Key merger metric doesn’t account for online banking, nonbanks: OCC

The Herfindahl-Hirschman Index, which measures a bank’s market presence based on deposit share, is becoming a less effective predictor of competition across product lines, the agency’s chief counsel said.

By Anna Hrushka • Feb. 13, 2023

Fed unveils 2023 stress test scenarios

The severely adverse scenario boosts the unemployment rate to 10% by the third quarter of 2024, alongside a 38% and 40% plunge in house and commercial real estate prices, respectively.

By Rajashree Chakravarty • Feb. 10, 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

Cloud providers pose potential risk to banking sector: Treasury report

The report cautions against letting a growing number of financial institutions rely on a relative handful of cloud providers to support remote work and promote innovation.

By Rajashree Chakravarty • Feb. 9, 2023

Gemini to put $100M toward Genesis’ bankruptcy recovery plan

The Winklevoss brothers kept aside the funds for users of its now-defunct Earn program, who had around $900 million of frozen assets when Genesis ceased withdrawals.

By Rajashree Chakravarty • Feb. 7, 2023

Silvergate’s FTX ties probed by DOJ fraud unit: report

The investigation is looking into the bank’s hosting of accounts linked to former FTX CEO Sam Bankman-Fried. Silvergate has not been accused of wrongdoing, sources told Bloomberg.

By Gabrielle Saulsbery • Feb. 3, 2023

BankProv no longer offering loans backed by crypto mining rigs

The bank’s decision to end the loans comes as the firm reported $47.9 million in net charge-offs last year, the majority of which it said were loans secured by cryptocurrency mining rigs.

By Anna Hrushka • Feb. 2, 2023

NYCB to close 69% of Flagstar’s mortgage offices

The move lends credence to reports of hundreds of layoffs last week and presumably means the bank will no longer offer new mortgage lending outside its nine-state branch footprint.

By Dan Ennis • Feb. 1, 2023

Lawmakers press Silvergate harder, say due diligence failed ‘miserably’

Silvergate CEO Alan Lane’s response to a December letter regarding the bank's FTX ties was “evasive and incomplete,” a bipartisan group of U.S. senators wrote Monday.

By Gabrielle Saulsbery • Feb. 1, 2023

PPP, EIDL borrowers with ‘questionable’ Social Security numbers got $5.4B: panel

The SBA disbursed loans to 69,323 applicants with SSNs that either didn’t exist or didn’t match name or birth date information, the Pandemic Response Accountability Committee found.

By Gabrielle Saulsbery • Jan. 31, 2023

Crypto bank Anchorage Digital names execs to compliance, BSA posts

The eight-move revamp of C-suite and other leading posts comes nine months after the OCC ordered the digital bank to fix BSA and anti-money laundering shortcomings.

By Dan Ennis • Jan. 31, 2023

Citizens Bank continues auto-loan pullback

The Providence, Rhode Island-based lender aims to scale back its portfolio in that segment to between $5 billion and $6 billion by 2024, CEO Bruce Van Saun told Reuters. That’s down from $14.5 billion in December 2021.

By Dan Ennis • Jan. 31, 2023

Custodia Bank denied Fed membership, master account

The Fed said Custodia’s crypto-focused business model "presented significant safety and soundness risks.” The bank said it would continue pursuing its claims in court.

By Anna Hrushka • Jan. 30, 2023

2023: Same regulatory challenges—different (and better) approaches to furnishing

Consumers and regulatory agencies are demanding tougher and higher standards from lenders. See trends in credit furnishing and disputes to help you face this year’s challenges.

By Dianna Cooper • Jan. 30, 2023

Warren asks Congress to help SEC fight crypto fraud

The Democratic senator called SEC Chair Gary Gensler “the right leader to get the job done,” but said regulators need to do more to bolster their scrutiny of the industry.

By Anna Hrushka • Jan. 26, 2023

Feds seize $150M from Farmington, Silvergate amid FTX probe

Each of the affected banks has made a marked shift this year: Farmington is exiting the crypto space, and Silvergate has cut 40% of its staff, citing current “economic realities.”

By Gabrielle Saulsbery • Jan. 25, 2023

FTX-connected Farmington State Bank retreats from crypto, cannabis

The bank will also stop using the Moonstone Bank brand it developed for such “innovation-driven” pursuits, it said.

By Dan Ennis • Jan. 23, 2023

ESG debate escalates as GOP goes after influencers

Twenty-one Republican attorneys general argue proxy advisers ISS and Glass Lewis' shareholder voting recommendations on climate policy and board diversity violate their duty to investors.

By Dan Ennis • Jan. 19, 2023

Fed lays out details of its climate pilot

The nation's six largest banks have until July 31 to analyze the impact two natural disasters would have on real estate lending portfolios, and factor in changing sentiment regarding climate change.

By Dan Ennis • Jan. 18, 2023

‘Too-big-to-manage’ banks could be broken up, OCC says

The size and complexity of a bank is the core problem, not “the weaknesses of its systems and processes or the unwillingness or incompetence of its senior leaders,” Acting Comptroller Michael Hsu said.

By Anna Hrushka • Jan. 18, 2023

CFPB proposes registry of nonbanks’ contract terms, conditions

“Take it or leave it” form contracts, usually drafted by a company and its lawyers, can conceal consumer harm and suppress criticism about products and services, the bureau said.

By Rajashree Chakravarty • Jan. 12, 2023

6 takeaways from Jerome Powell’s climate stance

The Fed chair laid out his mantra Tuesday regarding the central bank's responsibility toward climate risk, and gave five reasons for his boundaries.

By Dan Ennis • Jan. 10, 2023

5 banking trends to watch in 2023

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

By Anna Hrushka , Dan Ennis , Gabrielle Saulsbery • Jan. 10, 2023

Metropolitan Commercial Bank backs out of crypto

The bank, which served as a partner to bankrupt exchange Voyager, said it began pivoting away from the sector in 2017 and that digital-asset deposits “have never represented a material portion” of its business.

By Gabrielle Saulsbery • Jan. 9, 2023

Dive Deposits: Trustmark’s $100M settlement flies under the radar

The Mississippi-based bank’s effort to end a 13-year Ponzi scheme-related saga came a day before Coinbase, a stalwart in the even more beleaguered crypto sector agreed to a payout of the same sum.

By Dan Ennis • Jan. 6, 2023

Crypto-heavy Silvergate cuts workforce by 40%

The collapse of FTX triggered a run that forced the bank to sell debt at a loss to cover a sharp uptick in crypto-related withdrawals. The bank also wrote off its purchase of Diem technology and tabled its digital currency launch.

By Gabrielle Saulsbery • Jan. 5, 2023