Coinbase settles CFTC 'wash trading' probe for $6.5M

The settlement comes as the cryptocurrency exchange is delaying until next month its hotly anticipated IPO, but a CFTC commissioner said the enforcement action is a poor reflection of the regulator's priorities.

By Dan Ennis • March 22, 2021

Visa's debit card business comes under DOJ scrutiny

Visa said in an SEC filing that it hasn't received a civil investigative demand from the agency but that the Justice Department sent a notice telling the company "to preserve relevant documents related to the investigation."

By Lynne Marek • Updated March 19, 2021

Explore the Trendline➔

The Banking Dive Outlook on 2022

Some narratives in 2022, such as office returns, will seem like a logical progression from the year before. Others, such as the regulatory sphere and shift toward smaller M&A, may mark a big shift from the previous 12 months.

By Banking Dive staff

Goldman takes heat for first-year analysts' 100-hour workweeks

In a voice memo, Goldman CEO David Solomon commended the analysts for taking their concerns to their management. "We want a workplace where people can share concerns freely," he said.

By Dan Ennis • Updated March 22, 2021

House lawmakers reintroduce cannabis banking bill

While supported by bank trade groups and cannabis advocates, not all stakeholders are convinced the bill would have a sweeping effect on how banks respond to serving the industry.

By Anna Hrushka • March 19, 2021

Warren, Brown press Goldman on dividends, lending as SLR window wanes

The Fed's decision to let changes to the supplemental leverage ratio expire March 31 means Treasurys and deposits will again count as assets. As a result, some banks may have to take fewer of both or increase their capital requirements.

By Dan Ennis • Updated March 19, 2021

Early prep for stimulus payments pays off for digital banks, customers

"Digital banks are nimbly making strides, and incumbents are fully captivated," said Lane Martin, a partner at the consulting firm Capco.

By Anna Hrushka • March 16, 2021

How Citi can vanquish Revlon's ghost

The bank is barring the companies it sued from participating in debt deals — and is adding safeguards to its debt contracts. But a quicker office return via a COVID testing pilot may turn Citi's fortunes.

By Dan Ennis • March 12, 2021

Lawmakers introduce plan to extend PPP deadline to May 31

The bill, which also gives the Small Business Administration until June 30 to process PPP applications, passed the House by a 415-3 vote.

By Anna Hrushka • Updated March 17, 2021

CFPB rescinds Trump policy that eased 'abusiveness' enforcement

The change gives regulators the bandwidth to demand stiffer penalties by enforcing against abusive conduct in addition to going after unfair or deceptive acts or practices when companies' conduct falls short of both standards.

By Dan Ennis • March 12, 2021

Colorado credit union spinoff has ambitions beyond pot banking

Partner Colorado CEO Sundie Seefried plans to leave her post in July to lead a new entity that will launch lending products for cannabis companies. She's also eyeing the growing crypto and psychedelic mushroom space.

By Anna Hrushka • Updated June 23, 2021

Goldman Sachs pledges $10B decade-long investment in Black women

Several banks have made billion-dollar commitments to fight racial inequality. Others regularly highlight their progress on the gender pay gap. But Goldman's is the highest-profile effort to tackle wealth imbalance on two fronts at once.

By Dan Ennis • March 11, 2021

Biden's SBA nominee gives fintechs hope for inclusion beyond PPP

Funding Circle executive Ryan Metcalf said he was "heartened" by what he heard from a candidate to lead the agency that oversees the 7(a) program, for which the company applied to be a lender in 2019.

By Anna Hrushka • March 9, 2021

SoFi to buy community bank in $22.3M deal to speed charter

Sacramento, California-based Golden Pacific Bancorp and its three branches would operate as a division of SoFi Bank once the transaction closes by year's end, pending regulator approval, SoFi said.

By Dan Ennis • March 9, 2021

Treasury launches $9B effort to reach business owners of color through CDFIs, MDIs

About $2 billion of the Emergency Capital Investment Program's funding for loans, grants and forbearance is set aside for institutions with less than $500 million in assets.

By Dan Ennis • March 8, 2021

Fed extends PPP facility through July 30

The central bank, in a statement, took pains to note the extension would be the last of its kind.

By Dan Ennis • Updated June 29, 2021

CFPB pick Rohit Chopra walks fine line on bank enforcement

Chopra pledges a strong hand on fair lending and mortgage servicing, stiffer penalties for fraud and misconduct, and a watchful eye on big tech. But the nomination only advanced to the full Senate when the majority leader broke a partisan deadlock.

By Robert Freedman • Updated March 11, 2021

Citi marks a quiet transition as Fraser takes the reins

The Wall Street bank's first woman CEO announced an ESG initiative on her first day, but risk-management fixes and potential reorganization stand as a tougher test.

By Dan Ennis • March 2, 2021

Robinhood set aside $26.6M to settle with FINRA

Regulators, attorneys general and a U.S. district court in California are investigating the brokerage over its options-trading practices, its temporary halt in the trading of certain stocks and several outages last March.

By Dan Ennis • March 1, 2021

Thrivent becomes 2nd nonbank in a week to eye ILC charter

The purpose-driven nonprofit follows fintech Brex in applying for deposit insurance with the FDIC.

By Dan Ennis • Feb. 25, 2021

Goldman CEO pushes to end remote-work ‘aberration’ sooner than later

"This is not ideal for us and it's not a new normal," David Solomon said, decrying a COVID-19 vaccine rollout that he called slower than expected.

By Dan Ennis • Feb. 24, 2021

PPP changes get mixed reactions from banking industry

"Many lenders are questioning whether the two-week exclusive window for smallest businesses is truly necessary," one bank consultant said.

By Anna Hrushka • Feb. 24, 2021

Tether, crypto exchange Bitfinex to pay $18.5M to settle NY probe

Tether will give officials quarterly reports on its reserves and end trading with the state's residents in an agreement that ends a two-year investigation into allegations it hid the loss of $850 million in client and corporate money.

By Dan Ennis • Feb. 24, 2021

New FDIC CIO: 'Technology is the best enabler of banking the unbanked'

"I think the vectors of success for dealing with the unbanked are going to be digital in nature," said Sultan Meghji, who worked on an aid mission to help implement digital banking in Kenya, Tanzania and Uganda.

By Anna Hrushka • Feb. 23, 2021

Fintech Brex applies for ILC charter

The FDIC has received more than a dozen deposit insurance applications from proposed ILCs since 2012, to the chagrin of a number of lawmakers and trade groups.

By Dan Ennis • Feb. 22, 2021

Smallest businesses get exclusive 2-week PPP window, Biden admin says

The administration also announced changes to the way loans are calculated for businesses without employees, such as sole proprietors, independent contractors and the self-employed.

By Anna Hrushka • Feb. 22, 2021