Risk

OCC proposal prohibits banks from denying lending to oil, gun companies

The 45-day comment period is uncommonly short, but may allow the agency a brief window to issue the rule before the Biden administration is expected to take office Jan. 20.

By Dan Ennis • Nov. 23, 2020

IT leaders' input must be part of risk management plan, Wells Fargo exec says

"It really is about who's got the strongest strategy, and if you don't innovate and continually improve ... you will be the one that will be hit the hardest," Mandy Norton, the bank's chief risk officer, said Wednesday at a summit.

By Katie Malone • Nov. 19, 2020

Montana banks prepare to navigate regulatory haze upon legalizing pot

"At this point, we're all just holding our breath, hoping we figure it out and the banks stay out of trouble," the president and CEO of the Montana Bankers Association said.

By Anna Hrushka • Nov. 18, 2020

BBVA's Sabadell merger talks reveal other end of PNC pendulum

The lender and its larger Spanish rival, Santander, have each launched simultaneous efforts in the past week to expand and contract.

By Dan Ennis • Nov. 17, 2020

Lenders face tough decisions as commercial bankruptcy filings mount

"What I think might be the surprise of 2021 to lenders is the value of their collateral is going to be less than what they think it is, at least in the distressed spaces," attorney Jim Lodoen said.

By Anna Hrushka • Nov. 12, 2020

JPMorgan drops from top of FSB's list of systemically important banks

The lower ranking means any instability at the largest U.S. bank puts the global financial system at less risk. Goldman Sachs and Wells Fargo also ranked less risky, according to the panel's assessment Wednesday.

By Dan Ennis • Nov. 12, 2020

Fed flags climate change as financial risk, seeks transparency from banks

The declaration comes as TD Bank committed Monday to net-zero carbon emissions by 2050 for the projects it finances.

By Dan Ennis • Nov. 10, 2020

Wells Fargo plans to freeze raises for workers earning over $150K

The move comes two weeks after the bank said it would eliminate its 401(k) program's 6% matching contribution for employees who make $250,000 a year or more. Wells Fargo reversed course two days later.

By Dan Ennis • Nov. 05, 2020

Citi's chief risk officer is leaving the bank

The move may buy the nation's third-largest bank some time with the OCC, which fined the bank $400 million last month and reserves the right to demand changes to its senior management and board.

By Dan Ennis • Nov. 03, 2020

Sponsored by Early Warning

3 best practices to help your financial institution combat unemployment-benefits fraud

Fight fraud, mitigate risk and better service your customers for account opening, funding, and payment experiences.

American Express pledges $1B toward racial, gender equality

Much of that will come in an effort to double — to $750 million annually by 2024 — the credit-card network’s spending on diverse and minority-owned suppliers in the U.S.

By Dan Ennis • Oct. 30, 2020

NY regulator lays out climate risk expectations for banks

The Department of Financial Services wants banks to integrate climate-related financial risks into their business strategies, risk management processes and governance frameworks, but stopped short of demanding climate stress tests.

By Dan Ennis • Oct. 30, 2020

Ex-Goldman lawyer sues bank in alleged sexual misconduct cover-up

Whistle-blower Marla Crawford claims her boss retroactively added negative comments to her performance review in retaliation for her complaint over an inappropriate relationship, leading Crawford's bonus to be slashed by $30,000.

By Dan Ennis • Oct. 27, 2020

Fed, FinCEN want to make banks report international transfers of as little as $250

Friday's proposal to lower the threshold from $3,000 is meant to catch bad actors using low-dollar cross-border transactions to facilitate terrorist financing and other illicit activity.

By Anna Hrushka • Oct. 26, 2020

Kansas regulators close Almena State Bank in year's 4th bank failure

Almena is the second U.S. bank to shutter within a week. The bank's two branches opened Monday under the banner of Equity Bank, which is purchasing roughly all of Almena's $65.8 million in assets and its deposits.

By Dan Ennis • Oct. 26, 2020

PayPal to let users pay for purchases with cryptocurrency

A New York regulator gave the payment company a conditional BitLicense allowing U.S. account holders to buy, sell and hold digital coins from four platforms in their PayPal digital wallets.

By Dan Ennis • Oct. 22, 2020

Citi drops lawsuit against second Revlon creditor after $900M errant payment

The bank said it's "pleased" that Investcorp has returned a reported $18.9 million share of the overpayment for which Citi is taking a dozen companies to court. A trial on the remaining claims is set for Dec. 9.

By Dan Ennis • Oct. 15, 2020

Community banks cite 'business conditions' as top challenge in COVID year

PPP prompted a 40% swell in small-business loans originating from community banks, but the program had its share of detractors, per a recent survey. However, the pandemic chased away bankers' concerns about deposits.

By Dan Ennis • Oct. 06, 2020

​Varo turns focus to new products after national charter milestone

The launch of the Varo Bank app, which the company says is imminent, will free up resources and energy to "pivot on to the customer," Chief Risk Officer Philippa Girling said.

By Anna Hrushka • Oct. 02, 2020

FinCEN overhaul to AML rules would bring clarity, experts say

However, not all institutions will favor the "one size fits all" solution, said regulatory, risk and compliance expert Julie Copeland.

By Anna Hrushka • Sept. 18, 2020

PNC looks to shutter 280 branches by the end of next year

The bank is on track to double the number of closures it expected this year, thanks to the pandemic. But the Pittsburgh-based lender has been in the "consolidation business" for some time, executives have said.

By Dan Ennis • Sept. 16, 2020

Citi resumes job cuts, faces regulator reprimand over risk management

The prospect of the multiyear system revamp prompted CEO Michael Corbat to push up his plans to retire so his successor could see the effort through from the beginning.

By Dan Ennis • Sept. 15, 2020

JPMorgan mandates Sept. 21 office return for sales, trading managers and teams

But an updated directive lets most consumer-unit workers — excluding branch employees and some in operations — stay remote until 2021.

By Dan Ennis • UPDATED: Sept. 29, 2020 at 6:35 a.m.

Morgan Stanley, Citi, JPMorgan sign off on CFTC panel climate report

Forcing businesses to pay for their greenhouse gas emissions would be the most efficient way to ensure financial markets reduced climate risk, a regulator subcommittee wrote.

By Dan Ennis • Sept. 10, 2020

JPMorgan Chase fires employees after finding they improperly obtained EIDL funds

The bank's discovery of suspicious amounts of money in checking accounts owned by bank employees comes after the SBA's inspector general called for closer oversight of the program.

By Dan Ennis • UPDATED: Sept. 10, 2020 at 7:43 a.m.