18 AGs sue SEC over crypto actions

A group of attorneys general led by Kentucky’s Russell Coleman allege the agency and its commissioners “sought to unilaterally wrest regulatory authority away from the States” through crypto enforcement.

By Gabrielle Saulsbery • Nov. 15, 2024

French Hill courts House panel’s top post with community banking plan

The House Financial Services Committee Republican touched on mergers, tailored regulations and changes to failed bank resolutions in a document issued Thursday.

By Rajashree Chakravarty • Nov. 15, 2024

Explore the Trendline➔

Artificial 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

Dimon needles Trump after he’s left out of Cabinet

After wishing the president-elect well and thanking him for a “very nice note,” JPMorgan Chase CEO Jamie Dimon said, “Also, I haven’t had a boss in 25 years and I’m not about ready to start.”

By Caitlin Mullen • Nov. 15, 2024

‘Dysfunction’ brought down Republic First: FDIC OIG

In a site visit five months before the Philadelphia bank’s collapse, the FDIC neglected to downgrade the bank’s CAMELS rating and replaced a recommended consent order with an informal enforcement action.

By Gabrielle Saulsbery • Nov. 14, 2024

Fed bans California bank’s ex-interim CEO over alleged PPP, EIDL fraud

Anthony R. Gressak III and another Nano Banc board member made false representations on COVID aid applications, the central bank said. Gressak also will pay a $75,000 fine.

By Dan Ennis • Nov. 13, 2024

Comerica sues CFPB over ‘costly’ prepaid card probe

The agency “failed to acknowledge” that Comerica “generally acted with the oversight … or approval of the federal government” in handling a Treasury Department program, the bank said.

By Caitlin Mullen • Nov. 12, 2024

FTX suing Binance, founder for $1.76B

The FTX estate is looking to recoup funds it alleged were “fraudulently” transferred to Binance in 2021.

By Gabrielle Saulsbery • Nov. 11, 2024

Execs from 6 banks weigh in on impact of Trump’s election

Leaders at Citi, U.S. Bank, Fifth Third and more reflected on what the industry can likely expect — and what they’re hoping for — out of a second Trump presidency.

By Caitlin Mullen • Nov. 11, 2024

Open banking to move toward FDX standard, Jack Henry exec says

Industry collaboration on open banking is likely to move forward, with or without the CFPB’s recent final rule, says the payment processor's head of engineering.

By Lynne Marek • Nov. 11, 2024

Navy Federal to pay $95M in CFPB overdraft case

The nation’s largest credit union charged overdraft fees on purchases made with sufficient funds from 2017 to 2021, generating about $44 million per year from “surprise” fees, the CFPB said.

By Rajashree Chakravarty • Nov. 8, 2024

Goldman names 95 new partners, most since 2010

The bank touted the diversity of its new class, which included 26 women. But that’s 27%, short of 29% from two years ago. About 4% of new partners are Black, less than half the 9% from 2022.

By Dan Ennis • Nov. 8, 2024

Powell says he would not resign if Trump asks

The comment — punctuated by the assertion that Trump doesn't have the authority to demote a Fed governor — comes as the central bank cut interest rates by a quarter percentage point.

By Jim Tyson • Nov. 7, 2024

How a second Trump term may change bank M&A

Under Trump, bank deal approvals are likely to “speed up markedly and the process will be more clearly delineated,” one analyst predicted.

By Caitlin Mullen • Nov. 7, 2024

Stifel rejects CFTC’s WhatsApp settlement offer

The St. Louis-based investment bank has set aside provisions but said it can't “state with certainty that a settlement will be achieved." Stifel accepted a $35 million SEC penalty in September.

By Dan Ennis • Nov. 7, 2024

FTC sues fintech Dave over alleged misleading marketing, undisclosed fees

The Federal Trade Commission filed a complaint Tuesday claiming the fintech rarely disbursed the advertised loan amount and charged consumers a “tip” without giving them the ability to opt out of it.

By Rajashree Chakravarty • Nov. 6, 2024

6 regulatory moves, people whose days are numbered under Trump

With another Trump presidency set to kick off in January, the clock has turned against several Democratic appointees and agenda items.

By Caitlin Mullen , Dan Ennis • Nov. 6, 2024

First Wells Fargo contract negotiations set to begin

Wells Fargo Workers United members in Albuquerque are sitting down this week with representatives from their employer to set off inaugural contract negotiations, 11 months after voting to unionize.

By Gabrielle Saulsbery • Nov. 5, 2024

7 ways the election could change the Senate Banking Committee

The panel’s chair, Sen. Sherrod Brown, D-OH, is engulfed in a fight for his political life. But several scenarios could shuttle power to Sens. Tim Scott, Elizabeth Warren or a wide Republican field.

By Dan Ennis • Nov. 5, 2024

Visa lawsuit may complicate DOJ’s scrutiny of Capital One-Discover deal, analysts say

If the Justice Department were to block the Capital One-Discover deal while also going after Visa, “they’d be intellectually inconsistent,” a George Mason University law professor said.

By Caitlin Mullen • Nov. 4, 2024

JPMorgan to pay $151M over flawed investment disclosures, more

The Securities and Exchange Commission issued five enforcement actions against the bank, including allegations that some JPMorgan advisers’ recommendations went against the best interests of clients.

By Dan Ennis • Nov. 1, 2024

Capital One warns of possible CFPB enforcement action

The bureau notified the lender last month it’s considering action after customers sued Capital One, claiming it never told savings account holders they could get a higher yield if they switched to another product.

By Caitlin Mullen • Nov. 1, 2024

Singh, fourth FTX exec sentenced, avoids prison

Former FTX engineering chief Nishad Singh showed an “eagerness to assist” the prosecution during its case against Sam Bankman-Fried, and a similar energy to help CEO John Ray in FTX's bankruptcy case.

By Gabrielle Saulsbery • Oct. 31, 2024

FirstSun looks to alter HomeStreet deal again

The firms are “discussing the pursuit of an alternative regulatory structure” after FirstSun said talks with the Fed and a Texas agency indicated the deal may not get a green light.

By Dan Ennis • Oct. 31, 2024

Warren blasts DOJ over TD settlement

Penalties imposed fell short and prosecutors’ “legal gymnastics” allowed the bank’s “reckless leadership” to skirt responsibility, the Democrat said.

By Caitlin Mullen • Oct. 31, 2024

5 lessons learned from Synapse’s collapse

Ledgering issues, bank partner and regulatory lapses and gross mismanagement led to a shortfall of up to $95 million between bank-held funds and amounts owed to fintech end users, a law firm found.

By Rajashree Chakravarty • Oct. 30, 2024