Risk: Page 2


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    Chris McGrath via Getty Images

    NYDFS lays out crypto guidance for banks

    State-licensed banks that intend to engage in the virtual currency-related activity must submit a proposal at least 90 days in advance, the agency said.

    By Dec. 16, 2022
  • CFPB proposes a database of nonbank repeat offenders

    The proposed rule will be open to public comment for 60 days and will be released "no earlier than January 2024," the bureau said Monday.

    By Dec. 13, 2022
  • Trendline

    The Banking Dive Outlook on 2023

    Harsher penalties, a fiercer fight over ESG philosophy and a more urgent push to regulate crypto appear poised to roil the finance sector in 2023.

    By Banking Dive staff
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    Fotolia

    CBA: Most consumers want more oversight for crypto, fintech firms

    The trade group’s study saw an age gap. About 46% of baby boomers and 42% of Gen Xers sought higher regulatory standards for the companies, compared with 24% of millennials and 18% of Gen Zers.

    By Dec. 13, 2022
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    Dan Kitwood via Getty Images
    Q&A

    Northern Trust predicts a ‘pause’ in the mainstreaming of crypto

    The FTX crisis will prompt "reflection" regarding crypto, an executive said. But Northern Trust still predicts 5% and 10% of its assets under custody will be digital by 2030.

    By Lynne Marek • Dec. 12, 2022
  • SBA bars fintechs Womply, Blueacorn after PPP report

    The agency is also investigating Cross River Bank, Celtic Bank, Customers Bank and nonbank lenders Fountainhead, Harvest, Capital Plus, Benworth and Prestamos, as well as individuals and entities connected to them.

    By Dec. 9, 2022
  • The Office of the Comptroller of the Currency's seal hangs on a brick building.
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    Permission granted by Office of the Comptroller of the Currency

    OCC reiterates its call for crypto caution

    Most crypto participants "appear unprepared" for stress from the sector, but banks have inquired less about getting into crypto since the Terra and FTX crashes, the agency said.

    By Dec. 9, 2022
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    Chip Somodevilla via Getty Images

    SEC wants public companies to disclose crypto risks

    Meanwhile, former FTX CEO Sam Bankman-Fried said Friday he would testify Tuesday in front of the House Financial Services Committee.

    By Dec. 9, 2022
  • Wells Fargo branch exterior
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    Courtesy of Wells Fargo multimedia resources

    OCC judge recommends $18.5M in fines for 3 ex-Wells Fargo execs

    The penalties, including a lifetime ban for one, are in line with what the agency had sought. The judge suggested a second lifetime ban. The OCC has 90 days to issue a final decision.

    By Dec. 8, 2022
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    Jack Taylor / Stringer via Getty Images

    International crypto exchanges Bybit, Swyftx see steep staff cuts

    The Dubai- and Australia-based companies lack direct exposure to FTX but are feeling the effect of broader market challenges, slashing 30% and 40% of their workforces, respectively.

    By Dec. 6, 2022
  • Michael Barr
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    Tasos Katopodis via Getty Images

    Fed’s Barr calls for stricter capital requirements

    The vice chair for supervision did not say when a review of the stress test framework would be complete, but more details are expected early next year.

    By Dec. 5, 2022
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    Envato Elements/Brebca

    Sponsored by Bridgeforce LLC

    How accurate is your Metro 2® furnishing? (And how do you even know?)

    Focus on these four key areas to gain a real-world understanding of accurate Metro 2® furnishing.

    By Michelle Macartney • Dec. 5, 2022
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    10 top reads from Banking Dive

    If you're new, welcome. Here's a chance to catch up on some of our best work.

    By Dec. 4, 2022
  • Cryptocurrency
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    da-kuk via Getty Images

    CFTC chair pushes lawmakers on the creation of crypto regulatory framework

    Thursday's hearing marked the first in a series that will address the downfall of FTX and future regulation in the beleaguered crypto industry.

    By Dec. 2, 2022
  • Panel blasts fintechs for missing ‘obvious and preventable’ PPP fraud

    Womply and Blueacorn’s lack of fraud controls made them the “paths of least resistance” for fraudsters, a House subcommittee said. Another fintech included in the report blamed the SBA’s “sh***y rules.”

    By Dec. 2, 2022
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    Dan Kitwood via Getty Images

    NYDFS proposes charging crypto businesses for supervision

    The fees, up for two comment periods, would help the agency “continue adding top talent to its virtual currency regulatory team,” NYDFS said Thursday.

    By Dec. 2, 2022
  • sam bankman-fried
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    Alex Wong via Getty Images

    FTX ex-CEO says he ‘unknowingly commingled funds’

    In his first public appearance since his former company's collapse, Sam Bankman-Fried said he doesn’t think he has criminal liability, but what happens with him is “not the important part.”

    By Dec. 1, 2022
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    Thomas Lohnes via Getty Images

    Epstein accusers sue JPMorgan Chase, Deutsche Bank

    Two unnamed women who allege the disgraced financier sexually abused them are seeking unspecified damages from the banks, which they say enabled Epstein’s behavior.

    By Nov. 28, 2022
  • A sign with the 'Citi' logo
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    Mario Tama via Getty Images

    Fed, FDIC order Citi to address data management weaknesses

    Citi must submit a “mapping document” addressing the issues by Jan. 31. The bank promised “more streamlined systems that improve the quality of our data as well as the speed with which it can be accessed.”

    By Nov. 23, 2022
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    Permission granted by SoFi

    Lawmakers question SoFi CEO, regulators over crypto activity

    The Fed gave SoFi two years from its acquisition of a California bank to divest from a digital-assets business, the lawmakers wrote. But two months later, SoFi touted an “expansion” of crypto services.

    By Nov. 22, 2022
  • founder of ftx sam bankman-fried
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    Craig Barritt via Getty Images

    FTX owes more than $3 billion to its top 50 creditors

    The bankrupt crypto exchange has launched a strategic review of global assets to prepare for the sale or reorganization of some businesses.

    By Nov. 21, 2022
  • JPMorgan Chase sign in front of building in street level view.
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    Chris Hondros via Getty Images

    JPMorgan maintains status as world’s most systemically important bank

    Citigroup and HSBC maintained their position since last year at a 2% buffer while BNP joined Deutsche Bank and Goldman Sachs at the 1.5% level this year.

    By Nov. 21, 2022
  • Close shot of the U.S. Capitol dome against the bright blue sky.
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    Brendan Hoffman via Getty Images
    Column

    Can Congress come together on crypto?

    Perhaps even a divided Congress can make bipartisan headway in crafting a regulatory framework for crypto following FTX’s failure.

    By Lynne Marek • Nov. 18, 2022
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    Jack Taylor / Stringer via Getty Images

    New FTX CEO blasts ‘complete failure of corporate controls’ under Bankman-Fried

    CEO John Ray didn’t mince words in discussing mismanagement of the crypto exchange by its founder and others.

    By Nov. 17, 2022
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    luza studios via Getty Images

    BankProv braces for $27.5M hit on bad crypto mining loans

    The Massachusetts-based bank said it has delayed the release of its financial statements for the most recent quarter, adding that losses could exceed the $27.5 million estimate.

    By Nov. 17, 2022
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    Chip Somodevilla via Getty Images

    Treasury calls for more fintech oversight

    Fintechs are re-bundling core banking services outside the bank regulatory perimeter and contributing to competitive pressure in the banking industry, the Treasury Department said in a 122-page report.

    By Nov. 16, 2022