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

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

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

Fed’s Bowman urges more support of de novo banks

As the number of banks continues to decline in the U.S., regulators should consider lowering upfront capitalization requirements of de novo institutions, Federal Reserve Governor Michelle Bowman said.

By Anna Hrushka • April 17, 2023

Truist cuts about 80 jobs

The bank plans to stop sales and trading of mortgage-backed securities and government-agency bonds by January, Bloomberg reported Thursday.

By Rajashree Chakravarty • April 14, 2023

RBC surpasses JPMorgan as top fossil-fuel financier: study

The Canadian bank’s turn as a climate target may speak more to where other banks are cutting back. JPMorgan decreased its fossil-fuel funding in 2022 by 41.7% to $39.2 billion, the Rainforest Action Network found.

By Dan Ennis • April 13, 2023

Trump rollbacks not to blame for SVB failure, FDIC vice chair says

FDIC Vice Chair Travis Hill pointed to SVB’s “mismanagement of interest rate risk,” adding that policymakers should focus on filling “evident holes in our framework, rather than just trying to undo policies of the past.”

By Anna Hrushka • April 13, 2023

CFPB director wants some payments firms labeled systemically important

The bureau's chief, Rohit Chopra, urged users who maintain balances on their digital wallets and money-transfer apps to move that uninsured money to a bank account.

By Anna Hrushka • April 12, 2023

SVB shareholder suit names Goldman, cites KPMG’s ‘silent’ audit

A February audit effectively gave Silicon Valley Bank a clean bill of health roughly two weeks before its collapse.

By Maura Webber Sadovi • April 10, 2023

Swiss council orders bonus cuts for 1,000 Credit Suisse execs

The tiered cuts in the bank’s top three management levels are worth up to $66 million, said the federal council, which also directed Credit Suisse to retrieve bonuses that have already been paid.

By Rajashree Chakravarty • April 6, 2023