New FTX CEO blasts ‘complete failure of corporate controls’ under Bankman-Fried

CEO John Ray didn’t mince words in discussing mismanagement of the crypto exchange by its founder and others.

By Gabrielle Saulsbery • Nov. 17, 2022

BankProv braces for $27.5M hit on bad crypto mining loans

The Massachusetts-based bank said it has delayed the release of its financial statements for the most recent quarter, adding that losses could exceed the $27.5 million estimate.

By Anna Hrushka • Nov. 17, 2022

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

Treasury calls for more fintech oversight

Fintechs are re-bundling core banking services outside the bank regulatory perimeter and contributing to competitive pressure in the banking industry, the Treasury Department said in a 122-page report.

By Anna Hrushka • Nov. 16, 2022

Regulators defend their caution on crypto in Senate panel hearing

Some GOP lawmakers blasted a dearth of guidance from the OCC, Fed and FDIC, and one suggested it's up to Congress to establish the rules.

By Dan Ennis • Nov. 16, 2022

BlockFi teeters on bankruptcy as Gemini, Genesis units halt redemptions: reports

The dominos from FTX’s collapse are knocking down players across the crypto industry, with some companies pausing withdrawals and a group of U.S. investors suing FTX's former CEO.

By Gabrielle Saulsbery • Nov. 16, 2022

FTX may have more than 1 million creditors

New CEO John Ray has appointed a new slate of directors at each of the main companies within FTX to guide them through Chapter 11, including a former federal judge.

By Gabrielle Saulsbery • Nov. 15, 2022

Custodia Bank’s master account lawsuit against Fed advances

Custodia’s claim that its master account application has been “unreasonably delayed” by the regulator holds water, a U.S. district court judge ruled Friday.

By Anna Hrushka • Nov. 15, 2022

OceanFirst, Partners call off $186M merger

OceanFirst had closed seven acquisitions since 2015 but cited regulatory delays in the Partners deal’s disintegration. The tie-up recently passed its initial one-year deadline.

By Rajashree Chakravarty • Nov. 14, 2022

Bahamas law enforcement investigating FTX

The crypto exchange has faced a multimillion-dollar hack since filing for bankruptcy Friday.

By Gabrielle Saulsbery • Nov. 14, 2022

Sam Bankman-Fried steps down as FTX CEO amid bankruptcy filing

FTX.com’s assets were frozen in the Bahamas, where the company is headquartered. Crypto lender BlockFi also paused withdrawals because of its exposure to FTX.

By Gabrielle Saulsbery • Nov. 11, 2022

SEC, DOJ probe FTX as Binance backs out of acquisition

Regulator investigations have been going on for months but came to light amid Binance’s now-canceled bid to purchase the exchange.

By Gabrielle Saulsbery • Nov. 10, 2022

BMO Harris ordered to pay $564M in Ponzi scheme case

The bank said it will take a $833.6 million charge in connection with the ruling, which it may appeal. The verdict spotlights the responsibility banks may have for the actions of institutions they acquire.

By Dan Ennis • Nov. 9, 2022

UBS chief risk officer quits to pursue photography career

The Swiss bank tapped Damian Vogel, CRO in its global wealth-management business, to take Christian Bluhm’s place at the beginning of May.

By Anna Hrushka • Nov. 9, 2022

Banks create guide to manage fintech due diligence

The framework isn’t meant to replace existing regulatory guidance, but rather help banks better implement it, said Alloy Labs Alliance CEO Jason Henrichs.

By Anna Hrushka • Nov. 9, 2022

Deutsche may face BaFin penalty over slow AML progress

A warning Friday suggests the German regulator wants quicker action from the bank in response to 2018 and 2019 orders. But Deutsche said it’s “fully aligned” with BaFin ahead of a mid-2023 deadline.

By Dan Ennis • Nov. 7, 2022

Goldman launches digital asset classification system

Datonomy is intended to help institutional investors make sense of the new asset class.

By Gabrielle Saulsbery • Nov. 4, 2022

Banks processed $1.2B in ransomware-related payments in 2021, FinCEN says

It’s not clear if an uptick in ransomware-related filings signifies an actual increase in ransomware-related incidents, FinCEN noted. The bump could be related to improved reporting and detection, the agency said.

By Rajashree Chakravarty • Nov. 3, 2022

U.S. Bank data breach impacts 11K customers

A third-party vendor accidentally shared the names, addresses, Social Security numbers, birthdays, closed account numbers and outstanding balances of about 11,000 customers, the bank said.

By Gabrielle Saulsbery • Oct. 31, 2022

New OCC office to focus on fintech

The regulator said it plans to open the office next year in response to the growing complexity of bank-fintech partnerships.

By Anna Hrushka • Oct. 28, 2022

Credit Suisse to trim 9K jobs, break up investment bank

The Swiss bank is spinning off its capital markets and advisory units under a revived CS First Boston banner. It also announced plans to raise $4 billion — including $1.5 billion from the Saudi National Bank.

By Dan Ennis • Oct. 27, 2022

Banking-as-a-service grows as regulators play catch-up

The BaaS space is expected to reach $74.55 billion by 2030, and has emerged as an enticing revenue stream for community banks. Meanwhile, the OCC has hinted more regulation is forthcoming.

By Anna Hrushka • Oct. 25, 2022

Inside 6 of the FDIC’s top concerns over stablecoins

The regulator’s acting chief discussed their potential effect on community banks, interplay with FedNow and a potential CBDC, the importance of inclusion and the limits of regulation.

By Dan Ennis • Oct. 21, 2022

Fed disputes allegations of favoritism over BNY Mellon crypto move

The central bank asserts Custodia’s complaint ignores "substantial differences" between the two banks’ business models.

By Anna Hrushka • Oct. 21, 2022

Fed’s Waller expresses skepticism on CBDC

Launching a digital currency could introduce costs and risks that could harm the U.S. dollar's standing internationally, Waller said. The dollar’s primacy, he added, has little to do with technology.

By Gabrielle Saulsbery • Oct. 17, 2022

In this era of increased regulatory scrutiny, this is where credit furnishers are most vulnerable

A perfect storm is brewing for credit reporting and disputes management. See why and how to minimize risk.

By Michael Orefice • Oct. 17, 2022