Risk: Page 30
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Bank regulators to roll out crypto guidance in 2022
A two-page report doesn't provide many details regarding how banks should navigate digital assets, but regulators said the industry should expect further guidance throughout the next year.
By Anna Hrushka • Nov. 23, 2021 -
Permission granted by U.S. Bank
U.S. Bank pledges net-zero emissions by 2050, in a first among regionals
The bank also aims to put $50 billion by 2030 toward financing customers and projects that have a positive environmental impact. It said it is establishing a framework to more clearly track that figure.
By Dan Ennis • Nov. 11, 2021 -
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TrendlineTop 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 -
Retrieved from Senate Banking Committee.
Bank boards should press execs on climate risk, OCC says
Acting Comptroller Michael Hsu suggested five lines of questioning directors should pursue to boost banks' preparedness.
By Dan Ennis • Nov. 9, 2021 -
Regulators to issue policy on crypto, stablecoins, FDIC chair says
Jelena McWilliams shared details about the interagency "crypto sprint" involving the FDIC, the OCC and the Fed, and said the agencies plan to issue a series of policy statements in the coming months.
By Anna Hrushka • Oct. 26, 2021 -
Unsplash/Joshua Sortino
Sponsored by MXReducing fraud with account verification
How fintechs and financial institutions can ensure NACHA requirements with modern financial connectivity solutions.
Oct. 25, 2021 -
SC National Guard. (2018). "180925-Z-XH297-1108" [Photograph]. Retrieved from Flickr.
New York Fed researchers design climate stress test for banks
The paper defines what it calls CRISK — the expected capital shortfall of a financial institution in a climate stress scenario — a measure that rose significantly in 2020.
By Robin Bradley • Sept. 27, 2021 -
Courtesy of Coinbase
Coinbase scraps crypto lending product under fire from SEC
The company is also discontinuing its waitlist for Lend, a product that would have let users earn 4% interest by lending their holdings of a stablecoin to other customers.
By Dan Ennis • Sept. 21, 2021 -
Chris Hondros via Getty Images
JPMorgan Chase glitch let customers see other users' data
The breach, which lasted from May 24 to July 14, appears to have limited reach — seven customers in Montana, for example — although no details were available regarding potential impact in other states, or elsewhere.
By Dan Ennis • Aug. 23, 2021 -
Chip Somodevilla via Getty Images
ColumnStablecoin meeting's focus finally comes to light
Tether and Diem were reportedly the focus of last week's "act-quickly" directive. The Justice Department is allegedly probing whether executives behind Tether hid from banks that transactions were linked to cryptocurrency.
By Dan Ennis • July 28, 2021 -
Sen. Cory Booker clarifies SAFE Banking Act support
"For me, a good bipartisan bill like the [SAFE] banking bill is a necessary sweetener to get people to move along on the equitable justice elements that are really critical," he said.
By Anna Hrushka • July 27, 2021 -
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Sponsored by MX3 ways to keep financial data fraud from sabotaging digital CX in banking
How fintechs and financial institutions can empower the world to be financially strong.
July 26, 2021 -
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NJ, Texas order BlockFi to stop offering interest accounts
A third state, Alabama, gave the crypto exchange 28 days to show why it should be allowed to keep selling the product to state residents. At issue is whether the offering is a security.
By Dan Ennis • Updated July 23, 2021 -
Spencer Platt via Getty Images
Remote work offers test for banks amid 40-fold surge in malicious cyber activity
Incidents of phishing, malware and ransomware jumped from 5,000 per week before the pandemic to 200,000 per week in April 2021, the Financial Stability Board found in a report last week.
By David Jones • July 19, 2021 -
Justin Sullivan via Getty Images
SAFE Banking secondary to comprehensive pot reform, Senate Democrats say
The new bill, unveiled Wednesday, could become a setback for the future of the SAFE Banking Act, after lawmakers said the comprehensive reform would take priority over the more narrow banking bill.
By Anna Hrushka • July 16, 2021 -
Chip Somodevilla via Getty Images
Powell clarifies timeline on Fed CBDC paper
In two congressional hearings, lawmakers grilled the central bank chair on digital dollar development and pressed for his second term — or a change in leadership.
By Dan Ennis • July 16, 2021 -
Lintao Zhang via Getty Images
Quarles: Fed-backed digital currency poses 'significant' risks, 'unclear' benefits
His comments Monday, in which he compares cryptocurrencies to parachute pants, show the central bank is far from unified on digital dollar development.
By Dan Ennis • June 29, 2021 -
Dan Kitwood via Getty Images
ColumnBIS report shows growing divide on crypto
Central banks strike a second blow against digital tokens. Stablecoins, too, this time. The dissonance between market and government may come down to timing, or an age-old pattern concerning risk.
By Dan Ennis • June 24, 2021 -
Monica Schipper via Getty Images
Basel suggests clamping down on crypto as State Street rolls out digital-asset unit
The panel recommended the highest possible risk weighting — 1,250% — be applied to a bank's exposure to Bitcoin and some other digital tokens.
By Dan Ennis • June 10, 2021 -
Stefani Reynolds / Stringer via Getty Images
ABA warns lawmakers of CBDC 'trade-offs' ahead of hearing
Policymakers should not be swayed by international peer pressure and should proceed with "extreme caution" when it comes to the digital coin, the trade group said.
By Anna Hrushka • June 9, 2021 -
Permission granted by Office of the Comptroller of the Currency
OCC will revisit crypto charters, interpretive letters, acting chief says
Michael Hsu has said he will review the regulator's past actions regarding cryptocurrency activities and crypto firm charters, adding, "everything's on the table."
By Anna Hrushka • June 3, 2021 -
Dan Kitwood/Getty Images News via Getty Images
Neobank Paybby to bring crypto investing to Black and Brown communities
"It's a great new investment class, and the people of our community should have access to this investment class just like anybody else," CEO Hassan Miah said.
By Anna Hrushka • May 25, 2021 -
Mario Tama via Getty Images
Morgan Stanley, ex-chief diversity officer end discrimination case
The bank, which called Marilyn Booker's allegations "sweeping, sensationalized and conclusory," had sought in March to have the case dismissed. Oral arguments had been set for November.
By Dan Ennis • May 25, 2021 -
Chip Somodevilla via Getty Images
Toomey questions regional Fed banks' race-related work
The Senate Banking Committee's ranking member requested briefings with the banks on their racial equality work no later than June 7, and demanded documents and financial information about the work.
By Anna Hrushka • May 24, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo to offer crypto investment product for wealthy clients
The bank's decision to wade into crypto follows similar moves made by other large institutions, and comes as the nation's top bank regulator has indicated it plans to review past crypto-friendly actions.
By Anna Hrushka • May 20, 2021 -
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First Horizon breach highlights rising cyber threats against banks
The compromise affected fewer than 200 online accounts for a loss of less than $1 million. But three-quarters of financial institutions saw a rise in cybercrime in the year after March 2020, according to a BAE Systems report.
By David Jones • April 29, 2021
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