Fed ends 2012 AML enforcement action against HSBC

The London-based bank had been under the order since December 2012 after the Justice Department identified “stunning failures of oversight.”

By Anna Hrushka • Sept. 2, 2022

JPMorgan Chase’s Frankfurt offices raided in tax-fraud probe

The cum-ex scandal exploited a loophole in German law that allowed multiple parties to claim refunds on a dividend tax that was paid once. Bank of America, Morgan Stanley and Barclays offices have also been searched.

By Dan Ennis • Aug. 31, 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

JPMorgan Chase, State Street push back against CBDC

In comments to the Federal Reserve, trade groups and Wall Street banks stressed the risks of a digital dollar and largely rejected the idea that it would accomplish stated goals.

By Lynne Marek • Aug. 29, 2022

Citi to wind down its Russia retail presence

The bank expects to incur roughly $170 million in costs, mostly over the next 18 months, in a move expected to affect about 2,300 employees and 15 branches.

By Dan Ennis • Aug. 25, 2022

FDIC orders FTX, 4 other crypto firms to halt ‘false and misleading’ claims

Brett Harrison, FTX’s president, responded on Twitter, saying the company “really didn’t mean to mislead anyone.” The FDIC cited a deleted tweet from Harrison in its letter to the company.

By Anna Hrushka • Aug. 22, 2022

Citi fined $14.8M over faulty trade monitoring

The bank had almost no oversight into the second-most serious category of risks on nearly half of trades during an 18-month span, the U.K.’s Financial Conduct Authority said.

By Dan Ennis • Aug. 19, 2022

CFPB urges up-to-date data safeguards for finance firms

The agency suggested companies embrace multifactor authentication, password management and timely software updates to avoid violating federal consumer protection laws.

By Anna Hrushka • Aug. 15, 2022

FDIC signals greater scrutiny of commercial real estate loans

“CRE loan concentrations add dimensions of risk that necessitate continued attention from banks and their regulators, especially as the pandemic lingers and uncertainties remain,” the FDIC said last week.

By Anna Hrushka • Aug. 9, 2022

Warren asks OCC to scrap Trump-era crypto guidance — and recent work

The OCC, FDIC and Fed said in November they planned to provide more clarity this year on permissible digital asset activity. A letter from the senator last week challenges the agencies to follow through.

By Dan Ennis • Aug. 8, 2022

Goldman, Citi, Jefferies reveal ‘August surprises’ to stave off September ones

Warnings of a CFPB probe into Goldman's credit-card business, Citi's rising Russia exposure and Jefferies' $80 million WhatsApp set-aside give investors time to settle in to bad news.

By Dan Ennis • Aug. 5, 2022

NDAA provision would make cyber agency a bank regulator, trade groups say

The bill would create a designation for systemically important entities, and require them to report information to the Cybersecurity and Infrastructure Security Agency.

By Anna Hrushka • Aug. 3, 2022

How Cogent Bank treats cannabis account holders like ‘any other client’

To help broaden the lender’s cannabis banking program, Cogent Bank partnered with Green Check Verified, a fintech that works with banks to provide compliant cannabis banking services.

By Anna Hrushka • July 29, 2022

Crypto ‘citizen’s arrests’ may continue until Congress wrangles ‘Wild West’

The SEC, DOJ and Treasury are all patrolling the digital asset space. The CFTC is calling for unity. And lawmakers’ vision for a cohesive strategy just took a summer vacation.

By Dan Ennis • July 28, 2022

Crypto firm Voyager accuses FTX of tanking bankruptcy process

By publicly offering Voyager customers access to cash for their stranded assets, FTX is “chilling” Voyager’s once-private trawl for buyers with a “low-ball bid dressed up as a white knight rescue,” the bankrupt crypto firm said.

By Dan Ennis • July 26, 2022

NCUA cyber breach rule would give credit unions longer reporting window than banks

The time frame falls in line with the Critical Infrastructure Act that President Joe Biden signed in March, but is twice as long as the reporting window banks have had to comply with since May.

By Anna Hrushka • July 25, 2022

Pennsylvania county looks to divest $145M in assets from Wells Fargo

County officials may issue a request for proposals to find a new bank. Wells Fargo has donated to organizations that support anti-abortion candidates even though it touts a policy that reimburses staff for abortion-related travel.

By Dan Ennis • July 22, 2022

HSBC agrees to sell Russia footprint to Expobank, exit the country

Financial terms of the deal were not disclosed. The transaction, though, must be approved by a Russian government commission.

By Dan Ennis • July 21, 2022

Goldman slows hiring, plans to reinstate potential job-cut tool

The bank suspended annual performance reviews during the pandemic. But it has bolstered its headcount by 15% in a 12-month span and is seeing dwindling returns in investment banking and asset management.

By Dan Ennis • July 19, 2022

Wells Fargo, State Street gambles highlight earnings’ good, bad, uneasy

Wells lost $576 million over equity securities but is also bolstering its reserves by that much. Meanwhile, State Street wants to renegotiate the price of an acquisition.

By Dan Ennis • July 18, 2022

Morgan Stanley sets aside $200M over personal-device misuse probe

The disclosure, in the bank’s earnings report Thursday, follows warnings by Citi, Goldman Sachs and HSBC regarding regulator activity. The figure mirrors an amount JPMorgan paid in December over similar allegations.

By Dan Ennis • July 14, 2022

SEC asked Citi for more detail on Russia exposure

The regulator wanted the bank to list any harm to assets or valuation, as well as the impact the bank has felt from supply chain disruption, heightened cybersecurity risks or volatility in the trading price of commodities.

By Dan Ennis • July 11, 2022

Brainard urges more oversight of crypto

The Federal Reserve vice chair on Friday said the May collapse of the Terra stablecoin, which wiped out millions of dollars in a matter of days, was “reminiscent of classic runs throughout history.”

By Anna Hrushka • July 11, 2022

Crypto brokerage Voyager files for Chapter 11 bankruptcy

The move allows the company to reorganize as it seeks to recover losses from a defaulted loan to hedge fund Three Arrows. A firm owned by FTX CEO Sam Bankman-Fried is Voyager's largest creditor.

By Dan Ennis • July 6, 2022

Meta to shutter Novi digital currency project Sept. 1

The company’s website tells users how to withdraw funds and access transaction data that they’ll lose access to once the Novi pilot ends. Meta, however, said it plans to use Novi’s technology in future projects.

By Dan Ennis • July 5, 2022

3 potential buyers emerge for Citi's Russia operations

An insurance firm and banks that once served as Russian subsidiaries of Barclays and Société Générale are in the running to snag a footprint the U.S. bank has been looking to shed for 15 months, according to the Financial Times.

By Dan Ennis • July 1, 2022