Fed scrutiny failed to match SVB’s growth: Fed inspector general

Examiners assigned to Silicon Valley Bank, which collapsed in March, did not have sufficient expertise in supervising large, complex institutions, according to the Fed inspector general.

By Anna Hrushka • Sept. 29, 2023

Banking events for the 2023-24 conference season

It’s time to plan for the rest of this year and beyond. Banking Dive has you covered with a running list of industry conferences, expos and meetings.

By Dan Ennis • Sept. 29, 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

Washington Trust to pay $9M in redlining settlement: DOJ

The community bank engaged in discriminatory lending practices from 2016 to at least 2021 in predominantly Black and Hispanic neighborhoods in Rhode Island, the DOJ said.

By Rajashree Chakravarty • Sept. 28, 2023

BNP Paribas tracking London office badge swipes: report

"Many of our competitors have already implemented similar measures,” the bank said in a memo to BNP employees, according to Reuters.

By Gabrielle Saulsbery • Sept. 28, 2023

OCC taps agency insider to head new fintech office

Donna Murphy, who is also the deputy comptroller for compliance risk policy at the OCC, took over the unit in September. An OCC spokesperson declined to comment on the former CFTO’s exit.

By Rajashree Chakravarty • Sept. 27, 2023

Landmark cannabis banking bill heads to full Senate

While Wednesday’s vote advances the landmark SAFER Banking Act to the Senate floor, the bill’s companion legislation in the House faces uncertainty in the Republican-controlled chamber.

By Anna Hrushka • Sept. 27, 2023

DOJ probes UBS, Credit Suisse over sanctions breaches

Credit Suisse’s alleged compliance issues may have caused some Russian clients to avoid sanctions, resulting in a Department of Justice investigation, Bloomberg reported.

By Gabrielle Saulsbery • Sept. 27, 2023

Cannabis-friendly banks face pressure to differentiate

Banks have used risk-based pricing and non-interest-bearing accounts to justify the high cost and labor associated with banking the sector. But as more players enter the game, firms weigh rethinking their strategies.

By Anna Hrushka • Sept. 26, 2023

Judge dismisses lawsuit against NY Fed over COVID vaccine firings

In his decision, the judge said it would be an “extreme proposition” to make allowance “whenever someone with a political objection to a rule wraps that objection in religious garb.”

By Rajashree Chakravarty • Sept. 26, 2023

SEC, FINRA each fine Goldman $6M for sending inaccurate data

Goldman Sachs provided inaccurate or incomplete ‘blue sheet’ data on no less than 163 million transactions over the last decade, the SEC said. The bank also misreported 97 million trades to FINRA.

By Gabrielle Saulsbery • Sept. 25, 2023

House panel passes bill to thwart CBDC

The Financial Services Committee advanced a bill last week that would block the creation of a central bank digital currency.

By Lynne Marek • Sept. 25, 2023

FDIC’s Hill: Regulatory agenda may be too packed

At a Cato Institute event, the agency’s vice chair laid out what the regulator has on the agenda. But he's concerned it's moving too quickly on too many things.

By Gabrielle Saulsbery • Sept. 22, 2023

JPMorgan, BofA, Wells face price-fixing suit over municipal bonds

Baltimore, Philadelphia and San Diego allege eight big banks conspired to raise the rates on more than 12,000 variable-rate demand obligations from 2008 to 2016.

By Rajashree Chakravarty • Sept. 22, 2023

Bank of America boosts minimum hourly wage to $23

If the bank reaches its target of paying $25 per hour to its lowest-earning employees by 2025, it will have raised its minimum wage by 121% since 2010, it said.

By Rajashree Chakravarty • Sept. 21, 2023

Bank of Utah faces embezzlement lawsuit

Clients of Stephen Swensen, a once-respected financial adviser accused of swindling $29 million, named the bank in a lawsuit and claimed it was aware of a years-long Ponzi scheme uncovered by the SEC.

By Gabrielle Saulsbery • Sept. 21, 2023

New guidance encourages banks to define a fintech’s maturity level

Guidance released by the Alloy Labs Alliance aims to give banks an idea of how risk-management oversight may change or evolve as their fintech partner’s maturity develops.

By Anna Hrushka • Sept. 20, 2023

Morgan Stanley faces $750M lawsuit over rail-line lending

Two private-equity firms accused the bank of breach of contract and fraud over the restructuring of a deal involving investments in a loan to high-speed rail operator Brightline Holdings.

By Gabrielle Saulsbery • Sept. 19, 2023

Rakuten withdraws bid for NCUA charter

The Japanese e-commerce firm previously tried three times to gain a charter via an industrial loan company application, only to withdraw each bid months later.

By Anna Hrushka • Sept. 19, 2023

FinCEN fines Puerto Rico bank $15M on alleged BSA violations

Bancrédito failed to timely file suspicious activity reports between October 2015 and May 2022, and inadequately monitored transactions involving entities in Venezuela.

By Rajashree Chakravarty • Sept. 18, 2023

Senate panel to hold vote on cannabis banking bill

The bipartisan bill, which has passed in the House seven times but has yet to pass in the Senate, is scheduled for a committee vote Sept. 27.

By Anna Hrushka • Sept. 18, 2023

Boost your balance sheet with cannabis banking

The legal cannabis market is booming, but bankers must understand the economics of this line of business.

By Tony Repanich, President and CEO of Shield Compliance • Sept. 18, 2023

Capital-requirements dissent escalates

Two dozen Republican lawmakers are asking the Fed and others to withdraw the rule, asserting it puts politics ahead of data.

By Dan Ennis • Sept. 15, 2023

TD, First Horizon lay out post-breakup woes at the same conference

TD's U.S. chief called a Justice Department probe into AML compliance "manageable," while First Horizon detailed a $70 million charge-off on a loan to a company that's liquidating.

By Dan Ennis • Sept. 14, 2023

Trade groups ask Fed, FDIC, OCC to rework capital requirements proposal

Regulators need to show more of the data that led them to the benchmarks they're proposing, and they shouldn't plan to "refine" their analysis during the comment period, the groups said.

By Dan Ennis • Sept. 13, 2023

Scope 3 emissions flap delays final climate risk rule, Gensler says

Republican senators criticized the SEC chief for what they said is a burdensome and divisive regulatory agenda.

By Jim Tyson • Sept. 12, 2023