FDIC: Banks should alert agency of their crypto-related pursuits

The regulator said it supports safe and sound innovations, but is concerned that the risks associated with crypto assets and crypto-related activities are not well understood.

By Anna Hrushka • April 8, 2022

Toomey bill would let OCC give charters to stablecoin issuers

The Republican senator's draft bill would preserve state-registered money transmitter status for most existing issuers and would clarify that insured depository institutions are permitted to issue the digital currency.

By Anna Hrushka • April 7, 2022

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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

Citi spins off Bahrain retail-banking footprint

Financial terms of the deal, expected to close in the second half of this year, were not disclosed. Bahrain is the 10th market from which Citi has solidified its retreat in the past 12 months.

By Dan Ennis • April 5, 2022

Dimon: Russia exposure could cost JPMorgan $1B

Despite the conflict's impact on the bank's bottom line, the CEO called for tougher sanctions against the invading country — and added that because of a confluence of factors, mergers in banking are inevitable this decade.

By Anna Hrushka • April 5, 2022

Wells Fargo names its first chief sustainability officer

Robyn Luhning will ensure transparency in the bank's environmental, social and governance disclosures. Wells Fargo said it aims to set interim financed emission targets for its oil, gas and power portfolios by the end of 2022.

By Dan Ennis • April 5, 2022

FDIC unveils guidance for banks to navigate climate-related risks

The agency asked banks with $100 billion or more in assets to measure and mitigate climate change's financial risks, echoing a December move by the Office of the Comptroller of the Currency (OCC).

By Robin Bradley • March 31, 2022

House bill would put CBDC alternative in Treasury's hands

Legislation proposed Monday emphasizes privacy, financial inclusion and anti-money laundering protections, and would "preserve a role in our financial system for smaller anonymous cash-like transactions," backers said.

By Lynne Marek • March 29, 2022

Cannabis firm's CFO works to bring industry's financing out of the 'gray'

Item 9 Labs' net revenues more than doubled last fiscal year. But pot's federal status can still make financial partners skittish, CFO Bobby Mikkelsen finds.

By Maura Webber Sadovi • March 29, 2022

Barclays may have the inside track on 2022’s nine-figure ‘oops’

The bank said it would delay its share-buyback program after taking a loss of roughly £450 million. The bank oversold its limit on two exchange-traded notes by roughly 75%.

By Dan Ennis • March 28, 2022

Fed's Powell lists his 4 qualifications for a US CBDC

A digital dollar must ensure user privacy, be "identity verifiable," be "intermediated" and be widely accepted as a means of payment, the central bank chief said at an event hosted by the Bank for International Settlements.

By Dan Ennis • March 24, 2022

BNY Mellon expects to lose $200M in Russia pullback

The custody bank Thursday said it would halt new banking business in Russia and suspend investment management purchases of Russian securities in a move that aligns it with the likes of Citi, Goldman Sachs and JPMorgan Chase.

By Dan Ennis • March 18, 2022

Citi, Deutsche join Goldman, JPMorgan in pullback from Russia

Germany's largest lender reversed course after taking heat for saying abandoning Russian clients would "go against our values."

By Dan Ennis • Updated March 14, 2022

EU to restrict 7 Russian banks from SWIFT

The sanctions reportedly won't include Sberbank, which said Wednesday it would pull out of the European market. The Single Resolution Board is liquidating the lender's Austria-based unit while others have been sold.

By Dan Ennis • March 2, 2022

Citi has a $9.8B Russia headache

In the wake of Russia’s invasion of Ukraine, the bank warned investors of exposure that includes loans, securities, funding commitments and cash at the country's central bank.

By Dan Ennis • March 1, 2022

Crypto lender BlockFi to pay $100M to settle with SEC, states

The company agreed to stop selling its interest-bearing account in the U.S. and launch a new one tailored to the Securities Act of 1933. Half of the settlement money will go to the SEC. The other $50 million will be split among 32 states.

By Dan Ennis • Feb. 14, 2022

House lawmakers spar over stablecoin regulation

"Simply labeling something as stable or overly relying on a one-to-one ratio does not, in itself, mean it maintains a stable value," House Financial Services Committee Chair Maxine Waters, D-CA, said Tuesday.

By Jonathan Berr • Feb. 9, 2022

FinCEN proposal would let US banks share SARs with its foreign branches

The pilot program, however, requires banks to submit quarterly reports to the agency, which may reveal internal control deficiencies FinCEN could then share with the bank's regulators.

By Dan Ennis • Jan. 25, 2022

Wells Fargo's chief risk officer to retire in June

"Living through a pandemic teaches you things, and I've realized that now is the time to do some things I want and need to do outside of my career," Wells CRO Amanda Norton wrote in a memo Tuesday.

By Robin Bradley • Updated Jan. 19, 2022

Santander finds itself in a Citi moment with $175M error

In looking to claw back duplicate payments, Santander may find varying levels of cooperation from other banks. The incident may also prompt regulators to examine the lender's risk management framework and history.

By Dan Ennis • Jan. 5, 2022

Morgan Stanley, Capital One's old errors cause new headaches

The banks, collectively, agreed to pay $250 million to settle class-action lawsuits connected to data breaches for which the Office of the Comptroller of the Currency levied penalties in 2020.

By Dan Ennis • Jan. 4, 2022

OCC lays out climate-risk framework, seeks feedback

Many of the agency's "draft principles" are of the 10,000-foot variety, but it still marks a first among federal banking regulators. The OCC said it plans to follow up with more specific guidance next year.

By Dan Ennis • Dec. 17, 2021

Crypto execs tout financial inclusion during digital-asset hearing

Circle, for example, aims to funnel "billions of dollars" of USDC dollar-denominated reserves into minority depository institutions to aid underserved communities, CEO Jeremy Allaire told lawmakers Wednesday.

By Anna Hrushka • Dec. 9, 2021

Crypto, cybersecurity and climate in focus in OCC risk report

"The OCC is approaching crypto-related activities in the federal banking system very carefully with a high degree of caution and expects its supervised institutions to do the same," the agency said in its report.

By Anna Hrushka • Dec. 7, 2021

Senate banking panel chair seeks stablecoin issuer feedback

The complexity of stablecoins makes it difficult for investors and consumers to fully understand their potential risks, Sen. Sherrod Brown, D-OH, said in letters to eight issuers and exchanges, including Coinbase and Tether.

By Anna Hrushka • Nov. 29, 2021

Fintechs Blueacorn, Womply added to House panel's PPP probe

A subcommittee focused on COVID-19's impact seeks documents and information on the companies' fraud prevention measures. The panel made similar requests of Kabbage, BlueVine and others in May.

By Dan Ennis • Nov. 24, 2021