Bank trade groups fire back over Barr recommendations

Five groups asked the Federal Reserve to extend the public comment period to 120 days for upcoming proposed changes to capital requirements.

By Anna Hrushka • July 14, 2023

Celsius ex-CEO charged with fraud as FTC reaches $4.7B settlement

Prosecutors allege Alex Mashinsky misrepresented the crypto exchange's safety, profitability and risk appetite. Celsius' chief risk officer also was arrested, and three federal agencies filed lawsuits.

By Dan Ennis • July 13, 2023

Explore the Trendline➔

Top 5 stories from Banking Dive

Since the approval of Capital One’s acquisition of Discover, banks have increasingly waded into new deals. Beyond that, they’ve doubled down on strategy, from organic growth to branch placement to app design.

By Banking Dive staff

Merrill Lynch to pay $12M for filing too few SARs

The penalty was dwarfed by others which parent company Bank of America faced Tuesday. The bank reported suspicious activity on transactions of $25,000 or more but should have used a $5,000 threshold, the SEC said.

By Dan Ennis • July 12, 2023

SVB Financial sues FDIC to recover $1.9B

The money seized by the FDIC during Silicon Valley Bank’s failure should be generating more than $100 million in annual interest at the current rate, the filing claimed.

By Rajashree Chakravarty • July 10, 2023

Wells Fargo staff allege anti-Latino bias in mortgage lending

Bilingual mortgage sales team members were directed to steer Spanish-speaking customers away from home equity lines of credit into costlier refinancing options without any associated disclosures, plaintiffs said.

By Rajashree Chakravarty • July 7, 2023

Philadelphia Fed restricts Quontic’s capital distribution

Quontic’s holding company must submit a capital plan and detail its cash flow projections for the remainder of 2023. The company may not pay dividends or engage in share repurchases without the regulator’s sign-off.

By Anna Hrushka • July 7, 2023

Goldman should disclose profit from SVB bond sale: Warren

In a letter addressed to Goldman CEO David Solomon, Sen. Elizabeth Warren, D-MA, accused the firm of profiting “at nearly every stage of Silicon Valley Bank’s collapse.”

By Anna Hrushka • July 6, 2023

SVB Securities sale clouded by liability questions

"I can't believe you'd even try to sneak this by me," a bankruptcy judge told attorneys for SVB Financial.

By Gabrielle Saulsbery • June 30, 2023

Bank failures signal need for stronger supervision, regulation: Powell

“The events of the past couple of months would have been much more difficult to manage had the largest banks been undercapitalized or illiquid,” the Fed chair said Thursday.

By Rajashree Chakravarty • June 29, 2023

Largest banks weathered hypothetical $541B hit, Fed says

All 23 of the banks subject to stress tests remained above their minimum capital requirements in this year’s scenario, which featured a severe downturn in real estate markets.

By Anna Hrushka • June 29, 2023

Yellen, regulators took ‘wrong lessons’ from bank failures: Warren

In a letter, the senator asked why the Justice Department relinquished some responsibility in its oversight of competition. She also asked when regulators would release updated merger review guidelines.

By Rajashree Chakravarty • June 28, 2023

House bill would require large banks to have chief risk officers

Under the measure, banks with $50 billion or more in assets must notify their federal and state regulators within 24 hours of a risk chief vacancy. Banks would be subject to an asset cap if the post is open for more than 60 days.

By Anna Hrushka • June 26, 2023

US servicemembers ensnared by digital payment app scams

Servicemember complaints about digital payment apps surged last year, according to a CFPB report, which also highlighted military families’ susceptibility to payments fraud.

By Lynne Marek • June 22, 2023

Maximizing the benefits of digital income verification for underwriting and risk management

Interest rates aren’t showing signs of slowing down anytime soon, especially as the U.S. economy continues to be resilient.

June 20, 2023

OCC’s Hsu says US banks strengthened liquidity but vigilance is key

The agency's semiannual risk perspective highlighted the importance of being watchful in managing weaker portfolio segments.

By Rajashree Chakravarty • June 15, 2023

Wells Fargo CFO warns of commercial real estate weakness

Wells Fargo CFO Mike Santomassimo is the latest big-bank executive to detail commercial real estate distress and its potential impact on lenders.

By Maura Webber Sadovi • June 14, 2023

JPMorgan Chase reaches $290M settlement with alleged Epstein victims

The move comes less than a month after Deutsche Bank agreed to pay $75 million to settle an alleged Epstein victim’s class-action lawsuit.

By Anna Hrushka • June 12, 2023

After TD, First Horizon appears ready for its hot bank summer

Investor events for both banks this week indicate each is eyeing aggressive growth. If they were people, they might be checking each other’s social-media feeds and engaging in a relationship detox.

By Dan Ennis • June 9, 2023

Climate First mulls Florida exit after anti-ESG bill passes

In response to the legislation, the bank nixed its exclusionary list, outlining the sectors with which it has said it won’t do business, such as the fossil-fuel sector or other extractive industries.

By Anna Hrushka • June 9, 2023

Bigger buffer would hurt BofA’s lending, Moynihan says

“If our capital ratios go up by 100 basis points, simply put, we can’t make about $150 billion of loans,” the CEO said, when asked how reports of an average 20% increase in capital requirements would affect the bank.

By Anna Hrushka • June 8, 2023

Binance court filings shed light on relationship with failed banks, Gensler

The now-SEC chief offered to serve as a Binance advisor in 2019, Binance's legal team alleges. The filing also details billions of the exchange’s dollars funneled through Silvergate and Signature.

By Gabrielle Saulsbery • June 8, 2023

Citizens to end car dealer financing business

The bank had $11.5 billion of auto loans outstanding as of March 31 — down 6.5% from the end of December, and 20.1% from March 31, 2022.

By Anna Hrushka • June 8, 2023

Banks’ use of chatbots could reduce trust, CFPB warns

“A poorly deployed chatbot can lead to customer frustration ... and even violations of the law,” the bureau’s director, Rohit Chopra said Tuesday.

By Rajashree Chakravarty • June 7, 2023

Fed, FDIC, OCC update guidance on third-party risk management

Regulators described the new guidance as “principles-based,” which can be adjusted to the unique circumstances of each third-party relationship.

By Anna Hrushka • June 7, 2023

FTX’s legal team has its hands full

The bankrupt crypto exchange is fighting court battles on multiple fronts, and former CEO Sam Bankman-Fried’s attorneys say the U.S. government is overdue to supply evidence in its case against him.

By Gabrielle Saulsbery • June 7, 2023