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

Explore the Trendline➔

Artificial intelligence

A Federal Reserve official warned about the AI “arms race” banks face against cyber threats. But what about their race against each other?

By Banking Dive staff

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

Wells Fargo staff allege anti-Latino bias in mortgage lending

Bilingual mortgage sales team members were directed to steer Spanish-speaking customers away from home equity lines of credit into costlier refinancing options without any associated disclosures, plaintiffs said.

By Rajashree Chakravarty • July 7, 2023

Philadelphia Fed restricts Quontic’s capital distribution

Quontic’s holding company must submit a capital plan and detail its cash flow projections for the remainder of 2023. The company may not pay dividends or engage in share repurchases without the regulator’s sign-off.

By Anna Hrushka • July 7, 2023

Goldman should disclose profit from SVB bond sale: Warren

In a letter addressed to Goldman CEO David Solomon, Sen. Elizabeth Warren, D-MA, accused the firm of profiting “at nearly every stage of Silicon Valley Bank’s collapse.”

By Anna Hrushka • July 6, 2023

SVB Securities sale clouded by liability questions

"I can't believe you'd even try to sneak this by me," a bankruptcy judge told attorneys for SVB Financial.

By Gabrielle Saulsbery • June 30, 2023

Bank failures signal need for stronger supervision, regulation: Powell

“The events of the past couple of months would have been much more difficult to manage had the largest banks been undercapitalized or illiquid,” the Fed chair said Thursday.

By Rajashree Chakravarty • June 29, 2023

Largest banks weathered hypothetical $541B hit, Fed says

All 23 of the banks subject to stress tests remained above their minimum capital requirements in this year’s scenario, which featured a severe downturn in real estate markets.

By Anna Hrushka • June 29, 2023

Yellen, regulators took ‘wrong lessons’ from bank failures: Warren

In a letter, the senator asked why the Justice Department relinquished some responsibility in its oversight of competition. She also asked when regulators would release updated merger review guidelines.

By Rajashree Chakravarty • June 28, 2023

House bill would require large banks to have chief risk officers

Under the measure, banks with $50 billion or more in assets must notify their federal and state regulators within 24 hours of a risk chief vacancy. Banks would be subject to an asset cap if the post is open for more than 60 days.

By Anna Hrushka • June 26, 2023