Risk


  • JPMorgan CEO Jamie Dimon, seated near a floral arrangement, speaks during an event hosted by The Atlantic.
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    Tasos Katopodis / Stringer via Getty Images
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    Dimon won’t rule out government role

    The JPMorgan CEO largely dismissed the idea of serving in the next presidential administration, but he said, “I don’t make promises.” Wells Fargo’s CEO, meanwhile, said work on the bank’s AML issues is well underway.

    By Oct. 11, 2024
  • Woman stands under TD Bank sign.
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    Drew Angerer via Getty Images
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    TD hit with asset cap, $3B in penalties over AML woes

    The bank will pay $1.8 billion to the Justice Department, $1.3 billion to FinCEN, and growth will be restricted in the bank’s U.S. retail unit.

    By , Oct. 10, 2024
  • The exterior of Five Star Bank's Rancho Cordova office building is shown, with "Five Star Bank" in white letters at the top left of the building exterior. Explore the Trendline
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    Trendline

    Top 5 stories from Banking Dive

    Everything old is new again. One year after Citi’s reorganization, progress comes in “fits and starts.” Meanwhile, a contentious proposed rule is generating “voluminous” feedback after 14 months.

    By Banking Dive staff
  • The Wall Street street sign is visible in the foreground with a picture of a trader in front of the stock market on the left of the sign. Three american flags are out of focus in the background.
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    Spencer Platt via Getty Images
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    US banks largely lag on implementing net-zero best practices

    “What we see today in terms of their implementation and operationalizing of those [net-zero] commitments is far from sufficient,” the director of the Sierra Club’s Fossil-Free Finance Campaign said.

    By Lamar Johnson • Oct. 8, 2024
  • Truist plaza is shown, with a sign reading "Truist" and the company's logo in the foreground, and the skyscraper in the background.
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    The image by Tyler Lahti is licensed under CC BY-SA 4.0
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    Truist customer data exposed in third-party breach

    The February breach involved personal information held by debt collector Financial Business and Consumer Solutions and did not impact Truist’s network, the bank said in a letter.

    By Oct. 8, 2024
  • An aerial shot of Little Rock, Arkansas shows a river, bridges and a number of downtown buildings.
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    Creative via Getty Images
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    Tech costs, regulatory demands among community bankers’ top worries

    A recent survey of community bankers also cited cost of funds as a top risk, amid the higher rate environment. “Right now, our motto is ‘Survive until 2025,’” a Pennsylvania community bank CEO said.

    By Oct. 8, 2024
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    iStock / VioletaStoimenova

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    Sponsored by Huron

    Proactively identifying and mitigating risk in financial services with a RCSA

    Proactive risk management, particularly through RCSA, can ensure banking safety, covering a wide range of risks.

    By Craig Brown, Clint Irvin, Jeff Ulmer, and Adam Wells • Oct. 7, 2024
  • A person holds a Starling Bank card
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    Courtesy of Starling Bank
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    Starling Bank slapped with $38M fine

    The U.K.’s financial watchdog called Starling’s financial sanction screening controls “shockingly lax,” and said the challenger bank’s efforts to thwart financial crime failed to keep up with its quick growth.

    By Oct. 2, 2024
  • A sign in the foreground reads "Citi" with buildings in the background.
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    Mario Tama via Getty Images
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    Fed lifts 2013 Citi enforcement action

    The bank, which had been directed to address anti-money laundering and Bank Secrecy Act deficiencies, is still under Fed and OCC orders related to data and internal controls.

    By Oct. 2, 2024
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    Creative via Getty Images
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    Banks are excited about AI. Their customers aren’t so sure.

    To address that, lenders need to be more transparent about their artificial intelligence use and educate customers on the benefits and safeguards involved, analysts said.

    By Sept. 30, 2024
  • The front of the agency headquarters, reading "United States Security and Exchange Commission" and the number 450 as a man walks in a glass door at the bottom left of the frame.
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    Mark Wilson/Newsmakers via Getty Images
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    Macquarie investment unit settles SEC charges for $79.8M

    The advisory firm will settle SEC charges for asset overvaluation and illegal cross trades conducted between January 2017 and April 2021 related to a discontinued fixed-income investment strategy.

    By Sept. 20, 2024
  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Banking Dive
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    NY’s Five Star Bank pivots away from BaaS

    The bank cited regulators’ changing expectations. Banking-as-a-service accounts for 2% of Five Star’s deposits and less than 1% of its loans and two of its 12 clients have already begun offboarding, it said.

