Investor sues JPMorgan, execs over Epstein ties

A pension fund said the bank “has suffered and will continue to suffer substantial monetary and reputational harm” for its failure to report suspicious activity in the late convicted sex offender’s account.

By Dan Ennis • May 10, 2023

US arm of crypto exchange Bittrex files for bankruptcy

The company ceased U.S. operations in April, the same month it was charged by the SEC for allegedly operating an unregistered exchange.

By Gabrielle Saulsbery • May 9, 2023

Explore the Trendline➔

Artificial intelligence

Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?

By Banking Dive staff

PacWest or Pacific West?: Curbing name confusion, Take 2

An Oregon lender distances itself from the troubled regional with two website notices and a press release.

By Dan Ennis • May 5, 2023

Senate panel to hold cannabis banking hearing

Lawmakers behind the latest version of the SAFE Banking Act say the revised text addresses the social equity issues that some key Senate Democrats say the legislation has lacked in previous years.

By Anna Hrushka • May 5, 2023

Feds probe Goldman’s dealings with SVB in lead-up to collapse

The investment bank was both a buyer of SVB’s bond portfolio and adviser of its failed capital raise in the days ahead of the regional lender’s collapse in March.

By Anna Hrushka • May 4, 2023

Sen. Brown urges FDIC to review Tellus’ business practices

The Senate Banking Committee chair voiced concern over the fintech’s high-interest savings accounts that are not insured by the regulator.

By Rajashree Chakravarty • May 3, 2023

How Capital One is democratizing machine learning to curb fraud

The bank found opportunities for cross-unit collaboration, using tech to spot potential fraud more efficiently.

By Roberto Torres • May 2, 2023

FDIC proposes higher insurance coverage for payroll accounts

Under the agency’s targeted coverage scenario, accounts used for payment purposes — specifically, business payment accounts— would merit higher deposit insurance coverage.

By Anna Hrushka • May 2, 2023

JPMorgan to ‘fight hard’ to retain First Republic clients, CFO says

JPMorgan’s agreement to buy the failed bank’s assets once again raises questions of the health of the banking ecosystem, particularly shining a light on regional banks.

By Grace Noto • May 1, 2023

FDIC orders Cross River to correct ‘unsafe’ lending practices

The $9 billion-asset bank, which neither admitted nor denied the charges, is not allowed to enter into any new partnerships with third parties or offer new credit products without the regulator’s approval.

By Anna Hrushka • May 1, 2023

JPMorgan Chase to acquire seized First Republic

The nation's largest bank is taking in roughly $173 billion in loans, $30 billion in securities and $92 billion in deposits as part of the FDIC-orchestrated sale, expected to cost the Deposit Insurance Fund $13 billion.

By Dan Ennis • May 1, 2023

Fed blames own oversight, bank management in SVB failure

In its post-mortem, the central bank said SVB failed because of a “textbook case of mismanagement.” Fed supervisors were also slow to identify problems and take action, it said.

By Anna Hrushka • April 28, 2023

What killed Signature? Poor management, says FDIC.

An FDIC report that published Friday also described staffing shortages in the regulator's examiner arm.

By Gabrielle Saulsbery • April 28, 2023

OCC, FDIC flag ‘unfair, deceptive’ overdraft practices

Regulators highlighted several bank overdraft practices that could result in violations of Dodd-Frank Act rules, as well as Section 5 of the Federal Trade Commission Act.

By Anna Hrushka • April 27, 2023

First Republic customers withdrew more than $100B in Q1

The ailing firm, which received a $30 billion infusion from 11 banks last month, said it plans to reduce its workforce by as much as 25%.

By Anna Hrushka • April 25, 2023

How the March banking crisis plays in to JPMorgan’s Frank case

Beleaguered Frank founder Charlie Javice moved her money to Signature Bank in September because she “no longer wanted to bank with an entity that was retaliating against her,” she told a court Friday.

By Dan Ennis • April 25, 2023

SVB Financial Group’s CEO, CFO resign

The former Silicon Valley Bank parent did not name a replacement for the CEO role, but said Nicholas Grossi, managing director of advisory firm Alvarez & Marsal, will serve as the company’s interim CFO.

By Anna Hrushka • April 24, 2023

Credit Suisse outflow continues, down $68B in Q1

The bank also officially terminated its acquisition of M. Klein & Co, a key part of a restructuring in October. Separately, a UBS executive who said he would retire to pursue photography, is staying.

By Rajashree Chakravarty • April 24, 2023

FSOC floats new framework to tag nonbanks as systemically important

Trump-era guidance “created inappropriate hurdles” that gave the process “an unrealistic timeline” for addressing emerging risks, Treasury Secretary Janet Yellen said.

By Dan Ennis • April 21, 2023

Is the TD-First Horizon deal any closer?

The Canadian bank's CEO said this week he still "[sees] the benefits" of the acquisition but didn't comment on potential renegotiation. First Horizon, meanwhile, said it had "no further updates."

By Dan Ennis • April 21, 2023

CFPB: Staffer breached data on 256,000 consumer accounts

The agency, which notified lawmakers of the incident last month, said the now-fired employee sent to a personal email account two spreadsheets containing names and transaction-specific account numbers.

By Anna Hrushka • April 20, 2023

MUFG hires SVB’s ex-corporate-banking chief, 4 other senior execs

In all, MUFG is adding 20 bankers to its technology, media and telecom unit, in perhaps its most significant U.S. move since it sold its West Coast branch footprint to U.S. Bank last year.

By Dan Ennis • April 20, 2023

In BofA’s headcount, the math doesn’t match the messaging

The nation's second-largest bank shed 1,000 positions in just over two weeks but maintains that attrition, not layoffs, explains the numbers.

By Dan Ennis • April 19, 2023

Recent bank failures won’t affect deposit insurance restoration timeline: FDIC

The regulator said it will issue a notice-and-comment rulemaking in May regarding the special assessment.

By Anna Hrushka • April 18, 2023

Small banks should be exempt from FDIC special assessment: ICBA

Large banks should be on the hook for the fee, since they would be the main beneficiaries of the FDIC’s decision to backstop uninsured deposits at SVB and Signature Bank, ICBA CEO Rebeca Romero Rainey said.

By Anna Hrushka • April 17, 2023