Risk: Page 3
-
Bank groups flag concerns with CFPB’s open banking proposal
The Bank Policy Institute and The Clearing House want the consumer watchdog to take a tougher stance on screen scraping, and allow banks to charge fees to cover the cost of enabling data sharing.
By Anna Hrushka • Jan. 3, 2024 -
Column
It may be loose-end season at BNP Paribas
France's largest lender agreed to pay up to €600 million to borrowers who used a mortgage product that soured amid a debt crisis. But the specter of an anti-money laundering probe looms.
By Dan Ennis • Jan. 3, 2024 -
Trendline
Top 5 stories from Banking Dive
Banks brace to see if commercial real estate exposure will trigger a rerun of last year’s crisis. And regulators face a mountain of comments from the most contentious proposed rule in decades.
By Banking Dive staff -
Finma calls for more powers after Credit Suisse’s collapse
Between 2018 and 2022, the Swiss regulator conducted 108 on-site supervisory reviews at Credit Suisse. It found 382 points that required action — 113 of which were classified as high or critical.
By Rajashree Chakravarty • Dec. 19, 2023 -
Tennessee sues BlackRock over ‘misleading’ ESG strategy
The lawsuit claims the $9.1T firm misled consumers about the scope and effects of its ESG activity, as well as released conflicting statements regarding ESG’s influence over its business decisions.
By Anna Hrushka • Dec. 19, 2023 -
FTX files plan to end its expensive bankruptcy
The plan values assets at their Nov. 11, 2022, rate, which is much lower than their value today. Bitcoin, for example, has more than doubled in price since then.
By Gabrielle Saulsbery • Dec. 19, 2023 -
OCC completes ‘discovery review’ of banks’ climate risk policies: report
The review aims to set a baseline of banks’ climate risk practices, which the OCC can measure against to determine their progress in implementing climate-related risk guidance, sources told Reuters.
By Anna Hrushka • Dec. 14, 2023 -
Sen. Warner proposes mandatory use of Fed discount window
Mandatory use of the Fed’s short-term lending facility could help erase some of the stigma associated with tapping the central bank’s safety net, the Virginia Democrat said.
By Anna Hrushka • Dec. 11, 2023 -
Iowa bank failed because of trucking investments
The bank failure should not be seen as an indictment of trucking, Division of Banking Superintendent Jeff Plagge said.
By David Taube • Dec. 11, 2023 -
Discover to spend at least $500M on compliance next year
“We’re going to continue to invest whatever we have to invest in order to get the compliance issues behind us,” CFO John Greene said last week.
By Caitlin Mullen • Dec. 11, 2023 -
Bank CEOs outline perceived dire consequences of Basel III
The proposed capital hike has been widely criticized by GOP lawmakers, who on Wednesday gave the CEOs of the nation’s largest banks ample time to voice their concerns to the Senate Banking Committee.
By Anna Hrushka • Dec. 7, 2023 -
3 takeaways from bank executives’ conference appearances
Wells Fargo is setting aside up to $1 billion for "unanticipated" severance costs. Lazard plans to stock up on managing directors. And JPMorgan kept most of First Republic's clients — with one catch.
By Dan Ennis • Dec. 6, 2023 -
Swiss private bank Pictet to pay $122.9M in US tax evasion case
“As it has admitted today, Banque Pictet knowingly conspired to conceal from the IRS the income generated by accounts which held more than $5.6 billion,” U.S. Attorney Damian Williams said in a statement Monday.
By Rajashree Chakravarty • Dec. 5, 2023 -
Breaking down capital requirements
For this primer, think of capital requirements performing a similar function for a bank that an airbag has in a car.
By Gabrielle Saulsbery • Dec. 4, 2023 -
Bank of America fined $24M by FINRA over alleged spoofing
Between October 2014 and February 2021, a former supervisor and a former junior trader at the bank executed more than 700 instances of spoofing in the U.S. Treasury secondary markets, FINRA alleged.
By Rajashree Chakravarty • Dec. 1, 2023 -
Capital hikes, geopolitics expected at bank CEO hearing
Bank executives, including JPMorgan Chase’s Jamie Dimon and Bank of America’s Brian Moynihan, will likely use the forum to push back against regulators’ proposal to raise bank capital requirements.
By Anna Hrushka • Nov. 30, 2023 -
First Fed Bank hit with FDIC consent order over fintech joint venture
The order is the latest enforcement action to come down on a bank as regulators continue to step up scrutiny of fintech partnerships.
By Anna Hrushka • Nov. 29, 2023 -
Google, Symphony launch voice analytics offering for banks
The new messaging compliance tool, which combines Google Cloud's Vertex AI with Symphony’s Cloud9, comes as regulators are cracking down on record-keeping violations at financial firms.
By Anna Hrushka • Nov. 28, 2023 -
Fed, FDIC, OCC extend long-term debt comment period
The agencies extended the deadline to Jan. 16 — the same day to which regulators extended the comment period for their capital-requirements proposal.
By Rajashree Chakravarty • Nov. 27, 2023 -
Sponsored by TruStage
Embedded insurance is revolutionizing the industry
Moving from integrated experiences to fully embedded experiences can help financial institutions improve consumer experiences and grow.
Nov. 27, 2023 -
Want to avoid an HMBradley scenario? Diversify your bank network, Treasury Prime CEO says
A recent pivot by neobank HMBradley is a prime example of what can happen when a fintech relies on just one firm to handle its financial plumbing, Treasury Prime’s Chris Dean said.
By Anna Hrushka • Nov. 22, 2023 -
Blue Ridge Bank sheds fintech partners, explores capital raise
The Charlottesville, Virginia-based firm, whose fintech program came under OCC scrutiny last year, said it is in the process of offboarding about a dozen of its roughly 50 BaaS partners.
By Anna Hrushka • Nov. 22, 2023 -
Morgan Stanley fined $6.5M over client data breach
The action from six attorneys general marks at least the fourth penalty Morgan Stanley has paid related to data breaches in recent years.
By Anna Hrushka • Nov. 17, 2023 -
Refine Intelligence raises $13M with novel approach to AML
Wayne, New Jersey-based Valley Bank took a chance on Refine as its first customer. What it saw inspired an investment from Valley Ventures, the bank’s VC arm.
By Gabrielle Saulsbery • Nov. 15, 2023 -
Third-party guidance could have ‘chilling effect’ on BaaS, former FDIC chair warns
“I don’t think that the current set of regulators really want banking-as-a-service and third-party partnerships to blossom,” former FDIC Chair Jelena McWilliams said during an event in Washington, D.C. on Tuesday.
By Anna Hrushka • Nov. 15, 2023 -
Chinese banking giant’s US arm hit by ransomware attack
The hack reportedly disrupted the trading of U.S. Treasuries. The Industrial and Commercial Bank of China Financial Services said it is investigating the attack and progressing recovery efforts.
By Anna Hrushka • Nov. 10, 2023