Risk: Page 4

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    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 • Dec. 11, 2023
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    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
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    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
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    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 • Dec. 11, 2023
  • The CEOs of the eight largest U.S. banks hold up their hands as they are sworn in.
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    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 • Dec. 7, 2023
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    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 • Dec. 6, 2023
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    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 • Dec. 5, 2023
  • As investors move cash out of banks in favor of other vehicles, the risks of money market funds bear reviewing.
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    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 • Dec. 4, 2023
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    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 • Dec. 1, 2023
  • The CEOs of the nation's largest banks face members of the House Committee on Financial Services.
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    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 • Nov. 30, 2023
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    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 • Nov. 29, 2023
  • The logo of Google Cloud is seen at the 2023 Hannover Messe industrial trade fair on April 17, 2023 in Hanover, Germany.
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    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 • Nov. 28, 2023
  • A view of the Marriner S. Eccles Federal Reserve building.
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    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 • Nov. 27, 2023
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    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
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    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 • Nov. 22, 2023
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    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 • Nov. 22, 2023
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    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 • Nov. 17, 2023
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    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 • Nov. 15, 2023
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    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 • Nov. 15, 2023
  • Ransomware spelled out in a creative depiction.
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    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 • Nov. 10, 2023
  • A close up of the Department of Treasury seal on the front of the headquarters with "the Department of Treasury" and "1789" on an outer circle and a shield with the scales of justice up top and a key.
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    Iowa community bank becomes 5th to fail this year

    The $66 million-asset Citizens Bank of Sac City, Iowa, entered receivership of the FDIC on Friday and was then acquired by Iowa Trust & Savings.

    By • Nov. 7, 2023
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    RBC to pay SEC $6M to settle software accounting violation charges

    The bank lacked a “reliable method” to determine the right capitalization rate for internally developed software costs and applied the same rate each year between 2008 and 2020, the regulator said.

    By Maura Webber Sadovi • Nov. 3, 2023
  • Sam Bankman-Fried
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    Former FTX CEO found guilty on 7 counts

    Nearly a year after FTX's collapse and 11 months after his arrest in the Bahamas, Sam Bankman-Fried has been found guilty of fraud. Sentencing was tentatively set for March 28.

    By • Nov. 2, 2023
  • Federal Trade Commission
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    Carol Highsmith. (2005). "The Apex Building" [Photo]. Retrieved from Wikimedia Commons.
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    Non-bank financial institutions must report data security breaches: FTC

    The amendment to the FTC’s Safeguards Rule would require non-banking financial institutions to report when they discover information impacting at least 500 people has been accessed without authorization.

    By • Oct. 31, 2023
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    Sponsored by Delfi

    Digital Twins: Catalyzing AI for financial risk management

    As banks look to the future, the strategic integration of AI and Digital Twin models will provide banks with the accuracy and foresight needed to navigate the ever-evolving financial landscape. 

    Oct. 30, 2023
  • Citibank logo
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    Fed terminates Citi FX enforcement action from 2015

    The bank in 2015 pleaded guilty to conspiring to manipulate the price of dollars and euros exchanged in the foreign currency exchange spot market.

    By • Oct. 27, 2023