Wells Fargo workers file petition to join union

Working conditions and pay concerns spurred employees at branches in New Mexico and Alaska to signal they’ll hold elections to join the Communications Workers of America’s Wells Fargo Workers United.

By Dan Ennis • Nov. 21, 2023

Signature Bank CRE, apartment loans have likely winning bids: reports

Billions of dollars in commercial real estate loans, and loans tied to rent-regulated buildings, will likely go to different bidders, Bloomberg and The Wall Street Journal reported Sunday.

By Gabrielle Saulsbery • Nov. 20, 2023

Explore the Trendline➔

Fraud and AML in banking

The past year has been one of reckoning with regard to fraud — from TD’s $3 billion AML penalty to the continuing punitive phase connected to PPP misdeeds, crypto bankruptcies and pig butchering.

By Banking Dive staff

SEC hit companies with $5B in penalties in fiscal 2023

The agency took almost 800 enforcement actions, the second-highest ever, fueled by 18,000 whistle-blower tips. Wells Fargo and HSBC were among banks that paid millions of dollars in penalties in the WhatsApp probe.

By Robert Freedman • Nov. 20, 2023

5 takeaways from Michael Barr’s remarks at The Clearing House conference

The Fed's vice chair for supervision expressed optimism about FedNow’s benefits while making the case for the central bank's contentious capital-requirements proposal.

By Suman Bhattacharyya • Nov. 20, 2023

Gruenberg takes responsibility for FDIC culture as lawmakers demand probes

House Financial Services Committee Republicans suggest cultural issues may have contributed to a shortage of examiners ahead of Signature Bank's failure.

By Dan Ennis • Nov. 20, 2023

Banks’ deposit insurance tab grows as calls for FDIC chief’s ouster persist

The agency is seeking $16.3 billion to make up for losses from failed banks. Meanwhile, several lawmakers are urging Martin Gruenberg to step down in the wake of misconduct allegations and a change in testimony.

By Dan Ennis • Nov. 17, 2023

Morgan Stanley fined $6.5M over client data breach

The action from six attorneys general marks at least the fourth penalty Morgan Stanley has paid related to data breaches in recent years.

By Anna Hrushka • Nov. 17, 2023

Ramaswamy unveils crypto plan

The Republican is the first presidential candidate in his party to address crypto in his campaign platform.

By Gabrielle Saulsbery • Nov. 17, 2023

Third-party guidance could have ‘chilling effect’ on BaaS, former FDIC chair warns

“I don’t think that the current set of regulators really want banking-as-a-service and third-party partnerships to blossom,” former FDIC Chair Jelena McWilliams said during an event in Washington, D.C. on Tuesday.

By Anna Hrushka • Nov. 15, 2023

FDIC to conduct third-party audit following report of ‘sexualized’ culture

Following a Wall Street Journal report on his agency’s “boys’ club,” FDIC Chair Martin Gruenberg said BakerHostetler would conduct a review on his agency within 90 days.

By Gabrielle Saulsbery • Nov. 14, 2023

GOP senators blast capital-requirements proposal ahead of hearing

Sen. Tim Scott, R-SC, and 38 other lawmakers asked the Fed, FDIC and OCC to withdraw the proposal in a letter one day before representatives of each agency testify on Capitol Hill.

By Dan Ennis • Nov. 14, 2023

Revolut appoints interim CFO as it races to meet filing deadline

Revolut’s interim CFO and new U.K. CEO face an upward battle to win the fintech’s long-sought after U.K. banking license.

By Grace Noto • Nov. 10, 2023

Morgan Stanley wealth management business faces Fed probe: report

The investment bank’s vetting processes for potential foreign clients has been under investigation by the central bank since 2020, according to The Wall Street Journal.

By Gabrielle Saulsbery • Nov. 9, 2023

Wells Fargo execs expect asset cap to extend into 2025: report

The bank’s top executives believe the first quarter of 2025 will be the earliest that a $1.95 trillion asset cap imposed by the Federal Reserve could be lifted, Bloomberg reported.

By Anna Hrushka • Nov. 9, 2023

Fifth Third to pay $8M SEC penalty, warns of solar lending probe

The bank said it is cooperating with “several civil investigative demands” from state attorneys general looking into the lending practices of a solar finance firm it acquired.

By Dan Ennis • Nov. 9, 2023

Half of CFTC’s 2023 enforcement actions had crypto ties

Of the Commodity Futures Trading Commission's 96 enforcement actions charging fraud, manipulation, and other violations in fiscal 2023, 47 were against players in the digital asset space.

By Gabrielle Saulsbery • Nov. 8, 2023

Citi fined $25.9M over alleged discrimination

The bank, between 2015 and 2021, denied certain credit card products to applicants with surnames ending in “ian” and “yan,” suffixes that Citi employees associated with Armenian national origin, the CFPB said.

By Anna Hrushka • Nov. 8, 2023

CFPB proposes new oversight for payment tech firms

Google, Apple and 15 other big non-bank technology companies that provide digital wallets or payments apps would be subject to increased regulation if a new Consumer Financial Protection Bureau rule is approved.

By Lynne Marek , James Pothen • Nov. 7, 2023

Iowa community bank becomes 5th to fail this year

The $66 million-asset Citizens Bank of Sac City, Iowa, entered receivership of the FDIC on Friday and was then acquired by Iowa Trust & Savings.

By Gabrielle Saulsbery • Nov. 7, 2023

Banks tighten standards on loans to companies of all sizes: Fed

Demand for commercial and industrial loans fell during the third quarter as the Fed pushed up the benchmark interest rate to a 22-year high.

By Jim Tyson • Nov. 6, 2023

FSOC to strengthen oversight on nonbanks

The rule effectively reverses Trump-era regulation allowing nonbanks, such as hedge funds, to be designated systemically important.

By Gabrielle Saulsbery • Nov. 6, 2023

U.S. Bank, KeyBank may be next on the WhatsApp hit list

A look at SEC filings from last week signal looming record-keeping penalties and a broadening probe of COVID-era unemployment benefits at the nation's largest “super-regional.”

By Dan Ennis • Nov. 6, 2023

How onboarding sets banks and customers up for a long and valuable relationship

With the right technology, banks can continuously build on the success of onboarding.

Nov. 6, 2023

RBC to pay SEC $6M to settle software accounting violation charges

The bank lacked a “reliable method” to determine the right capitalization rate for internally developed software costs and applied the same rate each year between 2008 and 2020, the regulator said.

By Maura Webber Sadovi • Nov. 3, 2023

Former FTX CEO found guilty on 7 counts

Nearly a year after FTX's collapse and 11 months after his arrest in the Bahamas, Sam Bankman-Fried has been found guilty of fraud. Sentencing was tentatively set for March 28.

By Gabrielle Saulsbery • Nov. 2, 2023