Fed scrutiny failed to match SVB’s growth: Fed inspector general

Examiners assigned to Silicon Valley Bank, which collapsed in March, did not have sufficient expertise in supervising large, complex institutions, according to the Fed inspector general.

By Anna Hrushka • Sept. 29, 2023

Banking events for the 2023-24 conference season

It’s time to plan for the rest of this year and beyond. Banking Dive has you covered with a running list of industry conferences, expos and meetings.

By Dan Ennis • Sept. 29, 2023

Explore the Trendline➔

ESG concerns in banking

The E in ESG has taken center stage, with higher greenwashing penalties, more scrutiny of lending from states, and the Fed and SEC both dialing up climate is efforts amid criticism from Republicans and Democrats.

By Banking Dive staff

Washington Trust to pay $9M in redlining settlement: DOJ

The community bank engaged in discriminatory lending practices from 2016 to at least 2021 in predominantly Black and Hispanic neighborhoods in Rhode Island, the DOJ said.

By Rajashree Chakravarty • Sept. 28, 2023

Landmark cannabis banking bill heads to full Senate

While Wednesday’s vote advances the landmark SAFER Banking Act to the Senate floor, the bill’s companion legislation in the House faces uncertainty in the Republican-controlled chamber.

By Anna Hrushka • Sept. 27, 2023

Cannabis-friendly banks face pressure to differentiate

Banks have used risk-based pricing and non-interest bearing accounts to justify the high cost and labor associated with banking the sector. But as more players enter the game, firms are feeling the pressure to rethink their strategies.

By Anna Hrushka • Sept. 26, 2023

Chase digital bank to ban crypto payments for UK customers

“If we think you're making a payment related to crypto assets, we'll decline it,” Chase U.K. told customers in an email reported by CoinDesk.

By Gabrielle Saulsbery • Sept. 26, 2023

JPMorgan agrees to pay $75M to settle USVI’s Epstein case

The settlement, roughly a month before trial was set to start, includes $30 million for charities meant to address human trafficking and other sex crimes. The bank also reached a confidential deal with ex-executive Jes Staley.

By Dan Ennis • Sept. 26, 2023

DWS to pay $25M to settle SEC’s ESG, AML probes

“DWS advertised that ESG was in its ‘DNA,’ but … its investment professionals failed to follow the ESG investment processes that it marketed,” Sanjay Wadhwa, the SEC’s deputy director of enforcement, said Monday.

By Dan Ennis • Sept. 26, 2023

Bank of Utah faces embezzlement lawsuit

Clients of Stephen Swensen, a once-respected financial adviser accused of swindling $29 million, named the bank in a lawsuit and claimed it was aware of a years-long Ponzi scheme uncovered by the SEC.

By Gabrielle Saulsbery • Sept. 21, 2023

New guidance encourages banks to define a fintech’s maturity level

Guidance released by the Alloy Labs Alliance aims to give banks an idea of how risk-management oversight may change or evolve as their fintech partner’s maturity develops.

By Anna Hrushka • Sept. 20, 2023

FinCEN fines Puerto Rico bank $15M on alleged BSA violations

Bancrédito failed to timely file suspicious activity reports between October 2015 and May 2022, and inadequately monitored transactions involving entities in Venezuela.

By Rajashree Chakravarty • Sept. 18, 2023

Senate panel to hold vote on cannabis banking bill

The bipartisan bill, which has passed in the House seven times but has yet to pass in the Senate, is scheduled for a committee vote Sept. 27.

By Anna Hrushka • Sept. 18, 2023

Goldman fires transaction banking chief, execs over communication breach

Four employees, including Hari Moorthy, the head of transaction banking, were let go following a violation of the firm’s communication policy, according to a memo seen by Reuters and Bloomberg.

By Rajashree Chakravarty • Sept. 14, 2023

Scope 3 emissions flap delays final climate risk rule, Gensler says

Republican senators criticized the SEC chief for what they said is a burdensome and divisive regulatory agenda.

By Jim Tyson • Sept. 12, 2023

FDIC admits missteps in First Republic oversight

In the four years before the bank’s failure, the San Francisco-based lender doubled in size while examination hours declined by 11%, the FDIC said in its post-mortem.

By Anna Hrushka • Sept. 11, 2023

5 takeaways from Michael Barr’s views on CBDCs, stablecoins and more

The Federal Reserve’s vice chair for supervision spoke about “responsible innovation” Friday at a Philadelphia Fed fintech conference.

By Suman Bhattacharyya • Sept. 11, 2023

Goldman’s strategy retreat leaves GreenSky in limbo

The installment-lending fintech, which Goldman is looking to sell, faces an uncertain future as the investment bank distances itself from an ambitious retail strategy.

By Anna Hrushka • Sept. 7, 2023

Goldman, regional bank warnings show the Fed is now playing offense

The central bank has requested action from Citizens, Fifth Third and M&T regarding capital, liquidity, technology and compliance, according to Bloomberg. Goldman’s fintech partnerships are reportedly under scrutiny, too.

By Dan Ennis • Aug. 31, 2023

FDIC should have voted on First Republic sale, board member says

Such a move would ensure no value is left on the table, Jonathan McKernan said. Other board members voiced concerns the process would take too long or be overly complex.

By Anna Hrushka • Aug. 30, 2023

Regulators want banks to hold more debt to shield against failures

Under the proposal, large banks would be required to maintain a minimum amount of eligible long-term debt equal to 3.5% of average total assets or 6% of risk-weighted assets, whichever is higher.

By Anna Hrushka • Aug. 29, 2023

Massachusetts’ top court rules against Robinhood

The Supreme Judiciary Court’s 5-0 ruling upholds the state’s fiduciary rule, holding broker-dealers like Robinhood to fiduciary duties of care and loyalty, similar to investment advisers.

By Gabrielle Saulsbery • Aug. 28, 2023

3 ways banks can navigate the commercial real estate slump

It’s not clear if or when the CRE market will return to pre-pandemic levels, but experts say there are steps that banks with significant exposure to the space can take to help mitigate losses.

By Anna Hrushka • Aug. 16, 2023

SVB Financial claims it’s losing $9M a month in FDIC battle

The holding company, which filed for bankruptcy on March 15, said it stands to lose $100 million annually if the regulator continues to hold on to nearly $2 billion in seized deposits.

By Anna Hrushka • Aug. 16, 2023

UBS to pay $1.4B to settle mortgage-backed securities fraud case

The Justice Department has recovered $36 billion in civil penalties from 18 financial institutions in connection with mortgage-backed securities fraud. UBS was the last one to settle.

By Rajashree Chakravarty • Aug. 15, 2023

Custodia launches with US dollar deposits, preps crypto custody

The bank, which is engaged in a legal battle with the Fed, said it’s initially serving U.S. business customers only and awaiting final regulatory clearance to launch its bitcoin custody service.

By Anna Hrushka • Aug. 14, 2023