Nexo to exit US market after regulator talks hit dead end

The U.K. crypto lender was reportedly in talks with regulators for 18 months to comply with U.S. financial laws.

By Gabrielle Saulsbery • Dec. 6, 2022

Circle’s $9B SPAC deal falls apart

The stablecoin issuer and the blank-check company that had hoped to take it public terminated their agreement over the wait for SEC approval, they said.

By Dan Ennis • Dec. 6, 2022

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’s Barr calls for stricter capital requirements

The vice chair for supervision did not say when a review of the stress test framework would be complete, but more details are expected early next year.

By Rajashree Chakravarty • Dec. 5, 2022

Fed seeks public comment on tighter monitoring of climate risk

The central bank's proposal follows similar moves by the OCC and FDIC. But two Fed governors posted statements explaining their reservations.

By Gabrielle Saulsbery • Dec. 5, 2022

Citi, BofA, JPMorgan investment bankers’ bonuses may dip by 30%: report

Goldman Sachs traders' bonuses may see low double-digit percentage-point declines despite an expected 15% jump in revenue. And 100 or more bankers there could see no bonus, according to Bloomberg.

By Dan Ennis • Dec. 5, 2022

How accurate is your Metro 2® furnishing? (And how do you even know?)

Focus on these four key areas to gain a real-world understanding of accurate Metro 2® furnishing.

By Michelle Macartney • Dec. 5, 2022

10 top reads from Banking Dive

If you're new, welcome. Here's a chance to catch up on some of our best work.

By Dan Ennis • Dec. 4, 2022

CFTC chair pushes lawmakers on the creation of crypto regulatory framework

Thursday's hearing marked the first in a series that will address the downfall of FTX and future regulation in the beleaguered crypto industry.

By Gabrielle Saulsbery • Dec. 2, 2022

Panel blasts fintechs for missing ‘obvious and preventable’ PPP fraud

Womply and Blueacorn’s lack of fraud controls made them the “paths of least resistance” for fraudsters, a House subcommittee said. Another fintech included in the report blamed the SBA’s “sh***y rules.”

By Anna Hrushka • Dec. 2, 2022

NYDFS proposes charging crypto businesses for supervision

The fees, up for two comment periods, would help the agency “continue adding top talent to its virtual currency regulatory team,” NYDFS said Thursday.

By Rajashree Chakravarty • Dec. 2, 2022

Republicans blast Gruenberg over FDIC power struggle at hearing

"I'm actually kind of angry that you, Mr. Gruenberg, forced the resignation of your predecessor as FDIC chair, a first-generation American immigrant who was a woman," said Sen. Cynthia Lummis, R-WY.

By Rajashree Chakravarty • Dec. 1, 2022

Trade groups urge Senate to hear SAFE Banking Act

The bill would alleviate “the threat to public safety posed by cash intensive [cannabis-related businesses] effectively being shut out of the banking industry,” the ICBA and other associations said.

By Gabrielle Saulsbery • Nov. 30, 2022

OCC may stiffen penalties with revised guidance

Updates to the agency’s policy manual make new categories with elevated fine totals for violations by the largest banks and change the factors that beget leniency. The OCC also suggests restricting bank business as a tie-in.

By Dan Ennis • Nov. 30, 2022

Can the SBA make its 7(a) loan program attractive to fintechs?

A new proposal could pave the way for nonbanks to grab a share of the small-business agency’s 7(a) lending program, but not everyone is convinced the program is suited for fintechs.

By Anna Hrushka • Nov. 29, 2022

Kraken settles with Treasury Department for $362K

The platform avoided the maximum penalty of $272 million because it self-reported, the Office of Foreign Assets Control said.

By Gabrielle Saulsbery • Nov. 29, 2022

Epstein accusers sue JPMorgan Chase, Deutsche Bank

Two unnamed women who allege the disgraced financier sexually abused them are seeking unspecified damages from the banks, which they say enabled Epstein’s behavior.

By Rajashree Chakravarty • Nov. 28, 2022

State regulators probe Genesis for securities violations

Regulators are investigating whether the company influenced residents to invest in crypto securities through its platform without having the right registrations, an Alabama official said.

By Gabrielle Saulsbery • Nov. 28, 2022

Banks discuss refund rule for Zelle customer fraud: report

Under measures being discussed, banks would share liability inside Zelle’s system and guarantee to reimburse one another, sources told The Wall Street Journal.

By Anna Hrushka • Nov. 28, 2022

Regulatory challenges more prominent in eyes of fintech industry leaders this year

Private firms are adopting a more defensive posture, delaying new funding rounds, planning for modest growth and addressing regulatory risks, according to a report.

By Gabrielle Saulsbery • Nov. 23, 2022

Fed, FDIC order Citi to address data management weaknesses

Citi must submit a “mapping document” addressing the issues by Jan. 31. The bank promised “more streamlined systems that improve the quality of our data as well as the speed with which it can be accessed.”

By Anna Hrushka • Nov. 23, 2022

Goldman Sachs fined $4M over ESG investment policy failures

The bank’s asset-management unit “had several policies and procedures failures involving the ESG research its investment teams used to select and monitor securities,” the SEC said.

By Anna Hrushka • Nov. 23, 2022

Lawmakers question SoFi CEO, regulators over crypto activity

The Fed gave SoFi two years from its acquisition of a California bank to divest from a digital-assets business, the lawmakers wrote. But two months later, SoFi touted an “expansion” of crypto services.

By Rajashree Chakravarty • Nov. 22, 2022

JPMorgan Chase bumps up parental leave to 16 weeks

The bank, starting Jan. 1, is also increasing its bereavement leave and offering up to four weeks of paid time off for employees to care for a seriously ill spouse, domestic partner, child or parent.

By Dan Ennis • Nov. 18, 2022

New FTX CEO blasts ‘complete failure of corporate controls’ under Bankman-Fried

CEO John Ray didn’t mince words in discussing mismanagement of the crypto exchange by its founder and others.

By Gabrielle Saulsbery • Nov. 17, 2022

Kentucky banking trade group sues state AG over ESG policy demands

Attorney General Daniel Cameron is exceeding his legal authority, curbing free speech and wasting taxpayer money by asking the nation’s six largest banks to detail their ESG-tied lending, a trade group argues.

By Dan Ennis • Nov. 17, 2022