Risk


  • NYC official urges BlackRock to clear up ‘alarming’ ESG ambiguity

    The city's comptroller asked the asset manager to publish a plan that clarifies its net-zero emissions pledge, including concrete steps and a timeline. BlackRock’s ESG stance has also drawn fire from fossil-fuel advocates.

    By Sept. 23, 2022
  • The CEOs of the nation's largest banks face members of the House Committee on Financial Services.
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    Alex Wong via Getty Images

    Republicans grill bank CEOs on handling of new merchant gun code

    GOP lawmakers, during a wide-ranging hearing Wednesday, demanded the CEOs of the nation’s top banks share how they plan to respond to a new category code for gun and ammunition retailers.

    By Sept. 22, 2022
  • Trendline

    Fraud and AML in banking

    ESG is the latest silo to face fraud-related scrutiny from regulators. Meanwhile, the SEC is staffing up its cyber unit to fight a potential uptick in crypto fraud.

    By Banking Dive staff
  • The United States Capitol surrounded by trees
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    Megan Quinn/Banking Dive

    Diversity, inflation, payments fraud to take center stage at hearings

    Democratic lawmakers are expected to grill big-bank CEOs this week on reports of consumer abuses, while Republicans will likely target executives they say have caved to social pressures.

    By Sept. 20, 2022
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    Mario Tama via Getty Images

    Morgan Stanley fined $35M by SEC over improper data disposal

    The bank hired a company with no data-destruction experience to decommission hard drives and servers, which were sold to a third party and auctioned with some unencrypted customer data intact, the regulator found.

    By Sept. 20, 2022
  • The Capital One flag flies over its headquarters March 13, 2006 in Mclean, Virginia.
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    Mark Wilson via Getty Images

    OCC frees Capital One from consent order tied to 2019 breach

    The Office of the Comptroller of the Currency determined the bank had reached a level of “safety and soundness” no longer requiring extra oversight regarding a leak of 106 million customers’ data.

    By Sept. 19, 2022
  • President Biden stands behind a lectern featuring the presidential seal.
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    Anna Moneymaker via Getty Images

    Biden administration releases digital asset regulation framework

    The Biden administration wants the SEC and the CFTC to “aggressively pursue investigations and enforcement actions against unlawful practices in the digital assets space.”

    By Sept. 16, 2022
  • The Office of the Comptroller of the Currency's seal hangs on a brick building.
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    Permission granted by Office of the Comptroller of the Currency

    OCC taps NYDFS veteran for top climate risk role

    Yue Chen had served as the inaugural executive deputy superintendent for climate at the New York agency. Acting Comptroller Michael Hsu said last week the OCC would soon name new climate leadership.

    By Sept. 13, 2022
  • BlackRock blasts Republican AGs’ ‘misconceptions’ on its ESG role

    The asset manager doesn’t “dictate to companies what specific emission targets they should meet,” BlackRock’s head of external affairs wrote in a letter. Rather, it asks companies to disclose climate-related data.

    By Sept. 9, 2022
  • OCC Acting Comptroller Michael Hsu testifies in front of the Senate Banking Committee on Aug. 3, 2021
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    Retrieved from Senate Banking Committee.

    OCC zeroes in on bank-fintech partnership risk

    The growth of fintechs and banking-as-a-service mirrors a rise in shadow banking that sparked the 2008 financial crisis, Acting Comptroller Michael Hsu said at a banking conference Wednesday.

    By Sept. 8, 2022
  • Michael Barr
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    Tasos Katopodis via Getty Images

    10 takeaways from Michael Barr’s first speech as Fed’s supervision czar

    The regulator pushed a tiered set of capital requirements and stricter living wills for regional banks. He also clarified the central bank’s stance on climate risk.

    By Sept. 8, 2022
  • A round sign features HSBC's lettering and logo.
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    Matt Cardy/Getty via Getty Images

    Fed ends 2012 AML enforcement action against HSBC

    The London-based bank had been under the order since December 2012 after the Justice Department identified “stunning failures of oversight.”

    By Sept. 2, 2022
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    Chris Hondros via Getty Images

    JPMorgan Chase’s Frankfurt offices raided in tax-fraud probe

    The cum-ex scandal exploited a loophole in German law that allowed multiple parties to claim refunds on a dividend tax that was paid once. Bank of America, Morgan Stanley and Barclays offices have also been searched.

