LGBTQ+ fintech Daylight to close its doors

CEO Rob Curtis said in a blog post on Monday that customer money is in safe hands and can be accessed for transfer until June 30, the last day of banking operations.

By Rajashree Chakravarty • May 25, 2023

First Horizon investor sues TD over scrapped $13.4B deal

The Arbitrage Fund asserts TD misled investors regarding its anti-money laundering practices and regulator resistance to the tie-up, which the banks terminated this month.

By Dan Ennis • May 24, 2023

Explore the Trendline➔

Compliance in banking

Crypto may be front and center in the compliance narrative, but the space is seeing developments regarding fintech partnerships, cannabis and other sectors.

By Banking Dive staff

PacWest to sell $2.6B in real estate loans

Real estate investment firm Kennedy-Wilson has agreed to buy a portfolio of 74 loans at a discounted price as PacWest tries to bolster its liquidity amid regional bank turmoil.

By Rajashree Chakravarty • May 23, 2023

Crypto company offers 6 months of free custody for female-founded firms

Clear regulations will bring more women into the space, Aegis Custody CEO Serra Wei said.

By Gabrielle Saulsbery • May 19, 2023

Warren blasts First Republic’s ‘troubling’ sale to JPMorgan

The senator criticized the OCC’s role in approving the deal, saying it failed to factor in an assessment methodology that estimates the impact a lender would have on the economy if it were to fail.

By Anna Hrushka • May 19, 2023

Ex-First Republic chief blames contagion for bank’s failure

“Instead of dealing with temporary decreased earnings due to interest rate pressures, First Republic was contaminated overnight,” former CEO Michael Roffler told House lawmakers Wednesday.

By Dan Ennis • May 17, 2023

6 suggestions the Fed’s Michael Barr has for banks, supervisors

The central bank's supervision czar laid out his recommendations for capital requirements, a culture shift promoting quicker action by regulators, and a host of other tweaks.

By Dan Ennis • May 16, 2023

SVB, Signature Bank execs testify before Senate panel

Tuesday’s hearing marks the first time executives from the two collapsed firms appeared in a public setting.

By Anna Hrushka • May 16, 2023

No need for higher bank capital requirements: Fed’s Bowman

The central bank governor recommended an independent review of Silicon Valley Bank’s failure but no new regulation.

By Rajashree Chakravarty • May 12, 2023

Banking industry turmoil could spur M&A, experts say

Regional lenders may turn to M&A to survive the turmoil. Meanwhile, JPMorgan’s First Republic buy has fueled speculation that regulators are viewing consolidation in a different light.

By Anna Hrushka • May 12, 2023

FDIC wants large banks to cover $15.8B hit to insurance fund

The regulator estimated 113 banks would be subject to the special fee, while more than 4,000 smaller institutions would be spared.

By Anna Hrushka • May 11, 2023

Investor sues JPMorgan, execs over Epstein ties

A pension fund said the bank “has suffered and will continue to suffer substantial monetary and reputational harm” for its failure to report suspicious activity in the late convicted sex offender’s account.

By Dan Ennis • May 10, 2023

US arm of crypto exchange Bittrex files for bankruptcy

The company ceased U.S. operations in April, the same month it was charged by the SEC for allegedly operating an unregistered exchange.

By Gabrielle Saulsbery • May 9, 2023

PacWest or Pacific West?: Curbing name confusion, Take 2

An Oregon lender distances itself from the troubled regional with two website notices and a press release.

By Dan Ennis • May 5, 2023

Senate panel to hold cannabis banking hearing

Lawmakers behind the latest version of the SAFE Banking Act say the revised text addresses the social equity issues that some key Senate Democrats say the legislation has lacked in previous years.

By Anna Hrushka • May 5, 2023

Feds probe Goldman’s dealings with SVB in lead-up to collapse

The investment bank was both a buyer of SVB’s bond portfolio and adviser of its failed capital raise in the days ahead of the regional lender’s collapse in March.

By Anna Hrushka • May 4, 2023

Sen. Brown urges FDIC to review Tellus’ business practices

The Senate Banking Committee chair voiced concern over the fintech’s high-interest savings accounts that are not insured by the regulator.

By Rajashree Chakravarty • May 3, 2023

How Capital One is democratizing machine learning to curb fraud

The bank found opportunities for cross-unit collaboration, using tech to spot potential fraud more efficiently.

By Roberto Torres • May 2, 2023

FDIC proposes higher insurance coverage for payroll accounts

Under the agency’s targeted coverage scenario, accounts used for payment purposes — specifically, business payment accounts— would merit higher deposit insurance coverage.

By Anna Hrushka • May 2, 2023

JPMorgan to ‘fight hard’ to retain First Republic clients, CFO says

JPMorgan’s agreement to buy the failed bank’s assets once again raises questions of the health of the banking ecosystem, particularly shining a light on regional banks.

By Grace Noto • May 1, 2023

Cross River Bank ordered to correct ‘unsafe’ lending practices

Cross River, which neither admitted nor denied the charges, is not allowed to enter into any new partnerships with third parties or offer new credit products without the FDIC’s approval.

By Anna Hrushka • May 1, 2023

JPMorgan Chase to acquire seized First Republic

The nation's largest bank is taking in roughly $173 billion in loans, $30 billion in securities and $92 billion in deposits as part of the FDIC-orchestrated sale, expected to cost the Deposit Insurance Fund $13 billion.

By Dan Ennis • May 1, 2023

Fed blames own oversight, bank management in SVB failure

In its post-mortem, the central bank said SVB failed because of a “textbook case of mismanagement.” Fed supervisors were also slow to identify problems and take action, it said.

By Anna Hrushka • April 28, 2023

What killed Signature? Poor management, says FDIC.

An FDIC report that published Friday also described staffing shortages in the regulator's examiner arm.

By Gabrielle Saulsbery • April 28, 2023

OCC, FDIC flag ‘unfair, deceptive’ overdraft practices

Regulators highlighted several bank overdraft practices that could result in violations of Dodd-Frank Act rules, as well as Section 5 of the Federal Trade Commission Act.

By Anna Hrushka • April 27, 2023