Texas court strikes down CFPB’s anti-discrimination effort

A judge ruled Congress does not give the bureau explicit authority to lump discrimination under UDAAP, in a win for trade groups that sued the agency.

By Dan Ennis • Sept. 12, 2023

Dimon blasts regulators’ capital proposals

The JPMorgan Chase chief called a plan that requires banks to set aside more capital for times of crisis “hugely disappointing” and lacking in transparency.

By Rajashree Chakravarty • Sept. 12, 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

Banks’ profit dropped 11% in Q2, FDIC finds

“Despite the period of stress earlier this year, the banking industry continues to be resilient. In the second quarter, key banking industry metrics were favorable,” FDIC Chair Martin Gruenberg said Thursday.

By Rajashree Chakravarty • Sept. 11, 2023

FDIC admits missteps in First Republic oversight

In the four years before the bank’s failure, the San Francisco-based lender doubled in size while examination hours declined by 11%, the FDIC said in its post-mortem.

By Anna Hrushka • Sept. 11, 2023

5 takeaways from Michael Barr’s views on CBDCs, stablecoins and more

The Federal Reserve’s vice chair for supervision spoke about “responsible innovation” Friday at a Philadelphia Fed fintech conference.

By Suman Bhattacharyya • Sept. 11, 2023

Fourth former FTX executive pleads guilty

Ryan Salame pleaded guilty to violating campaign finance laws and operating an unlicensed money transfer business. Salame could lose $1.5 billion if he fails to forfeit assets including two properties and a Porsche 911 Turbo.

By Gabrielle Saulsbery • Sept. 8, 2023

Senate confirms Jefferson, Kugler, Cook to Fed roles

Philip Jefferson becomes the second Black man to serve as the central bank’s vice chair, and Adriana Kugler becomes the board's first member of Latin descent.

By Dan Ennis • Sept. 7, 2023

Fed issues enforcement order to Kansas bank

The central bank cited deficiencies in staffing, internal controls, credit risk management, lending and credit administration, capital, IT and third-party risk management.

By Dan Ennis • Sept. 6, 2023

FDIC seeks bids for $33B in Signature CRE loans

The deadline is set for Nov. 1, according to Bloomberg. About $15 billion of the loans are tied to properties that are rent-stabilized or rent-controlled.

By Dan Ennis • Sept. 6, 2023

Average overdraft fee falls 11% to near-two-decade low: survey

The average nonsufficient funds fee, meanwhile, plunged 25% over the past year, Bankrate found. But ATM fees reached a record high. 

By Rajashree Chakravarty • Sept. 5, 2023

JPMorgan processed $1B for Epstein: USVI lawyer

The lender, which the U.S. Virgin Islands is suing for $190 million, was “a full service bank for Jeffrey Epstein’s sex trafficking,” lawyer Mimi Liu said in a hearing Thursday, according to Reuters.

By Gabrielle Saulsbery • Sept. 1, 2023

Goldman, regional bank warnings show the Fed is now playing offense

The central bank has requested action from Citizens, Fifth Third and M&T regarding capital, liquidity, technology and compliance, according to Bloomberg. Goldman’s fintech partnerships are reportedly under scrutiny, too.

By Dan Ennis • Aug. 31, 2023

Goldman to pay $5.5M CFTC fine over alleged recordkeeping failures

Software issues caused the bank to fail to record thousands of phone calls, violating recordkeeping rules and a prior cease-and-desist order, the agency said.

By Gabrielle Saulsbery • Aug. 30, 2023

FDIC should have voted on First Republic sale, board member says

Such a move would ensure no value is left on the table, Jonathan McKernan said. Other board members voiced concerns the process would take too long or be overly complex.

By Anna Hrushka • Aug. 30, 2023

Regulators want banks to hold more debt to shield against failures

Under the proposal, large banks would be required to maintain a minimum amount of eligible long-term debt equal to 3.5% of average total assets or 6% of risk-weighted assets, whichever is higher.

By Anna Hrushka • Aug. 29, 2023

Oklahoma bank to pay $1.15M to settle DOJ redlining probe

American Bank of Oklahoma cooperated in the investigation but bristled at the agency's references to the Tulsa Race Massacre in its statement.

By Dan Ennis • Aug. 29, 2023

SVB’s top supervisor at SF Fed to retire

The central bank outpost did not comment on the timing of Azher Abbasi’s departure. Niel Willardson, a longtime Minneapolis Fed official, will succeed Abbasi in the role.

By Dan Ennis • Aug. 29, 2023

Massachusetts’ top court rules against Robinhood

The Supreme Judiciary Court’s 5-0 ruling upholds the state’s fiduciary rule, holding broker-dealers like Robinhood to fiduciary duties of care and loyalty, similar to investment advisers.

By Gabrielle Saulsbery • Aug. 28, 2023

Bank groups urge regulators to delay CRA revamp

New capital requirements and a CFPB court case threaten to upend how banks design their Community Reinvestment Act programs, the Bank Policy Institute and the American Bankers Association said.

By Anna Hrushka • Aug. 28, 2023

4 takeaways from Powell’s Jackson Hole speech

Inflation is down from last year, but the Fed plans to keep on the path of restrictive monetary policy until it's at 2%, the central bank’s chair said.

By Gabrielle Saulsbery • Aug. 25, 2023

TD discloses DOJ probe of bank’s AML compliance

The Canadian lender laid out losses Thursday from its failed First Horizon deal, adding — without detail — that it expects further penalties.

By Dan Ennis • Aug. 25, 2023

JPMorgan, Goldman and others to pay $499M to end stock-lending suit

Morgan Stanley and UBS also agreed to settle the 2017 class action brought by pension funds. Bank of America is the case's sole remaining defendant.

By Gabrielle Saulsbery • Aug. 24, 2023

Morgan Stanley to pay $6.9M over WhatsApp use — to a perhaps surprise source

The U.K.'s energy regulator, Ofgem, fined a subsidiary of the bank for failing to retain communications between traders over the platform. Morgan Stanley's penalty was reduced 30% for cooperating.

By Dan Ennis • Aug. 24, 2023

CFPB sues Curo Group subsidiary over consumer loan practices

The fintech lender’s subsidiary, Heights Finance, reaped hundreds of millions of dollars in loan costs and fees through “illegal loan-churning practices," the agency said.

By Rajashree Chakravarty • Aug. 23, 2023

Policy ‘reminders’ can be dangerous at downsizing banks

Goldman's statement on office attendance could be about Labor Day. But employees may not want to risk consequences while the bank is trimming its headcount.

By Dan Ennis • Aug. 23, 2023