Wells Fargo to pay $200M to settle WhatsApp probes

The San Francisco-based lender is one of 11 firms, including BNP Paribas, that reached settlements with the SEC on Tuesday, as U.S. regulators continue their crackdown on records retention violations.

By Anna Hrushka • Aug. 8, 2023

KeyBank misled investors on liquidity, lawsuit claims

The bank blamed marginal funding costs for its downward revision of net interest income, a shareholder said. But that adjustment came less than a week before confidence in regional lenders spiraled.

By Dan Ennis • Aug. 8, 2023

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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

Lawmakers blast FDIC’s ‘feeble response’ to deposit misreporting

If left unchecked, the underreporting could lead to shortfalls to the Deposit Insurance Fund, which “could threaten the stability of the entire U.S. banking system,” warned Sen. Elizabeth Warren, D-MA, and Rep. Katie Porter, D-CA.

By Anna Hrushka • Aug. 7, 2023

Could OceanFirst’s CRA troubles have tanked its proposed merger?

The New Jersey lender's CRA rating dropped to “needs to improve” around the same time it announced a merger with Partners Bancorp, a new OCC report shows. The deal fell apart in November 2022.

By Gabrielle Saulsbery • Aug. 4, 2023

Revolut halts US crypto trading

U.S. customers will no longer be able to buy tokens on the neobank’s platform as of Sept. 2, and crypto access for those users will be disabled a month later, the neobank said.

By Anna Hrushka • Aug. 4, 2023

Wells Fargo expects ‘significant increase’ in risk-weighted assets

The bank reacted to regulators' proposed changes to capital requirements in a filing Tuesday. It also estimated it would pay $1.8 billion to replenish the FDIC's Deposit Insurance Fund.

By Dan Ennis • Aug. 2, 2023

Banks plan to tighten credit: Fed

Despite greater caution among banks, economic growth accelerated during the second quarter.

By Jim Tyson • Aug. 1, 2023

Senate ‘making good progress’ on pot banking bill, Schumer says

There may be bipartisan agreement on SAFE Banking’s goal to help the cannabis industry enter the banking fold, but lawmakers are reportedly haggling over some of the bill’s details.

By Anna Hrushka • Aug. 1, 2023

Dream First acquires Heartland Tri-State in Kansas bank failure

Heartland "became insolvent due to an isolated event," the state regulator said. Dream First adds four branches, around $139 million in assets and $130 million in deposits.

By Rajashree Chakravarty • July 31, 2023

How banks could fit into Elon Musk’s plans for an ‘everything app’

The billionaire’s intent to bring the social media platform into the banking and payments landscape presents both opportunities and risks for traditional banks, experts said.

By Anna Hrushka • July 31, 2023

BNP Paribas may be next to settle WhatsApp probes by SEC, CFTC

The French bank has reached "proposed resolutions" with the regulators. And it disclosed that it set aside €125 million for litigation. But the bank declined to say whether the two moves were related.

By Dan Ennis • July 28, 2023

Fed fines UBS $268.5M over Credit Suisse’s Archegos ties

UBS “has already begun implementing its risk framework, including actions addressing these regulatory findings, across Credit Suisse,” the bank said in a statement Monday seen by Bloomberg.

By Dan Ennis • July 24, 2023

Banks’ restatements of uninsured deposits jump fourfold

Bank of America, for instance, reduced its reported uninsured deposits by $125.3 billion. The move comes as the comment period closes for the FDIC's special assessment fee.

By Rajashree Chakravarty • July 24, 2023

Senate bill would rein in SBA’s fintech lending plan

The legislation, which heads to the full Senate, is in response to the agency’s decision to end a 40-year moratorium on admitting new nonbank entrants to its 7(a) loan program.

By Anna Hrushka • July 21, 2023

Fed fines Deutsche Bank $186M over AML practices

Deutsche highlighted its “historic tardiness” in resolving 2015 and 2017 orders from the Fed, stemming from the bank’s relationship with the Estonia branch of Danske Bank.

By Rajashree Chakravarty • July 20, 2023

Clair CEO welcomes on-demand pay regulation

Clair CEO Nico Simko weighed in on whether EWA is a payday loan and how the company offers fee-free wage access.

By James Pothen • July 20, 2023

Wells Fargo, Hello Alice team on $70M small-business fund

The fund is meant to increase banks' risk tolerance and help underserved small-business owners with credit enhancements and cash collateral deposits.

By Anna Hrushka • July 19, 2023

Cannabis fintech Dama Financial looks to double sponsor bank network

Dama Financial’s network of sponsor banks holds the deposits for cannabis-related businesses which, due to conflicting state and federal laws, often operate outside of the banking sector.

By Anna Hrushka • July 19, 2023

Barr acknowledges AI’s promise but warns of bias risk

The red flag is one of five takeaways from a speech Tuesday in which the regulator also touched on the status of the multiagency CRA revamp.

By Dan Ennis • July 18, 2023

CFPB, European regulator open a dialogue on digital rules

Buy now, pay later platforms, artificial intelligence and other developments “if left unchecked, could increase consumers’ exposure to fraud and manipulation,” the regulators said Monday.

By Rajashree Chakravarty • July 18, 2023

US Virgin Islands seeks $190M from JPMorgan in Epstein case

The U.S. territory, where Epstein owned an island, is seeking $150 million in civil penalties and another $40 million it claims the bank generated in fees tied to its relationship with the late convicted sex offender.

By Anna Hrushka • July 17, 2023

Bank trade groups fire back over Barr recommendations

Five groups asked the Federal Reserve to extend the public comment period to 120 days for upcoming proposed changes to capital requirements.

By Anna Hrushka • July 14, 2023

Celsius ex-CEO charged with fraud as FTC reaches $4.7B settlement

Prosecutors allege Alex Mashinsky misrepresented the crypto exchange's safety, profitability and risk appetite. Celsius' chief risk officer also was arrested, and three federal agencies filed lawsuits.

By Dan Ennis • July 13, 2023

Merrill Lynch to pay $12M for filing too few SARs

The penalty was dwarfed by others which parent company Bank of America faced Tuesday. The bank reported suspicious activity on transactions of $25,000 or more but should have used a $5,000 threshold, the SEC said.

By Dan Ennis • July 12, 2023

SVB Financial sues FDIC to recover $1.9B

The money seized by the FDIC during Silicon Valley Bank’s failure should be generating more than $100 million in annual interest at the current rate, the filing claimed.

By Rajashree Chakravarty • July 10, 2023