Risk: Page 25
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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 -
Retrieved from Senate Banking Committee.
‘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 -
Explore the Trendline➔
Permission granted by Frost Bank
TrendlineTop 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 -
Retrieved from Consumer Financial Protection Bureau.
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 -
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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 -
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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 -
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ColumnDive 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 -
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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 -
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Fed, OCC, FDIC issue joint warning on crypto risks for banks
The regulators didn't go so far as to create new rules around bank-crypto partnerships, but said they're "continuing to assess" if — and how — such tie-ups can proceed safely.
By Gabrielle Saulsbery • Jan. 4, 2023 -
Dan Kitwood via Getty Images
BankProv CEO resigns months after bank’s crypto-loan loss
BankProv’s leadership transition follows the bank’s November forecast that it expects to lose $27.5 million for the quarter ending Sept. 30, due to its lending exposure to the crypto mining industry.
By Anna Hrushka • Jan. 4, 2023 -
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ColumnEveryone’s calling for the regulation of crypto-bank ties these days
Here's a quick overview of Basel Committee and FSOC recommendations for the digital-asset space.
By Gabrielle Saulsbery • Dec. 20, 2022 -
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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 Rajashree Chakravarty • Dec. 16, 2022 -
Retrieved from Consumer Financial Protection Bureau.
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 Rajashree Chakravarty • Dec. 13, 2022 -
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 Gabrielle Saulsbery • Dec. 13, 2022 -
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Q&ANorthern 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 Dan Ennis • Dec. 9, 2022 -
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 Rajashree Chakravarty • Dec. 9, 2022 -
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 Gabrielle Saulsbery • Dec. 9, 2022 -
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 Rajashree Chakravarty • Dec. 8, 2022 -
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 Gabrielle Saulsbery • Dec. 6, 2022 -
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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 Rajashree Chakravarty • Dec. 5, 2022 -
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Sponsored by Bridgeforce LLCHow 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 -
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 Dan Ennis • Dec. 4, 2022 -
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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 Gabrielle Saulsbery • 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 Anna Hrushka • Dec. 2, 2022
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