Risk: Page 2


  • A view of the Capitol Dome from below with an American flag waving in the wind on the left side and blue skies in the background.
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    NDAA provision would make cyber agency a bank regulator, trade groups say

    The bill would create a designation for systemically important entities, and require them to report information to the Cybersecurity and Infrastructure Security Agency.

    By Aug. 3, 2022
  • A cannabis leaf placed on a one dollar bill partially shields President George Washington's portrait.
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    How Cogent Bank treats cannabis account holders like ‘any other client’

    To help broaden the lender’s cannabis banking program, Cogent Bank partnered with Green Check Verified, a fintech that works with banks to provide compliant cannabis banking services.

    By July 29, 2022
  • Trendline

    Fraud and AML in banking

    ESG is the latest silo to face fraud-related scrutiny from regulators. Meanwhile, the SEC is staffing up its cyber unit to fight a potential uptick in crypto fraud.

    By Banking Dive staff
  • SEC Chair Gary Gensler smiles
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    Chip Somodevilla via Getty Images
    Column

    Crypto ‘citizen’s arrests’ may continue until Congress wrangles ‘Wild West’

    The SEC, DOJ and Treasury are all patrolling the digital asset space. The CFTC is calling for unity. And lawmakers’ vision for a cohesive strategy just took a summer vacation.

    By July 28, 2022
  • Cryptocurrency tokens lying next to a gavel
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    Just_Super via Getty Images

    Crypto firm Voyager accuses FTX of tanking bankruptcy process

    By publicly offering Voyager customers access to cash for their stranded assets, FTX is “chilling” Voyager’s once-private trawl for buyers with a “low-ball bid dressed up as a white knight rescue,” the bankrupt crypto firm said.

    By July 26, 2022
  • A single opened padlock glows red among rows of closed blue padlocks.
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    JuSun via Getty Images

    NCUA cyber breach rule would give credit unions longer reporting window than banks

    The time frame falls in line with the Critical Infrastructure Act that President Joe Biden signed in March, but is twice as long as the reporting window banks have had to comply with since May.

    By July 25, 2022
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    Justin Sullivan via Getty Images

    Pennsylvania county looks to divest $145M in assets from Wells Fargo

    County officials may issue a request for proposals to find a new bank. Wells Fargo has donated to organizations that support anti-abortion candidates even though it touts a policy that reimburses staff for abortion-related travel.

    By July 22, 2022
  • A round sign features HSBC's lettering and logo.
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    Matt Cardy/Getty via Getty Images

    HSBC agrees to sell Russia footprint to Expobank, exit the country

    Financial terms of the deal were not disclosed. The transaction, though, must be approved by a Russian government commission.

    By July 21, 2022
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    Goldman slows hiring, plans to reinstate potential job-cut tool

    The bank suspended annual performance reviews during the pandemic. But it has bolstered its headcount by 15% in a 12-month span and is seeing dwindling returns in investment banking and asset management.

    By July 19, 2022
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    Courtesy of State Street
    Column

    Wells Fargo, State Street gambles highlight earnings' good, bad, uneasy

    Wells lost $576 million over equity securities but is also bolstering its reserves by that much. Meanwhile, State Street wants to renegotiate the price of an acquisition.

    By July 18, 2022
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    Morgan Stanley sets aside $200M over personal-device misuse probe

    The disclosure, in the bank’s earnings report Thursday, follows warnings by Citi, Goldman Sachs and HSBC regarding regulator activity. The figure mirrors an amount JPMorgan paid in December over similar allegations.

    By July 14, 2022
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    Mario Tama via Getty Images

    SEC asked Citi for more detail on Russia exposure

    The regulator wanted the bank to list any harm to assets or valuation, as well as the impact the bank has felt from supply chain disruption, heightened cybersecurity risks or volatility in the trading price of commodities.

    By July 11, 2022
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    Brainard urges more oversight of crypto

    The Federal Reserve vice chair on Friday said the May collapse of the Terra stablecoin, which wiped out millions of dollars in a matter of days, was “reminiscent of classic runs throughout history.”

