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

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

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

Custodia Bank accuses Fed of favoritism toward BNY Mellon

The Wyoming-based bank said the Fed’s warning last week on crypto is counter to allowing BNY Mellon to hold and transfer digital assets.

By Anna Hrushka • Oct. 13, 2022

4 takeaways from Michael Barr’s DC Fintech Week speech

The Federal Reserve’s vice chair for supervision stressed caution with banks’ ties to crypto and spotlighted what sets stablecoins apart from other digital assets.

By Dan Ennis • Oct. 13, 2022

Crypto exchange Bittrex to pay $29M to settle AML, sanctions charges

The exchange failed to file any suspicious activity reports for more than three years and allowed customers in Syria, Sudan, Iran, Cuba and the Crimea to make tens of thousands of transactions, two Treasury offices said Tuesday.

By Dan Ennis • Oct. 12, 2022

OCC wants more data on banks’ crypto-related activities

Banks are already required to seek the OCC’s non-objection before engaging in crypto activity. But further enhancements may be needed “to track the risk of cross-contagion,” Acting Comptroller Michael Hsu said.

By Anna Hrushka • Oct. 11, 2022

What decriminalization could mean for cannabis banking

De-scheduling the drug may take away the fear of prosecution, but some analysts argue the compliance burden may actually increase.

By Anna Hrushka • Oct. 7, 2022

5 takeaways from the FDIC acting chief’s climate comments

Among other warnings, the regulator asserted community banks face greater risk than large ones.

By Gabrielle Saulsbery • Oct. 4, 2022

FSOC wants legislation to fill crypto sector oversight gaps

The panel wants regulators to work in tandem to issue rules that would help prevent regulatory arbitrage in the sector.

By Anna Hrushka • Oct. 4, 2022

3 times Michelle Bowman stood out as the Fed’s anti-Barr

The central bank governors diverged on stress tests, mergers and digital assets in recent speeches but appear to agree on capital requirements.

By Dan Ennis • Oct. 3, 2022

Pot banking firm targets talent, M&A following SPAC deal

Safe Harbor Financial is looking for a second sponsor bank, and has its eye on adding an insurance offering.

By Anna Hrushka • Oct. 3, 2022

Barclays takes $361M penalty in debt-product oversale error

The bank failed to establish internal controls related to tracking its securities sales in real time, the SEC said. Bank employees may face disciplinary action or pay cuts in connection with the findings, Barclays said.

By Dan Ennis • Sept. 30, 2022

6 largest US banks to join Fed’s first-ever climate scenario exercise

The “exploratory” analysis will launch in early 2023 and be separate from bank stress tests, the Fed said, adding it will not have capital or supervisory implications.

By Anna Hrushka • Sept. 29, 2022

Digital banks, credit unions should factor into merger reviews: Fed’s Bowman

Potential combinations should hinge on risk analysis, not deposit market share, in an update to 1995 guidelines, the central bank governor said Wednesday.

By Dan Ennis • Sept. 29, 2022

SEC, CFTC fine 11 banks $1.8B in record-keeping probe

Bank of America took the heaviest combined penalty, at $225 million, over the use of unapproved platforms for business communications. Citi, Goldman Sachs, Morgan Stanley and four others were fined $200 million.

By Dan Ennis • Sept. 28, 2022

Deutsche Bank settles for $26.3M over Epstein, oligarch ties

Bank executives and management routinely overruled compliance staff to continue working with high-risk and ultra-rich clients, the 2020 suit claims.

By Gabrielle Saulsbery • Sept. 26, 2022

NYC official urges BlackRock to clear up ‘alarming’ ESG ambiguity

The city's comptroller asked the asset manager to publish a plan that clarifies its net-zero emissions pledge, including concrete steps and a timeline. BlackRock’s ESG stance has also drawn fire from fossil-fuel advocates.

By Dan Ennis • Sept. 23, 2022

Republicans grill bank CEOs on handling of new merchant gun code

GOP lawmakers, during a wide-ranging hearing Wednesday, demanded the CEOs of the nation’s top banks share how they plan to respond to a new category code for gun and ammunition retailers.

By Anna Hrushka • Sept. 22, 2022

Diversity, inflation, payments fraud to take center stage at hearings

Democratic lawmakers are expected to grill big-bank CEOs this week on reports of consumer abuses, while Republicans will likely target executives they say have caved to social pressures.

By Anna Hrushka • Sept. 20, 2022

Morgan Stanley fined $35M by SEC over improper data disposal

The bank hired a company with no data-destruction experience to decommission hard drives and servers, which were sold to a third party and auctioned with some unencrypted customer data intact, the regulator found.

By Gabrielle Saulsbery • Sept. 20, 2022