BaaS outlook brighter after period of growing pains

Regulatory scrutiny of the banking-as-a-service model won’t disappear, but the number of BaaS-related enforcement actions this year is expected to be more of a trickle than a flood.

By Caitlin Mullen • Jan. 15, 2025

Robinhood to pay $45M to settle SEC charges

Robinhood Securities will pay $33.5 million and Robinhood Financial will pay $11.5 million to settle a variety of charges, including recordkeeping and cybersecurity violations.

By Gabrielle Saulsbery • Jan. 15, 2025

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

FDIC’s Gruenberg cautions against ‘complacency,’ urges strong supervision

The outgoing FDIC chair, speaking Tuesday at the Brookings Institution, shared lessons learned from bank crises “as we head into a period of uncertainty about the future path of financial regulation.”

By Caitlin Mullen • Jan. 15, 2025

3 ex-Wells Fargo execs fined $18.5M over fake-accounts scandal

The Office of the Comptroller of the Currency banned the bank’s former community bank group risk officer for life, among other penalties handed down Tuesday.

By Dan Ennis • Jan. 15, 2025

Barclays’ sustainability chief steps down as sector scrutiny heats up

Laura Barlow will leave her leadership role but continue at the bank as a senior adviser, a bank spokesperson said.

By Zoya Mirza • Jan. 14, 2025

CFPB sues Capital One over $2B in unpaid interest to customers

The agency accused Capital One of obscuring a new, higher-paying savings product from some legacy savings account holders. The bank said it is “disappointed” with the bureau’s “eleventh hour lawsuits.”

By Caitlin Mullen • Jan. 14, 2025

FDIC’s Hill sets out priorities for agency’s ‘new direction’

The agency’s vice chair anticipates a shift in bank supervision that emphasizes core financial risks over a process-related focus.

By Caitlin Mullen • Jan. 13, 2025

Texas AG drops probe of major US banks after exodus from climate alliance

State Attorney General Ken Paxton said Texas will end its ongoing review of Bank of America, Morgan Stanley and JPMorgan Chase following the banks’ exits from the Net-Zero Banking Alliance.

By Zoya Mirza • Jan. 10, 2025

Barr’s likely replacement advocates for ‘pragmatic’ approach

In a speech Thursday, Federal Reserve Gov. Michelle Bowman appeared to preview her approach if she’s the incoming president’s pick as vice chair for supervision, calling for more “discipline” with policymaking.

By Caitlin Mullen • Jan. 10, 2025

BlackRock asks FDIC for March deadline on passivity agreement, gets a February one

An executive warned against “hastening the finalization of a completely new regulatory framework in a two-week period” in a letter to the regulator.

By Dan Ennis • Updated Jan. 13, 2025

CFPB brings back sandbox but keeps competition emphasis

The bureau’s policies restore the no-action letter and sandbox designation, but feature some tweaks aimed at correcting past “shortcomings.”

By Caitlin Mullen • Jan. 9, 2025

JPMorgan Chase joins the 5-days-a-week RTO wave

“We know that some of you prefer a hybrid schedule and respectfully understand that not everyone will agree with this decision,” the bank wrote in a memo. “We think it is the best way to run the company.”

By Caroline Colvin , Dan Ennis • Updated Jan. 10, 2025

Fintech Dave alters fee structure, blasts DOJ over amended lawsuit

The cash advance online platform called the lawsuit “a continued example of government overreach.”

By Rajashree Chakravarty • Jan. 8, 2025

6 banking trends to watch in 2025

Donald Trump’s return to the White House is expected to make an impression on a number of facets in banking – from regulation to M&A to crypto.

By Dan Ennis , Rajashree Chakravarty , Caitlin Mullen , Gabrielle Saulsbery • Jan. 8, 2025

CFPB picks FDX to set open banking standards

The nonprofit will craft standards for consumer data sharing between financial institutions for the next five years.

By Patrick Cooley • Jan. 8, 2025

JPMorgan becomes latest major US bank to exit NZBA

The bank’s departure from the Net-Zero Banking Alliance follows the exits of five other major U.S. banks from the climate coalition in the past month.

By Lamar Johnson • Jan. 7, 2025

Dive Deposits: Is BNY trying to out-BofA Bank of America?

The U.S.’s oldest bank beat Bank of America to a $25-per-hour pay floor – and is touting its rank-and-file stock offerings and well-being improvements in what’s quickly becoming an annual answer to the Charlotte lender’s PR efforts.

By Dan Ennis • Jan. 7, 2025

TD’s next CEO talks about AML fiasco

Raymond Chun, appearing Tuesday at an investor conference, said the bank’s AML debacle underscored the importance of talent and external benchmarking.

By Caitlin Mullen • Jan. 7, 2025

FDIC asked for crypto ‘pause,’ not debanking, unredacted letters show

Letters released Friday tied to a court case between Coinbase and the FDIC show that the regulator asked banks to pause crypto-related activities, but did not tell banks to stop serving crypto firms.

By Gabrielle Saulsbery • Jan. 6, 2025

Fed’s Barr to step down as vice chair for supervision

Michael Barr will continue to serve on the Federal Reserve’s board of governors, the central bank said Monday.

By Caitlin Mullen • Jan. 6, 2025

KeyBank grants top execs $16.7M in equity awards after Scotia deal

CEO Chris Gorman could receive up to $11.35 million if the bank outperforms targets for capital requirements, CET1 and earnings per share. Scotiabank also named two directors to the bank’s board last week.

By Dan Ennis • Jan. 6, 2025

Balancing deregulation and compliance: The double-edged sword for banks

Deregulation reshapes banking, but compliance challenges like 1071 raise the stakes. Are you ready?

By Brynna Desantiago • Jan. 6, 2025

Morgan Stanley, BofA, Citi exit Net-Zero Banking Alliance

The financial institutions’ decision to leave the United Nations-backed climate coalition comes shortly after Goldman Sachs and Wells Fargo announced they were doing the same.

By Zoya Mirza • Jan. 3, 2025

FDIC eyes pact with BlackRock on passive investing

The regulator reportedly gave the asset manager a Jan. 10 deadline to agree to stricter oversight when holding a 10% or greater stake in banks, similar to a deal struck last week with Vanguard.

By Dan Ennis • Jan. 3, 2025

Kansas bank challenges $20M FDIC penalty

CBW Bank, charged with failing to maintain adequate anti-money laundering controls, has filed a lawsuit challenging the agency’s action, calling the penalty “unreasonable and unprecedented for a bank of this size.”

By Caitlin Mullen • Jan. 3, 2025