Risk


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    SEC enforcement attorney predicts 'a lot more fraud' in crypto markets

    The SEC will turn to litigation if needed to achieve “clarity” as it fights abuses in cryptocurrency markets, according to an attorney in the agency’s Enforcement Division.

    By Jim Tyson • May 16, 2022
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    Courtesy of Wells Fargo multimedia resources

    Judge dismisses Wells Fargo commercial lending class-action suit

    Investors led by a retirement fund for Hawaii state employees failed to prove the bank unjustifiably inflated loans, understated loss reserves or misstated its practices, a judge ruled Friday.

    By May 9, 2022
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    ESG concerns in banking

    Banks' ESG considerations stretch far beyond climate change. This snapshot touches on banks' inclusion efforts along lines of race, gender and income, social stances and a look at the LMI-area investment one big bank is making ahead of a merger.

    By Banking Dive staff
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    Citi's role in 'flash crash' reinforces perils of manual transactions

    Nasdaq said it won't cancel any trades from Monday that pushed European indexes down as much as 8% in five minutes. Unlike in 2020, the damage from a Citi employee's hands wasn't contained to the bank.

    By May 3, 2022
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    Fotolia

    Shareholder proposals on climate fail to gain traction at 3 major banks

    A move to limit Citi from lending and underwriting new oil and gas projects garnered 12.8% support. Similar proposals at Wells Fargo and Bank of America each received 11% backing.

    By April 27, 2022
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    Patterson, Richard. Retrieved from Flickr.

    Banks face 'tight deadline' under new cyber notification rule

    The May 1 cutoff to comply with the rule comes as the Biden administration has warned U.S. businesses about the increasing risk of Russian cyberattacks.

    By April 21, 2022
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    Citi sets aside $1.9B to counter Russia exposure

    The bank said it now risks a $3 billion loss at most over its Russia entanglements. Profit at the third-largest U.S.-based lender dropped by 46% in the first quarter, Citi said Thursday.

    By April 14, 2022
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    JPMorgan Chase sees 42% drop in Q1 profit

    The bank reported a $902 million net build in credit reserves tied to potential Russia losses and trepidation over inflation. It also took $524 million in losses related to commodities trading and further Russia exposure.

    By April 13, 2022
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    Needham Bank sees 'cross sell' opportunity in cast-off cannabis unit

    After learning that Eastern Bank was looking to offload the cannabis business it inherited from Century Bank in November, Needham found its market opening.

    By April 11, 2022
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    Chip Somodevilla via Getty Images

    CBDC will take years, not months, to develop, Yellen says

    Transactions need to be faster but responsible, and regulation should be "tech-neutral," the treasury secretary said in her first remarks on digital assets since a March executive order.

    By April 8, 2022
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    Anna Hrushka/Banking Dive

    FDIC: Banks should alert agency of their crypto-related pursuits

    The regulator said it supports safe and sound innovations, but is concerned that the risks associated with crypto assets and crypto-related activities are not well understood.

    By April 8, 2022
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    Chip Somodevilla via Getty Images

    Toomey bill would let OCC give charters to stablecoin issuers

    The Republican senator's draft bill would preserve state-registered money transmitter status for most existing issuers and would clarify that insured depository institutions are permitted to issue the digital currency.

    By April 7, 2022
  • Citi spins off Bahrain retail-banking footprint

    Financial terms of the deal, expected to close in the second half of this year, were not disclosed. Bahrain is the 10th market from which Citi has solidified its retreat in the past 12 months.

    By April 5, 2022
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    Alex Wroblewski via Getty Images

    Dimon: Russia exposure could cost JPMorgan $1B

    Despite the conflict's impact on the bank's bottom line, the CEO called for tougher sanctions against the invading country — and added that because of a confluence of factors, mergers in banking are inevitable this decade.

    By April 5, 2022
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    Courtesy of Wells Fargo multimedia resources

    Wells Fargo names its first chief sustainability officer

    Robyn Luhning will ensure transparency in the bank's environmental, social and governance disclosures. Wells Fargo said it aims to set interim financed emission targets for its oil, gas and power portfolios by the end of 2022.

    By April 5, 2022
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    Anna Hrushka/Banking Dive

    FDIC unveils guidance for banks to navigate climate-related risks

    The agency asked banks with $100 billion or more in assets to measure and mitigate climate change's financial risks, echoing a December move by the Office of the Comptroller of the Currency (OCC).

    By March 31, 2022
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    imagedepotpro via Getty Images

    House bill would put CBDC alternative in Treasury's hands

    Legislation proposed Monday emphasizes privacy, financial inclusion and anti-money laundering protections, and would "preserve a role in our financial system for smaller anonymous cash-like transactions," backers said.

    By Lynne Marek • March 29, 2022
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    Cannabis firm's CFO works to bring industry's financing out of the 'gray'

    Item 9 Labs' net revenues more than doubled last fiscal year. But pot's federal status can still make financial partners skittish, CFO Bobby Mikkelsen finds.

    By Maura Webber Sadovi • March 29, 2022
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    Column

    Barclays may have the inside track on 2022's nine-figure 'oops'

    The bank said Monday it would delay its share-buyback program after taking a loss of roughly £450 million. The bank oversold its limit on two exchange-traded notes by roughly 75%.

    By March 28, 2022
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    screenshot of Federal Reserve press conference

    Fed's Powell lists his 4 qualifications for a US CBDC

    A digital dollar must ensure user privacy, be "identity verifiable," be "intermediated" and be widely accepted as a means of payment, the central bank chief said at an event hosted by the Bank for International Settlements.

    By March 24, 2022
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    BNY Mellon expects to lose $200M in Russia pullback

    The custody bank Thursday said it would halt new banking business in Russia and suspend investment management purchases of Russian securities in a move that aligns it with the likes of Citi, Goldman Sachs and JPMorgan Chase.

    By March 18, 2022
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    Thomas Lohnes via Getty Images

    Citi, Deutsche join Goldman, JPMorgan in pullback from Russia

    Germany's largest lender reversed course after taking heat for saying abandoning Russian clients would "go against our values."

    By Updated March 14, 2022
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    EU to restrict 7 Russian banks from SWIFT

    The sanctions reportedly won't include Sberbank, which said Wednesday it would pull out of the European market. The Single Resolution Board is liquidating the lender's Austria-based unit while others have been sold.

    By March 2, 2022
  • Citi has a $9.8B Russia headache

    The bank warned investors Monday of exposure that includes loans, securities, funding commitments and cash at the country's central bank. It's also trying to exit Russia's retail banking market.

    By March 1, 2022
  • Crypto lender BlockFi to pay $100M to settle with SEC, states

    The company agreed to stop selling its interest-bearing account in the U.S. and launch a new one tailored to the Securities Act of 1933. Half of the settlement money will go to the SEC. The other $50 million will be split among 32 states.

    By Feb. 14, 2022
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    Stefan Zaklin via Getty Images

    House lawmakers spar over stablecoin regulation

    "Simply labeling something as stable or overly relying on a one-to-one ratio does not, in itself, mean it maintains a stable value," House Financial Services Committee Chair Maxine Waters, D-CA, said Tuesday.

    By Jonathan Berr • Feb. 9, 2022