    By July 11, 2022
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    Crypto brokerage Voyager files for Chapter 11 bankruptcy

    The move allows the company to reorganize as it seeks to recover losses from a defaulted loan to hedge fund Three Arrows. A firm owned by FTX CEO Sam Bankman-Fried is Voyager's largest creditor.

    By July 6, 2022
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    Retrieved from Novi on May 27, 2020

    Meta to shutter Novi digital currency project Sept. 1

    The company’s website tells users how to withdraw funds and access transaction data that they’ll lose access to once the Novi pilot ends. Meta, however, said it plans to use Novi’s technology in future projects.

    By July 5, 2022
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    Justin Sullivan via Getty Images

    3 potential buyers emerge for Citi's Russia operations

    An insurance firm and banks that once served as Russian subsidiaries of Barclays and Société Générale are in the running to snag a footprint the U.S. bank has been looking to shed for 15 months, according to the Financial Times.

    By July 1, 2022
  • Bank regulators' heightened scrutiny of AI highlights third-party risk

    As regulators signal a tighter focus on artificial intelligence and machine learning, banks need to be vigilant about their internal models, as well as the models used by vendors, an expert says.

    By June 29, 2022
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    Mark Wilson via Getty Images

    Goldman boosts dividend as JPMorgan, Citi stand pat

    Shareholder returns are expected to see a 13.6% average increase across the six biggest U.S. banks — far less than the 40.4% average jump between 2020 and 2021.

    By June 28, 2022
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    Cannabis banking nixed from competition bill

    Bowing to Republican demand, leaders from both parties decided to exclude the Secure and Fair Enforcement Banking Act from the bicameral version of the America COMPETES Act.

    By June 24, 2022
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    Chip Somodevilla via Getty Images

    Fed failure in fighting inflation 'not an option,' Powell says

    The Federal Reserve announced a 0.75 percentage point increase in the main interest rate and indicated that policymakers plan more aggressive tightening in coming months.

    By Jim Tyson • June 15, 2022
  • A stock ticker scrolls behind a Goldman Sachs banner at the stock exchange
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    SEC investigates Goldman Sachs' ESG mutual funds

    The agency fined BNY Mellon over ESG misstatements, and another regulator participated in a raid of Deutsche Bank’s DWS over greenwashing claims. ESG investments have nearly tripled since 2020, according to Morningstar.

    By June 13, 2022
  • BMO poaches next chief risk officer from Citi

    Piyush Agrawal, Citi’s global head of climate risk, will join the Canadian bank July 1, ahead of the retirement of its current CRO, Patrick Cronin.

    By Robin Bradley • June 10, 2022
  • Entrance to CFPB building
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    The image by Ted Eytan is licensed under CC BY-SA 2.0

    CFPB, alternative lender Upstart end no-action letter

    The bureau had asked for more time to review time-sensitive changes to Upstart’s model. That, and the CFPB’s shift away from the no-action letter program, prompted Upstart to request to cut its agreement short.

    By June 10, 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 wants to start collecting cannabis, crypto business data from banks

    The regulator’s proposal would put cannabis and crypto on a list that already includes industries such as casinos, liquor stores and check cashers.

    By June 9, 2022
  • Headshot of Wells Fargo CEO and President Charlie Scharf
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    Courtesy of Wells Fargo multimedia resources
    Column

    Welcome to banking's 'reaction season'

    Over the span of a few hours, three big-bank CEOs offered counters to running narratives on mortgage lending, shareholder proposals and a "hurricane" prediction.

    By June 2, 2022
  • Morgan Stanley CEO James Gorman
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    Neilson Barnard/Getty via WireImages

    4 takeaways from Morgan Stanley's annual meeting

    CEO James Gorman wouldn't detail how long he intends to lead the bank but affirmed last year's C-suite shake-up cemented two generations of leadership behind him.

    By May 31, 2022