Former First Republic Bank executives under FDIC investigation

The FDIC can ban former directors and officers from the banking industry if they are found to have made decisions with "willful or continuing disregard" for a bank’s best interests. The FDIC can also impose fines on these individuals.

By Gabrielle Saulsbery • Nov. 2, 2023

Funding Circle gets long-awaited shot at SBA lending

Funding Circle joins Arkansas Capital Corp. and Alaska Growth Capital BIDCO as the first nondepository institutions to be granted new Small Business Lending Company licenses in 40 years.

By Anna Hrushka • Nov. 1, 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 investigates Wells Fargo’s cash sweep feature

The SEC is investigating the cash sweep options the bank provides to investment advisory clients, adding to the laundry list of regulatory scrutiny the bank has come under in recent years. 

By Anna Hrushka • Nov. 1, 2023

Do Kwon wants SEC suit tossed

Attorneys for Kwon, the once-fugitive founder of Terraform Labs, said that the Securities and Exchange Commission has yet to prove he did anything wrong.

By Gabrielle Saulsbery • Oct. 31, 2023

Non-bank financial institutions must report data security breaches: FTC

The amendment to the FTC’s Safeguards Rule would require non-banking financial institutions to report when they discover information impacting at least 500 people has been accessed without authorization.

By Rajashree Chakravarty • Oct. 31, 2023

What bank, fintech execs are saying about AI

Ahead of the Biden administration’s landmark executive order unveiled on Monday, banks and fintech executives discussed AI use cases and implications at Money20/20 last week.

By Anna Hrushka , Gabrielle Saulsbery • Oct. 30, 2023

A look at Week 4 of the Sam Bankman-Fried trial

Bankman-Fried admitted that FTX didn't turn out how he expected: "A lot of people got hurt," he said. But he said he didn't defraud anyone.

By Gabrielle Saulsbery • Oct. 27, 2023

Fed terminates Citi FX enforcement action from 2015

The bank in 2015 pleaded guilty to conspiring to manipulate the price of dollars and euros exchanged in the foreign currency exchange spot market.

By Gabrielle Saulsbery • Oct. 27, 2023

Court pauses CFPB small-biz data collection rule nationwide

An earlier limited injunction “leaves non-exempted lenders subject to the discretion of an agency whose very ability to act is a matter of constitutional concern,” a Texas federal judge wrote Thursday.

By Dan Ennis • Oct. 27, 2023

CRA update lets banks get credit for climate resilience

“We have learned through hard-earned experience that it is better to address risks as they emerge, rather than after they’ve caused damage,” OCC Acting Comptroller Michael Hsu said at an FDIC board meeting Tuesday.

By Lamar Johnson • Oct. 26, 2023

Cross River CEO predicts ‘bonanza’ for fintech, BaaS banks in 2024

While elevated interest rates continue to hammer traditional firms, banking-as-a-service remains a strong business model for tech-savvy firms who have fostered partnerships with fintechs, Gilles Gade said at Money20/20.

By Anna Hrushka • Oct. 25, 2023

CRA revision spurs predictable reactions, several Bowman objections

An update to the anti-redlining law brought no shortage of thoughts from the Fed's most vocal conservative, but other criticism appeared relatively muted.

By Dan Ennis • Oct. 25, 2023

SEC’s Peirce questions if crypto court fights are best use of resources

“I do worry that some of the things that we're doing in the crypto space could have adverse effects on the rest of the agency’s work,” she said. “Why don't we ... help people by thinking through some of the issues ahead of time?”

By Gabrielle Saulsbery • Oct. 25, 2023

FinCEN warns over Hamas, crypto ties

“Hamas moves funds through the smuggling of physical currency as well as a regional network of complicit money transmitters, exchange houses, and Hizballah-affiliated banks,” the FinCEN said in its alert.

By Rajashree Chakravarty • Oct. 24, 2023

OCC applying ‘supply chain mindset’ to bank-fintech scrutiny: Hsu

Arrangements where multiple parties play a role in delivering financial products to consumers are more complicated, and will likely garner more scrutiny from the OCC, Acting Comptroller Michael Hsu said.

By Anna Hrushka • Oct. 24, 2023

Crypto legislation would put US ‘back in the game,’ stakeholders say

A pair of House bills would help the industry gain clarity, scale digital asset products and promote financial inclusion, cryptocurrency stakeholders said Sunday on a panel at Money20/20.

By Anna Hrushka • Oct. 23, 2023

Fed, FDIC, OCC extend capital-requirements comment period

The agencies are also launching an effort to collect more data from banks affected by the proposal. Comments are now due Jan. 16.

By Dan Ennis • Oct. 20, 2023

Metropolitan Commercial Bank fined $29.5M by Fed, NYDFS

“MCB failed to prevent a massive, ongoing fraud in the MovoCash prepaid card program, allowing bad actors to abuse the financial system,” New York’s superintendent of financial services said.

By Rajashree Chakravarty • Oct. 20, 2023

Fed developing broader stress test scenarios: Barr

Additional scenarios would be “exploratory” and wouldn’t be used to set a bank’s stress capital buffer requirement, Fed Vice Chair for Supervision Michael Barr said.

By Anna Hrushka • Oct. 20, 2023

Downsizing rule #2: If your bank is cutting jobs, think before you post

One Citi banker may have learned it’s probably never a good time to snark about the Holocaust on Instagram. Not when Israel and Hamas are at war, and not when Citi is shrinking its headcount.

By Dan Ennis • Oct. 20, 2023

Ameris Bank to pay $9M to settle DOJ redlining probe

Other lenders, between 2016 and 2021, generated mortgage applications in Jacksonville, Florida's majority-Black and Hispanic neighborhoods at three times the rate that Ameris did, the agency alleged.

By Dan Ennis • Oct. 20, 2023

CFPB unveils open banking proposal

The rule will make it easier for consumers to share deposit account and credit card data with fintechs, the CFPB said. Future rulemaking may also include mortgage, auto loan and student loan data, the bureau said.

By Anna Hrushka • Oct. 19, 2023

Judge removes Tulsa massacre references from DOJ redlining order

The judge said the reference to the 1921 Tulsa Race Massacre was not essential to determine the American Bank of Oklahoma’s lending practices a century later.

By Rajashree Chakravarty • Oct. 19, 2023

NY AG sues Gemini, Genesis, Digital Currency Group for fraud

Letitia James has sued multiple crypto firms this year. Now, she seeks to bar Gemini, Genesis and DCG from working in New York after alleging that they defrauded 230,000 people out of $1.1 billion.

By Gabrielle Saulsbery • Oct. 19, 2023

Fed’s Bowman urges ‘responsible innovation’

The U.S. already has a “safe and efficient payment system” that could be disrupted by CBDCs or stablecoins, the central bank governor said.

By James Pothen • Oct. 19, 2023