Risk: Page 2

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    Mark Wilson via Getty Images

    FinCEN proposal would let US banks share SARs with its foreign branches

    The pilot program, however, requires banks to submit quarterly reports to the agency, which may reveal internal control deficiencies FinCEN could then share with the bank's regulators.

    By Jan. 25, 2022
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    Courtesy of Wells Fargo multimedia resources

    Wells Fargo's chief risk officer to retire in June

    "Living through a pandemic teaches you things, and I've realized that now is the time to do some things I want and need to do outside of my career," Wells CRO Amanda Norton wrote in a memo Tuesday.

    By Updated Jan. 19, 2022
  • Trendline

    ESG concerns in banking

    Banks' ESG considerations stretch far beyond climate change. This snapshot touches on banks' inclusion efforts along lines of race, gender and income, social stances and a look at the LMI-area investment one big bank is making ahead of a merger.

    By Banking Dive staff
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    Pablo Blazquez Dominguez via Getty Images

    Santander finds itself in a Citi moment with $175M error

    In looking to claw back duplicate payments, Santander may find varying levels of cooperation from other banks. The incident may also prompt regulators to examine the lender's risk management framework and history.

    By Jan. 5, 2022
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    Mario Tama via Getty Images

    Morgan Stanley, Capital One's old errors cause new headaches

    The banks, collectively, agreed to pay $250 million to settle class-action lawsuits connected to data breaches for which the Office of the Comptroller of the Currency levied penalties in 2020.

    By Jan. 4, 2022
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    Retrieved from Senate Banking Committee.

    OCC lays out climate-risk framework, seeks feedback

    Many of the agency's "draft principles" are of the 10,000-foot variety, but it still marks a first among federal banking regulators. The OCC said it plans to follow up with more specific guidance next year.

    By Dec. 17, 2021
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    Alex Wong via Getty Images

    Crypto execs tout financial inclusion during digital-asset hearing

    Circle, for example, aims to funnel "billions of dollars" of USDC dollar-denominated reserves into minority depository institutions to aid underserved communities, CEO Jeremy Allaire told lawmakers Wednesday.

    By Dec. 9, 2021
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    Permission granted by Office of the Comptroller of the Currency

    Crypto, cybersecurity and climate in focus in OCC risk report

    "The OCC is approaching crypto-related activities in the federal banking system very carefully with a high degree of caution and expects its supervised institutions to do the same," the agency said in its report.

    By Dec. 7, 2021
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    Kevin Dietsch via Getty Images

    Senate banking panel chair seeks stablecoin issuer feedback

    The complexity of stablecoins makes it difficult for investors and consumers to fully understand their potential risks, Sen. Sherrod Brown, D-OH, said in letters to eight issuers and exchanges, including Coinbase and Tether.

    By Nov. 29, 2021
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    Drew Angerer via Getty Images

    Fintechs Blueacorn, Womply added to House panel's PPP probe

    A subcommittee focused on COVID-19's impact seeks documents and information on the companies' fraud prevention measures. The panel made similar requests of Kabbage, BlueVine and others in May.

    By Nov. 24, 2021
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    Dan Kitwood via Getty Images

    Bank regulators to roll out crypto guidance in 2022

    A two-page report doesn't provide many details regarding how banks should navigate digital assets, but regulators said the industry should expect further guidance throughout the next year.

    By Nov. 23, 2021
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    Permission granted by U.S. Bank

    U.S. Bank pledges net-zero emissions by 2050, in a first among regionals

    The bank also aims to put $50 billion by 2030 toward financing customers and projects that have a positive environmental impact. It said it is establishing a framework to more clearly track that figure.

    By Nov. 11, 2021
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    Retrieved from Senate Banking Committee.

    Bank boards should press execs on climate risk, OCC says

    Acting Comptroller Michael Hsu suggested five lines of questioning directors should pursue to boost banks' preparedness.

    By Nov. 9, 2021
  • Regulators to issue policy on crypto, stablecoins, FDIC chair says

    Jelena McWilliams shared details about the interagency "crypto sprint" involving the FDIC, the OCC and the Fed, and said the agencies plan to issue a series of policy statements in the coming months.

    By Oct. 26, 2021
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    Unsplash/Joshua Sortino

    Sponsored by MX

    Reducing fraud with account verification

    How fintechs and financial institutions can ensure NACHA requirements with modern financial connectivity solutions.

    Oct. 25, 2021
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    SC National Guard. (2018). "180925-Z-XH297-1108" [Photograph]. Retrieved from Flickr.

    New York Fed researchers design climate stress test for banks

    The paper defines what it calls CRISK — the expected capital shortfall of a financial institution in a climate stress scenario — a measure that rose significantly in 2020.

    By Sept. 27, 2021
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    Courtesy of Coinbase

    Coinbase scraps crypto lending product under fire from SEC

    The company is also discontinuing its waitlist for Lend, a product that would have let users earn 4% interest by lending their holdings of a stablecoin to other customers.

    By Sept. 21, 2021
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    Chris Hondros via Getty Images

    JPMorgan Chase glitch let customers see other users' data

    The breach, which lasted from May 24 to July 14, appears to have limited reach — seven customers in Montana, for example — although no details were available regarding potential impact in other states, or elsewhere.

    By Aug. 23, 2021
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    Chip Somodevilla via Getty Images

    Stablecoin meeting's focus finally comes to light

    Tether and Diem were reportedly the focus of last week's "act-quickly" directive. The Justice Department is allegedly probing whether executives behind Tether hid from banks that transactions were linked to cryptocurrency.

    By July 28, 2021
  • Sen. Cory Booker clarifies SAFE Banking Act support

    "For me, a good bipartisan bill like the [SAFE] banking bill is a necessary sweetener to get people to move along on the equitable justice elements that are really critical," he said.

    By July 27, 2021
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    Ales Nesetril / Unsplash

    Sponsored by MX

    3 ways to keep financial data fraud from sabotaging digital CX in banking

    How fintechs and financial institutions can empower the world to be financially strong.  

    July 26, 2021
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    Eduardo Munoz Alvarez via Getty Images

    NJ, Texas order BlockFi to stop offering interest accounts

    A third state, Alabama, gave the crypto exchange 28 days to show why it should be allowed to keep selling the product to state residents. At issue is whether the offering is a security.

    By Updated July 23, 2021
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    Spencer Platt via Getty Images

    Remote work offers test for banks amid 40-fold surge in malicious cyber activity

    Incidents of phishing, malware and ransomware jumped from 5,000 per week before the pandemic to 200,000 per week in April 2021, the Financial Stability Board found in a report last week.

    By David Jones • July 19, 2021
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    Justin Sullivan via Getty Images

    SAFE Banking secondary to comprehensive pot reform, Senate Democrats say

    The new bill, unveiled Wednesday, could become a setback for the future of the SAFE Banking Act, after lawmakers said the comprehensive reform would take priority over the more narrow banking bill.

    By July 16, 2021
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    Chip Somodevilla via Getty Images

    Powell clarifies timeline on Fed CBDC paper

    In two congressional hearings, lawmakers grilled the central bank chair on digital dollar development and pressed for his second term — or a change in leadership.

    By July 16, 2021
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    Lintao Zhang via Getty Images

    Quarles: Fed-backed digital currency poses 'significant' risks, 'unclear' benefits

    His comments Monday, in which he compares cryptocurrencies to parachute pants, show the central bank is far from unified on digital dollar development.

    By June 29, 2021