Former FTX CEO found guilty on 7 counts

Nearly a year after FTX's collapse and 11 months after his arrest in the Bahamas, Sam Bankman-Fried has been found guilty of fraud. Sentencing was tentatively set for March 28.

By Gabrielle Saulsbery • Nov. 2, 2023

Non-bank financial institutions must report data security breaches: FTC

The amendment to the FTC’s Safeguards Rule would require non-banking financial institutions to report when they discover information impacting at least 500 people has been accessed without authorization.

By Rajashree Chakravarty • Oct. 31, 2023

Explore the Trendline➔

Top 5 stories from Banking Dive

Amid a swell of activity, financial institutions large and small are leaning into their aspirations. For PNC, it’s scale. For some fintechs, it’s a charter. For Millbury National Bank, it may simply be niceness.

By Banking Dive staff

Digital Twins: Catalyzing AI for financial risk management

As banks look to the future, the strategic integration of AI and Digital Twin models will provide banks with the accuracy and foresight needed to navigate the ever-evolving financial landscape. 

Oct. 30, 2023

Fed terminates Citi FX enforcement action from 2015

The bank in 2015 pleaded guilty to conspiring to manipulate the price of dollars and euros exchanged in the foreign currency exchange spot market.

By Gabrielle Saulsbery • Oct. 27, 2023

On the stand, Bankman-Fried blames FTX counsel

The founder of the collapsed crypto exchange said his use of funds at the core of fraud charges against him was cleared by lawyers.

By Robert Freedman • Oct. 27, 2023

CRA update lets banks get credit for climate resilience

“We have learned through hard-earned experience that it is better to address risks as they emerge, rather than after they’ve caused damage,” OCC Acting Comptroller Michael Hsu said at an FDIC board meeting Tuesday.

By Lamar Johnson • Oct. 26, 2023

FinCEN warns over Hamas, crypto ties

“Hamas moves funds through the smuggling of physical currency as well as a regional network of complicit money transmitters, exchange houses, and Hizballah-affiliated banks,” the FinCEN said in its alert.

By Rajashree Chakravarty • Oct. 24, 2023

OCC applying ‘supply chain mindset’ to bank-fintech scrutiny: Hsu

Arrangements where multiple parties play a role in delivering financial products to consumers are more complicated, and will likely garner more scrutiny from the OCC, Acting Comptroller Michael Hsu said.

By Anna Hrushka • Oct. 24, 2023

Crypto legislation would put US ‘back in the game,’ stakeholders say

A pair of House bills would help the industry gain clarity, scale digital asset products and promote financial inclusion, cryptocurrency stakeholders said Sunday on a panel at Money20/20.

By Anna Hrushka • Oct. 23, 2023

Metropolitan Commercial Bank fined $29.5M by Fed, NYDFS

“MCB failed to prevent a massive, ongoing fraud in the MovoCash prepaid card program, allowing bad actors to abuse the financial system,” New York’s superintendent of financial services said.

By Rajashree Chakravarty • Oct. 20, 2023

Fed developing broader stress test scenarios: Barr

Additional scenarios would be “exploratory” and wouldn’t be used to set a bank’s stress capital buffer requirement, Fed Vice Chair for Supervision Michael Barr said.

By Anna Hrushka • Oct. 20, 2023

Fed keeps U.S. Bank in lower capital category

The approval, announced Tuesday, frees the Minneapolis-based firm from stricter capital requirements designated for banks with more than $700 billion in assets.

By Anna Hrushka • Oct. 18, 2023

Texas ramps up probe into JPMorgan, BofA, Wells fossil-fuel ties

The state's attorney general wants bond issuers to check that members of a net-zero climate initiative, also including Morgan Stanley, State Street and TD, are complying with state law.

By Dan Ennis • Oct. 18, 2023

Basel publishes crypto exposure proposal

Banks will have to disclose crypto exposure by 2025 under plans unveiled Tuesday. The plans are open for public comment through Jan. 31.

By Gabrielle Saulsbery • Oct. 17, 2023

Can JPMorgan Chase fill the startup banking void?

The New York City-based firm added close to 200 bankers to its division that serves startups and VC-backed businesses this year as it looks to fill a space vacated by Silicon Valley Bank.

By Anna Hrushka • Oct. 17, 2023

Taiwanese bank ends US bank deal, citing market conditions

Taichung Commercial Bank will pay $500,000 to American Continental Bank for the terminated agreement. The banks announced a roughly $82.1 million acquisition last year.

By Rajashree Chakravarty • Oct. 17, 2023

Citi shed 2,000 positions in Q3, but tech hires offset them

The bank wants to cut five of its 13 management layers, with unit co-heads particularly at risk. Citi will also streamline financial-management reports. More personnel cuts are expected in November.

By Dan Ennis • Oct. 16, 2023

Regulators ramp up pressure on BaaS banks

Firms that work with fintechs are coming under more scrutiny as examiners look to recalibrate their supervision of banks that operate banking-as-a-service programs, Klaros Group’s Konrad Alt said.

By Anna Hrushka • Oct. 11, 2023

Barr: Capital proposal will have ‘limited’ impact on lending costs

Speaking to the American Bankers Association on Monday, Fed Vice Chair for Supervision Michael Barr pushed back on claims that new capital rules would hamper lending activity.

By Anna Hrushka • Oct. 9, 2023

Banks face AI ‘arms race’ in battle against cyber threats: Barr

It is critical for financial institutions to make investments in generative AI to safeguard against cyberattacks, the Federal Reserve's vice chair for supervision said.

By Anna Hrushka • Oct. 6, 2023

Bowman: Regulatory thresholds, deposit insurance need more research

“Bank failures demand scrutiny, but bank failures alone do not justify wholesale revisions to the bank regulatory framework,” the Federal Reserve governor said at a conference Wednesday.

By Rajashree Chakravarty • Oct. 5, 2023

Fed OIG faults central bank’s Silvergate supervision

Silvergate “grew exponentially in a 5-year period,” growing its assets from less than $1 billion in 2017 to more than $16 billion at the end of 2021, the OIG said in a report that criticized the central bank’s supervision of the bank.

By Rajashree Chakravarty • Oct. 4, 2023

Goldman, JPMorgan, BofA to pay CFTC $53M over swap reporting errors

Goldman Sachs will pay $30 million, while JPMorgan Chase and Bank of America will pay $15 million and $8 million, respectively, in civil monetary penalties, the agency said.

By Rajashree Chakravarty • Oct. 2, 2023

Three Arrows Capital co-founder arrested in Singapore

Su Zhu founded crypto hedge fund 3AC with Kyle Davies in 2012. Its bankruptcy 10 years later contributed to the downfall of several crypto companies. Recently, a Singapore court called for jail time.

By Gabrielle Saulsbery • Oct. 2, 2023

Top bank CEOs to testify Dec. 6 to Senate panel

Executive compensation may take center stage at the hearing. But the CEOs may also use the forum to criticize a capital proposal they say will hamper their ability to extend credit.

By Anna Hrushka • Oct. 2, 2023