The SAFE Banking Act was excluded from a $1.7 trillion omnibus spending bill, and most likely will need to be reintroduced after Congress’ next session begins — with a Republican House majority.

By Dan Ennis • Dec. 20, 2022

Fed, FDIC find flaws in Credit Suisse, BNP Paribas living wills

The regulators Friday ordered Credit Suisse to resubmit resolution plans to remediate weaknesses in cash flow forecasting and governance of the bank’s U.S. operations.

By Dan Ennis • Dec. 19, 2022

NYDFS lays out crypto guidance for banks

State-licensed banks that intend to engage in the virtual currency-related activity must submit a proposal at least 90 days in advance, the agency said.

By Rajashree Chakravarty • Dec. 16, 2022

CFPB to face reckoning in next Congress, Republicans warn Chopra

“Next month there will be a new majority in the House of Representatives. I think you'll wish you tried harder to play by the rules,” Rep. Patrick McHenry, R-NC, told the CFPB director.

By Anna Hrushka • Dec. 15, 2022

8 takeaways from the House committee hearing on FTX

CEO John Ray didn't mince words when discussing FTX's business dealings under Sam Bankman-Fried, at one point calling it "old-fashioned embezzlement."

By Gabrielle Saulsbery • Dec. 14, 2022

Custodia is denied default judgment in Fed master account case

U.S. District Judge Scott Skavdahl gave the central bank until Feb. 9 to submit a step-by-step breakdown of its decision-making process with regard to the crypto-focused bank’s master account application.

By Dan Ennis • Dec. 13, 2022

CFPB proposes a database of nonbank repeat offenders

The proposed rule will be open to public comment for 60 days and will be released "no earlier than January 2024," the bureau said Monday.

By Rajashree Chakravarty • Dec. 13, 2022

CBA: Most consumers want more oversight for crypto, fintech firms

The trade group’s study saw an age gap. About 46% of baby boomers and 42% of Gen Xers sought higher regulatory standards for the companies, compared with 24% of millennials and 18% of Gen Zers.

By Gabrielle Saulsbery • Dec. 13, 2022

DOJ, SEC charge Sam Bankman-Fried with defrauding investors

The former FTX CEO, who was arrested Monday in the Bahamas, was supposed to appear in front of the House Financial Services Committee on Tuesday. FTX’s current CEO will testify instead.

By Gabrielle Saulsbery • Dec. 13, 2022

Forget cannabis. Here are 2 banking provisions that did make the NDAA.

Lawmakers sought a database of Fed master account applicants and broke down a hurdle to banks' hiring of people with a conviction history.

By Dan Ennis • Dec. 12, 2022

Warren, Toomey unite on bill to make Fed more transparent

The proposed legislation aims to make the Fed, its regional branches and regulatory agencies in general more accountable for disclosing information.

By Rajashree Chakravarty • Dec. 12, 2022

OCC reiterates its call for crypto caution

Most crypto participants "appear unprepared" for stress from the sector, but banks have inquired less about getting into crypto since the Terra and FTX crashes, the agency said.

By Rajashree Chakravarty • Dec. 9, 2022

SEC wants public companies to disclose crypto risks

Meanwhile, former FTX CEO Sam Bankman-Fried said Friday he would testify Tuesday in front of the House Financial Services Committee.

By Gabrielle Saulsbery • Dec. 9, 2022

OCC judge recommends $18.5M in fines for 3 ex-Wells Fargo execs

The penalties, including a lifetime ban for one, are in line with what the agency had sought. The judge suggested a second lifetime ban. The OCC has 90 days to issue a final decision.

By Rajashree Chakravarty • Dec. 8, 2022

Lawmakers to subpoena Bankman-Fried if he doesn’t testify on FTX collapse

Sens. Elizabeth Warren, D-MA, and Tina Smith, D-MN, penned a letter to regulators concerning bank-crypto connections, as another FTX investigation begins.

By Gabrielle Saulsbery • Dec. 8, 2022