    By Aug. 31, 2022
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    Courtesy of State Street

    JPMorgan Chase, State Street push back against CBDC

    In comments to the Federal Reserve, trade groups and Wall Street banks stressed the risks of a digital dollar and largely rejected the idea that it would accomplish stated goals.

    By Lynne Marek • Aug. 29, 2022
  • Citi sign outside of skyscraper
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    Mario Tama via Getty Images

    Citi to wind down its Russia retail presence

    The bank expects to incur roughly $170 million in costs, mostly over the next 18 months, in a move expected to affect about 2,300 employees and 15 branches.

    By Aug. 25, 2022
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    Alex Wong via Getty Images

    FDIC orders FTX, 4 other crypto firms to halt ‘false and misleading’ claims

    Brett Harrison, FTX’s president, responded on Twitter, saying the company “really didn’t mean to mislead anyone.” The FDIC cited a deleted tweet from Harrison in its letter to the company.

    By Aug. 22, 2022
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    Justin Sullivan via Getty Images

    Citi fined $14.8M over faulty trade monitoring

    The bank had almost no oversight into the second-most serious category of risks on nearly half of trades during an 18-month span, the U.K.’s Financial Conduct Authority said.

    By Aug. 19, 2022
  • Entrance to CFPB building
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    The image by Ted Eytan is licensed under CC BY-SA 2.0

    CFPB urges up-to-date data safeguards for finance firms

    The agency suggested companies embrace multifactor authentication, password management and timely software updates to avoid violating federal consumer protection laws.

    By Aug. 15, 2022
  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Banking Dive

    FDIC signals greater scrutiny of commercial real estate loans

    “CRE loan concentrations add dimensions of risk that necessitate continued attention from banks and their regulators, especially as the pandemic lingers and uncertainties remain,” the FDIC said last week.

    By Aug. 9, 2022
  • Warren asks OCC to scrap Trump-era crypto guidance — and recent work

    The OCC, FDIC and Fed said in November they planned to provide more clarity this year on permissible digital asset activity. A letter from the senator last week challenges the agencies to follow through.

    By Aug. 8, 2022
  • A stock ticker scrolls behind a Goldman Sachs banner at the stock exchange
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    Chris Hondros via Getty Images
    Column

    Goldman, Citi, Jefferies reveal ‘August surprises’ to stave off September ones

    Warnings of a CFPB probe into Goldman's credit-card business, Citi's rising Russia exposure and Jefferies' $80 million WhatsApp set-aside give investors time to settle in to bad news.

    By Aug. 5, 2022
  • A view of the Capitol Dome from below with an American flag waving in the wind on the left side and blue skies in the background.
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    iStock via Getty Images

    NDAA provision would make cyber agency a bank regulator, trade groups say

    The bill would create a designation for systemically important entities, and require them to report information to the Cybersecurity and Infrastructure Security Agency.

    By Aug. 3, 2022
  • A cannabis leaf placed on a one dollar bill partially shields President George Washington's portrait.
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    Kendall Davis/HR Dive

    How Cogent Bank treats cannabis account holders like ‘any other client’

    To help broaden the lender’s cannabis banking program, Cogent Bank partnered with Green Check Verified, a fintech that works with banks to provide compliant cannabis banking services.

    By July 29, 2022
  • SEC Chair Gary Gensler smiles
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    Chip Somodevilla via Getty Images
    Column

    Crypto ‘citizen’s arrests’ may continue until Congress wrangles ‘Wild West’

    The SEC, DOJ and Treasury are all patrolling the digital asset space. The CFTC is calling for unity. And lawmakers’ vision for a cohesive strategy just took a summer vacation.

    By July 28, 2022
  • Cryptocurrency tokens lying next to a gavel
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    Just_Super via Getty Images

    Crypto firm Voyager accuses FTX of tanking bankruptcy process

    By publicly offering Voyager customers access to cash for their stranded assets, FTX is “chilling” Voyager’s once-private trawl for buyers with a “low-ball bid dressed up as a white knight rescue,” the bankrupt crypto firm said.

    By July 26, 2022
  • A single opened padlock glows red among rows of closed blue padlocks.
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    JuSun via Getty Images

    NCUA cyber breach rule would give credit unions longer reporting window than banks

    The time frame falls in line with the Critical Infrastructure Act that President Joe Biden signed in March, but is twice as long as the reporting window banks have had to comply with since May.

    By July 25, 2022