Citi's role in 'flash crash' reinforces perils of manual transactions

Nasdaq said it won't cancel any trades from Monday that pushed European indexes down as much as 8% in five minutes. Unlike in 2020, the damage from a Citi employee's hands wasn't contained to the bank.

By Dan Ennis • May 3, 2022

GOP senators follow House Republicans in seeking Citi contract's end

The bank's decision to cover travel costs for abortion is not a political statement, but a long-standing company policy, CEO Jane Fraser said last week at Citi's annual general meeting.

By Anna Hrushka • May 2, 2022

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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

OCC lifts 2012 consent order against Citi

The regulator did not comment on the action, but Citi CEO Jane Fraser, in a memo, said it gives the bank "confidence that we can address long-standing issues in our risk and control environment" as it continues its tech revamp.

By Dan Ennis • April 29, 2022

NYCB, Flagstar extend merger timeline, propose charter change

A national bank charter would put the combined entity under the purview of the OCC and require Fed sign-off — a prospect that allegedly killed a proposed NYCB deal in 2016.

By Dan Ennis • April 28, 2022

Senate Democrats grill Zelle for data, responsibility in alleged fraud

The immediacy of transfers through the platform leaves consumers with "no option to cancel a transaction even moments after authorizing it," leading banks to argue they don't have to return money, lawmakers said.

By Robin Bradley • April 27, 2022

Drama over Fed nominee Cook overshadows Brainard confirmation

The Senate confirmed Lael Brainard as the central bank's No. 2, but a key Republican forced a vote on another nominee who had no GOP support at a time when three Democrats were absent with COVID-19.

By Dan Ennis • April 27, 2022

Shareholder proposals on climate fail to gain traction at 3 major banks

A move to limit Citi from lending and underwriting new oil and gas projects garnered 12.8% support. Similar proposals at Wells Fargo and Bank of America each received 11% backing.

By Anna Hrushka • April 27, 2022

CFPB keys into 'dormant authority' in new exams for nonbanks

The move gives the bureau "critical agility" to "stop harm before its spreads," CFPB Director Rohit Chopra said in a statement Monday.

By Jonathan Berr • April 26, 2022

Bank trade groups want more clarity on Fed master accounts

The groups want further detail on how the central bank will review and scrutinize applications. The authors also want the Fed to explain how the country's reserve banks will monitor institutions in the proposed tiered system.

By Anna Hrushka • April 25, 2022

CFPB, New York AG sue MoneyGram

Thursday's lawsuit accuses the remittance giant of repeatedly giving senders inaccurate information about when their transfers would be available to recipients abroad. MoneyGram denounced the suit as "frivolous."

By Jonathan Berr • April 22, 2022

OCC orders crypto bank Anchorage to revamp AML program

The regulator said the bank failed to implement internal controls for customer due diligence and procedures for monitoring suspicious activity. It also failed to hire a Bank Secrecy Act officer, the OCC said.

By Anna Hrushka • April 22, 2022

Chicago Fed president to retire in early 2023

The move was expected, as Charles Evans faces mandatory retirement when he turns 65 in January. But leadership at the central bank and its outposts has come under more scrutiny in recent months.

By Dan Ennis • April 22, 2022

JPMorgan Chase is tracking employees through office-entry card swipes: report

"We are treated like children who don't want to do their homework," one commenter said in a post. Business Insider published screenshots, accessible only by JPMorgan execs, describing the tracking dashboard.

By Dan Ennis • April 21, 2022

Banks face 'tight deadline' under new cyber notification rule

The May 1 cutoff to comply with the rule comes as the Biden administration has warned U.S. businesses about the increasing risk of Russian cyberattacks.

By Anna Hrushka • April 21, 2022

CFPB focuses on rural banking access

Rural Americans visit bank branches nearly twice as often as urban and suburban customers, yet are more likely to be in a banking desert, generally have less internet access and submit fewer complaints on the agency's portal.

By Anna Hrushka • April 20, 2022

Biden to nominate Treasury vet Barr for Fed supervisory role

Barr helped craft the Dodd-Frank Act and was floated as a candidate to lead the OCC early in Biden's term. Some progressives, however, have said his regulations could have been tougher on banks.

By Dan Ennis • April 18, 2022

Proxy adviser bemoans Goldman's 'excessive' compensation

Stock awards the bank gave many executives could "undermine the integrity" of regular incentives and spark brief but unsustainable "spikes" of growth, Glass Lewis said. Wells Fargo's pay packages are also facing proxy pushback.

By Dan Ennis • April 12, 2022

Needham Bank sees ‘cross sell’ opportunity in cast-off cannabis unit

After learning that Eastern Bank was looking to offload the cannabis business it inherited from Century Bank in November, Needham found its market opening.

By Anna Hrushka • April 11, 2022

NYC halts new account openings with Wells Fargo, citing mortgage race gap

The city removed Wells from its designated banking list in 2017 over concerns about the bank's lending practices but re-added it last year after its CRA rating improved.

By Robin Bradley • April 11, 2022

CBDC will take years, not months, to develop, Yellen says

Transactions need to be faster but responsible, and regulation should be "tech-neutral," the treasury secretary said in her first remarks on digital assets since a March executive order.

By Dan Ennis • April 8, 2022

FDIC: Banks should alert agency of their crypto-related pursuits

The regulator said it supports safe and sound innovations, but is concerned that the risks associated with crypto assets and crypto-related activities are not well understood.

By Anna Hrushka • April 8, 2022

Toomey bill would let OCC give charters to stablecoin issuers

The Republican senator's draft bill would preserve state-registered money transmitter status for most existing issuers and would clarify that insured depository institutions are permitted to issue the digital currency.

By Anna Hrushka • April 7, 2022

AGs: Why can't you be more like Citi (on overdrafts)?

Top lawyers in 17 states and D.C. urged JPMorgan Chase, Bank of America, Wells Fargo and U.S. Bank in letters this week to adopt the same timeline as Citi to eliminate the fees.

By Dan Ennis • April 7, 2022

Fed bans ex-Goldman banker over document leak, 6 others in EIDL fraud

Thursday's penalty, resolving a 2014 matter, comes two days after the central bank barred former employees of Regions Bank and Merrill Lynch for allegedly pocketing between $9,000 to $21,600 each in COVID-19 aid.

By Dan Ennis • Updated April 7, 2022

Citi abortion policy spurs lawmakers to want bank's contract terminated

Dozens of House Republicans said in a letter that by covering travel expenses for employees seeking abortions, the bank has "forfeited its privilege of doing business" with the chamber of Congress.

By Anna Hrushka • April 6, 2022