OCC applying ‘supply chain mindset’ to bank-fintech scrutiny: Hsu

Arrangements where multiple parties play a role in delivering financial products to consumers are more complicated, and will likely garner more scrutiny from the OCC, Acting Comptroller Michael Hsu said.

By Anna Hrushka • Oct. 24, 2023

Crypto legislation would put US ‘back in the game,’ stakeholders say

A pair of House bills would help the industry gain clarity, scale digital asset products and promote financial inclusion, cryptocurrency stakeholders said Sunday on a panel at Money20/20.

By Anna Hrushka • Oct. 23, 2023

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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

Metropolitan Commercial Bank fined $29.5M by Fed, NYDFS

“MCB failed to prevent a massive, ongoing fraud in the MovoCash prepaid card program, allowing bad actors to abuse the financial system,” New York’s superintendent of financial services said.

By Rajashree Chakravarty • Oct. 20, 2023

Fed developing broader stress test scenarios: Barr

Additional scenarios would be “exploratory” and wouldn’t be used to set a bank’s stress capital buffer requirement, Fed Vice Chair for Supervision Michael Barr said.

By Anna Hrushka • Oct. 20, 2023

Fed keeps U.S. Bank in lower capital category

The approval, announced Tuesday, frees the Minneapolis-based firm from stricter capital requirements designated for banks with more than $700 billion in assets.

By Anna Hrushka • Oct. 18, 2023

Texas ramps up probe into JPMorgan, BofA, Wells fossil-fuel ties

The state's attorney general wants bond issuers to check that members of a net-zero climate initiative, also including Morgan Stanley, State Street and TD, are complying with state law.

By Dan Ennis • Oct. 18, 2023

Basel publishes crypto exposure proposal

Banks will have to disclose crypto exposure by 2025 under plans unveiled Tuesday. The plans are open for public comment through Jan. 31.

By Gabrielle Saulsbery • Oct. 17, 2023

Can JPMorgan Chase fill the startup banking void?

The New York City-based firm added close to 200 bankers to its division that serves startups and VC-backed businesses this year as it looks to fill a space vacated by Silicon Valley Bank.

By Anna Hrushka • Oct. 17, 2023

Taiwanese bank ends US bank deal, citing market conditions

Taichung Commercial Bank will pay $500,000 to American Continental Bank for the terminated agreement. The banks announced a roughly $82.1 million acquisition last year.

By Rajashree Chakravarty • Oct. 17, 2023

Citi shed 2,000 positions in Q3, but tech hires offset them

The bank wants to cut five of its 13 management layers, with unit co-heads particularly at risk. Citi will also streamline financial-management reports. More personnel cuts are expected in November.

By Dan Ennis • Oct. 16, 2023

Regulators ramp up pressure on BaaS banks

Firms that work with fintechs are coming under more scrutiny as examiners look to recalibrate their supervision of banks that operate banking-as-a-service programs, Klaros Group’s Konrad Alt said.

By Anna Hrushka • Oct. 11, 2023

Barr: Capital proposal will have ‘limited’ impact on lending costs

Speaking to the American Bankers Association on Monday, Fed Vice Chair for Supervision Michael Barr pushed back on claims that new capital rules would hamper lending activity.

By Anna Hrushka • Oct. 9, 2023

Banks face AI ‘arms race’ in battle against cyber threats: Barr

It is critical for financial institutions to make investments in generative AI to safeguard against cyberattacks, the Federal Reserve's vice chair for supervision said.

By Anna Hrushka • Oct. 6, 2023

Bowman: Regulatory thresholds, deposit insurance need more research

“Bank failures demand scrutiny, but bank failures alone do not justify wholesale revisions to the bank regulatory framework,” the Federal Reserve governor said at a conference Wednesday.

By Rajashree Chakravarty • Oct. 5, 2023

Fed OIG faults central bank’s Silvergate supervision

Silvergate “grew exponentially in a 5-year period,” growing its assets from less than $1 billion in 2017 to more than $16 billion at the end of 2021, the OIG said in a report that criticized the central bank’s supervision of the bank.

By Rajashree Chakravarty • Oct. 4, 2023

Goldman, JPMorgan, BofA to pay CFTC $53M over swap reporting errors

Goldman Sachs will pay $30 million, while JPMorgan Chase and Bank of America will pay $15 million and $8 million, respectively, in civil monetary penalties, the agency said.

By Rajashree Chakravarty • Oct. 2, 2023

Three Arrows Capital co-founder arrested in Singapore

Su Zhu founded crypto hedge fund 3AC with Kyle Davies in 2012. Its bankruptcy 10 years later contributed to the downfall of several crypto companies. Recently, a Singapore court called for jail time.

By Gabrielle Saulsbery • Oct. 2, 2023

Top bank CEOs to testify Dec. 6 to Senate panel

Executive compensation may take center stage at the hearing. But the CEOs may also use the forum to criticize a capital proposal they say will hamper their ability to extend credit.

By Anna Hrushka • Oct. 2, 2023

Fed scrutiny failed to match SVB’s growth: Fed inspector general

Examiners assigned to Silicon Valley Bank, which collapsed in March, did not have sufficient expertise in supervising large, complex institutions, according to the Fed inspector general.

By Anna Hrushka • Sept. 29, 2023

Banking events for the 2023-24 conference season

It’s time to plan for the rest of this year and beyond. Banking Dive has you covered with a running list of industry conferences, expos and meetings.

By Dan Ennis • Sept. 29, 2023

Washington Trust to pay $9M in redlining settlement: DOJ

The community bank engaged in discriminatory lending practices from 2016 to at least 2021 in predominantly Black and Hispanic neighborhoods in Rhode Island, the DOJ said.

By Rajashree Chakravarty • Sept. 28, 2023

Landmark cannabis banking bill heads to full Senate

While Wednesday’s vote advances the landmark SAFER Banking Act to the Senate floor, the bill’s companion legislation in the House faces uncertainty in the Republican-controlled chamber.

By Anna Hrushka • Sept. 27, 2023

Cannabis-friendly banks face pressure to differentiate

Banks have used risk-based pricing and non-interest-bearing accounts to justify the high cost and labor associated with banking the sector. But as more players enter the game, firms weigh rethinking their strategies.

By Anna Hrushka • Sept. 26, 2023

Chase digital bank to ban crypto payments for UK customers

“If we think you're making a payment related to crypto assets, we'll decline it,” Chase U.K. told customers in an email reported by CoinDesk.

By Gabrielle Saulsbery • Sept. 26, 2023

JPMorgan agrees to pay $75M to settle USVI’s Epstein case

The settlement, roughly a month before trial was set to start, includes $30 million for charities meant to address human trafficking and other sex crimes. The bank also reached a confidential deal with ex-executive Jes Staley.

By Dan Ennis • Sept. 26, 2023