Regulations & Policy: Page 13
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Officials push Fed to finalize capital-requirements rule by August: report
The central bank “has made no decisions on timing, process or substance” of the proposal, it said in a statement seen Wednesday by Bloomberg.
By Dan Ennis • May 2, 2024 -
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Citi banker, accused of berating and intimidating employees, leaves: report
Edward Ruff was placed on leave in January as the bank investigated allegations he intimidated one co-worker and shouted insults at members of his team because they were late to a call.
By Dan Ennis • May 2, 2024 -
Explore the Trendline➔
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TrendlineArtificial intelligence
Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?
By Banking Dive staff -
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Lawmakers push to revoke Funding Circle’s SBLC license
Rep. Roger Williams and Sen. Joni Ernst wrote to SBA Administrator Isabel Guzman to raise concerns over the agency granting the London-based fintech its first SBLC license.
By Rajashree Chakravarty • May 1, 2024 -
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NYCB posts $335M loss, but shares jump on turnaround plan
CEO Joseph Otting said the lender has “identified an opportunity” to sell $5 billion in assets but declined to share details until a deal is final.
By Caitlin Mullen • May 1, 2024 -
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 -
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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 -
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Binance founder Changpeng Zhao gets 4 months in prison
The ex-crypto boss pleaded guilty in November to violating anti-money laundering law. The sentence is less than the 12 to 18 months suggested by guidelines, and 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 -
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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 -
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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 -
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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 -
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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 -
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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 -
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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 -
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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 -
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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 -
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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 -
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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
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