    By Sept. 20, 2024
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    Avosb via Getty Images
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    Evolve Bank ‘failed in its most basic duty,’ stole from customers: lawsuit

    The allegations come from Yotta Technologies, a fintech that says its customers are currently locked out of more than $100 million in funds.

    By Sept. 18, 2024
  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Banking Dive
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    FDIC seeks tougher recordkeeping on fintech partners

    The regulator also approved a policy update to consider small business and residential loan originations, in addition to deposits, when evaluating a merger’s competitive effects.

    By Sept. 17, 2024
  • Sen. Elizabeth Warren, wearing a red jacket, speaks into a microphone during a Congressional hearing.
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    Michael A. McCoy / Stringer via Getty Images
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    Lawmakers push for crackdown on fintech, ban on false claims

    Sens. Elizabeth Warren and Chris Van Hollen demanded tighter regulations on BaaS and fintech partnerships, saying they pose “a broader threat to the stability of our banking system and the economy.”

    By Sept. 13, 2024
  • BMO's logo in the dark next to public transit and vehicle lights.
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    The image by Abdulkadir A is licensed under CC BY 2.0
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    BMO’s $564M Ponzi verdict tossed by appeals court

    A panel of judges at the 8th U.S. Circuit Court of Appeals threw out a bankruptcy court ruling that the bank aided and abetted the Ponzi scheme of former businessman Tom Petters.

    By Sept. 13, 2024
  • A Wells Fargo bank signage is seen on Broadway on December 20, 2022 in New York City.
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    Michael M. Santiago via Getty Images
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    OCC hits Wells Fargo with AML enforcement action

    The newest order for the bank introduces questions around whether it could affect the lifting of Wells' asset cap, or if other big banks might face AML orders.

    By Sept. 12, 2024
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    Innovation may slow amid bank-fintech partnership scrutiny: analysts

    Additional guardrails, however, are necessary as business connections grow more complex and as fintechs tackle more compliance responsibilities, a regulator said.

    By Sept. 11, 2024
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    Douglas Rissing via Getty Images
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    9 crucial reactions to the capital requirements preview

    BofA and JPMorgan execs talk death, despair and a lack of specifics, while lawmakers and regulators appear to fall along party lines in the snowballing fight over the Basel endgame.

    By Sept. 11, 2024
  • Shift4 Payments SpaceX Isaacman
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    Retrieved from Polaris Dawn on September 06, 2024
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    The fintech CEO who is becoming a frequent flier with SpaceX

    On Jared Isaacman’s second trip to space, the billionaire plans to become the first private spacewalker. Shift4 investors will need to follow space news to learn about it.

    By Justin Bachman • Sept. 9, 2024
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    Many regionals lack clear strategy for private credit threat: analyst

    Private credit firms are no longer just extending loans banks won’t, Deloitte’s Richard Rosenthal said.

    By Sept. 6, 2024
  • A view of the exterior of the Morgan Stanley headquarters.
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    Stringer via Getty Images
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    Morgan Stanley drops plastic pollution financing goal

    A spokesperson for the bank told ESG Dive it would no longer have the standalone goal due to data availability and quality challenges as required climate disclosures near.

    By Lamar Johnson • Sept. 6, 2024
  • A sign that reads "Discover" marks the entrance to the card company's headquarters in Illinois.
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    Scott Olson / Staff via Getty Images
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    Ex-Discover exec alleges age, gender bias in lawsuit

    Diane Offereins is suing the card network over roughly $7 million in clawed-back equity, claiming she was a “convenient scapegoat” for Discover’s card misclassification issue.

    By Sept. 5, 2024
  • michael hsu acting head of the OCC rests his chin on his hand in front of a christmas tree at a federal regulatory meeting
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    Drew Angerer via Getty Images
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    OCC’s Hsu wants to label domestic systemically important banks

    The regulator spoke at length on the need for horizontal, risk-based supervision — and the equivalent of regular physical exercise.

    By Sept. 4, 2024
  • Four people walk by a TD bank branch location
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    Joe Raedle / Staff via Getty Images
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    TD’s US branch opening plans have slowed ‘dramatically,’ CEO says

    As the bank tackles its anti-money laundering issues and sets aside money for expected penalties, TD CEO Bharat Masrani indicated plans to open branches in the U.S. have been reduced.

    By Sept. 4, 2024
  • Two people walk past a Chase bank branch.
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    Spencer Platt via Getty Images
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    Viral JPMorgan Chase glitch is ‘fraud, plain and simple,’ bank says

    Some customers deposited bad checks and immediately withdrew funds before the checks bounced in a glitch that went viral on TikTok. Now, some users have holds on their accounts.

    By Sept. 3, 2024