Regulations & Policy: Page 2
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Permission granted by TD Bank
TD sets aside $450M for AML penalties
The amount, however, is meant to cover the fine from just one of the three U.S. regulators investigating the bank's anti-money laundering systems.
By Dan Ennis • May 1, 2024 -
Creative via Getty Images
Q&ARepublic First not alone in feeling unrealized losses: analyst
“There will be banks that have similar problems to this,” necessitating an infusion of capital or a sale, said Robert Hartheimer, an FDIC veteran who now works at consulting firm Klaros Group.
By Caitlin Mullen • May 1, 2024 -
Trendline
Fraud and AML in banking
It’s not just big banks like Citi, TD or Morgan Stanley that face stiffer AML oversight from regulators. The FDIC is looking closely at banks offering BaaS alongside fintechs.
By Banking Dive staff -
David Ryder via Getty Images
Binance founder Changpeng Zhao gets 4 months in prison
He pleaded guilty in November to violating anti-money laundering laws. The sentence is less than the 12 to 18 months suggested by guidelines, and less than the three years the DOJ was hoping for.
By Gabrielle Saulsbery • April 30, 2024 -
Anna Hrushka/Banking Dive
FDIC hits Alabama, Oklahoma banks with consent orders
In separate orders, the regulator said the banks must step up their anti-money laundering compliance programs and ensure their related training programs are sufficient.
By Caitlin Mullen • April 29, 2024 -
CFO Editorial Staff
FedNow pricing aimed at avoiding market disruption
The Federal Reserve sought to “not upset the marketplace as a second mover” when it set fees for the new instant payments system last year, a central bank official said Wednesday.
By James Pothen , Lynne Marek • April 29, 2024 -
Win McNamee via Getty Images
DOJ examines Capital One-Discover deal’s competitive angle
The Fed and the OCC extended their comment periods on the proposed acquisition until May 31. Capital One doesn’t “take any signaling” from the regulators’ decision, CEO Richard Fairbank said.
By Caitlin Mullen • April 26, 2024 -
Win McNamee via Getty Images
FDIC tables asset manager proposal
The proposed measures were shelved Thursday when FDIC director and Acting Comptroller of the Currency Michael Hsu did not support either one.
By Gabrielle Saulsbery • April 26, 2024 -
Permission granted by Customers Bank
Customers Bancorp reframes ex-CFO’s dismissal
Carla Leibold's departure was by "mutual agreement," not "cause," the bank holding company said in an amended filing. Leibold will receive $2.5 million but will forfeit her equity awards.
By Dan Ennis • April 26, 2024 -
Chris Hondros via Getty Images
Russian court orders seizure of nearly $440M in JPMorgan funds
The ongoing legal battle between state-owned VTB Bank and the largest U.S. bank revolves around funds frozen in the wake of Russia’s invasion of Ukraine and subsequent sanctions.
By Rajashree Chakravarty • April 25, 2024 -
Paul Morigi via Getty Images
BofA, Goldman shareholders nix proposals to split CEO, chair roles
Roughly 33% of Goldman voters and 31% of BofA shareholders supported the measures, an uptick from last year for both banks. JPMorgan Chase shareholders will vote on a similar measure next month.
By Caitlin Mullen • April 25, 2024 -
US seeks 3 years in prison for Changpeng Zhao, $5.3B fine for Do Kwon
The federal government is tying up loose ends to address high-profile crypto crimes of yesteryear.
By Gabrielle Saulsbery • April 24, 2024 -
Permission granted by First Internet Bank
First Internet Bank CEO talks M&A, BaaS work
After its acquisition of First Century Bank fell through in 2022, First Internet built its own banking-as-a-service team, CEO David Becker said. It now counts startup Ramp as a client.
By Caitlin Mullen • April 24, 2024 -
Chip Somodevilla via Getty Images
Two SEC attorneys resign after ‘gross abuse of power’ sanctions
A judge sanctioned the regulator in March for issues in its case against crypto platform DEBT Box. The lead attorneys on the case have resigned, according to Bloomberg.
By Gabrielle Saulsbery • April 23, 2024 -
Anna Hrushka/Banking Dive
FDIC eyes executive bonus rule, asset management passivity rule
At its next board meeting, the regulator is likely to address limits on asset managers’ power over banks as well as an unfulfilled Dodd-Frank requirement.
By Gabrielle Saulsbery • April 22, 2024 -
Permission granted by Office of the Comptroller of the Currency
OCC fines ex-CEO, founder of Michigan’s Sterling Bancorp
The executives were each ordered to pay civil penalties related to a troubled loan program the bank ran between 2011 and 2019.
By Caitlin Mullen • April 19, 2024 -
Justin Sullivan / Staff via Getty Images
15 AGs put BofA on notice for ‘de-banking’ conservatives
“Your discriminatory behavior is a serious threat to free speech and religious freedom, is potentially illegal, and is causing political and regulatory backlash,” Kansas Attorney General Kris Kobach wrote.
By Gabrielle Saulsbery • April 18, 2024 -
Scott Olson via Getty Images
Discover puts $799M more toward card misclassification issue
The card network opted to increase the card misclassification remediation reserve based in part on discussions with regulators, executives said Thursday.
By Caitlin Mullen • April 18, 2024 -
Permission granted by Truist
Truist tightens in-office attendance policy
The bank will require its hybrid employees to work on-site four days a week starting this fall, and its investment bankers to be in the office every weekday from June 1, a spokesperson said.
By Dan Ennis • April 18, 2024 -
Michael M. Santiago via Getty Images
Pathward to pay refunds, penalty tied to NY AG investigation
The bank, a frequent partner to fintechs, froze customer accounts and transferred money to debt collectors, violating state law, the NY AG’s office said.
By Caitlin Mullen • April 17, 2024 -
Drew Angerer/Getty Images via Getty Images
PNC’s Demchak urges OCC to rethink bank merger review changes
If regulators don’t promote healthy mergers of banks of all sizes, organic growth of the largest banks will accelerate until they are the only ones left, the CEO wrote in a comment letter last week.
By Caitlin Mullen • April 17, 2024 -
Kent Nishimura via Getty Images
OCC was ‘asleep at the wheel’ on NYCB, Warren says
The Massachusetts Democrat and another senator asked the regulator's acting chief why it approved NYCB's merger with Flagstar when the FDIC didn't and when it saw red flags.
By Dan Ennis • April 17, 2024 -
Drew Angerer / Staff via Getty Images
Wells Fargo CEO Scharf details asset cap limitations
When the cap is removed, the CEO anticipates Wells can further invest in its consumer or wealth businesses, build out its product offerings and be more aggressive on lending and deposits.
By Caitlin Mullen • April 16, 2024 -
Chip Somodevilla via Getty Images
Warren, Grassley want details on CFTC, Bankman-Fried meetings
FTX founder Sam Bankman-Fried and his team met with CFTC Chair Rostin Behnam 10 times in the 14 months preceding FTX's bankruptcy. Lawmakers are now asking questions.
By Gabrielle Saulsbery • April 16, 2024 -
E4C via Getty Images
US, Europe lock arms on payments regulation
U.S. and European regulators have joined forces to monitor digital payment concerns, including those related to buy now, pay later financing and big tech market participation.
By Lynne Marek • April 15, 2024 -
Jetacomputer/iStockPhoto.com
Sponsored by Shield ComplianceNavigating the complexities of cannabis rescheduling
Rescheduling may bring new complexity to cannabis banking, along with new opportunities.
By Tony Repanich • April 15, 2024
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