Regions fined $2.95M over flood insurance violations

The bank failed to monitor a portfolio of home equity loans for compliance “due to changes in loan servicing platforms and third-party service providers,” the Federal Reserve said.

By Gabrielle Saulsbery • Aug. 22, 2023

Nasdaq to delist Republic First for failing to file SEC paperwork

The Philadelphia bank blamed previous leadership for delays in its audit and annual report. The lender has weathered board upheaval and a spike in trading when similarly named First Republic faltered.

By Dan Ennis • Aug. 22, 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

Tennessee man pleads guilty to $1M fraud in PPP, EIDL case

Former local political candidate John Paul Dillon faces up to 90 years in prison and $2.5 million in damages over falsified information on COVID-era aid applications.

By Gabrielle Saulsbery • Aug. 22, 2023

Supreme Court won’t let Republican AGs join CFPB funding case

Twenty-seven attorneys general petitioned last month for their own platform in oral arguments over the constitutionality of the agency's funding.

By Dan Ennis • Aug. 22, 2023

JPMorgan’s lawsuit against Frank execs on ice through criminal trial

Prioritizing the criminal case against Charlie Javice and Olivier Amar may “hasten settlement [or] obviate the need for this case altogether,” a judge ruled Thursday.

By Gabrielle Saulsbery • Aug. 21, 2023

Fed orders wind-down of FTX-associated Farmington State Bank

The central bank alleged the small Washington state-based lender changed its business plan and started working with digital assets without first gaining regulatory approval.

By Gabrielle Saulsbery • Aug. 18, 2023

Citi gives Edward Jones a second chance at banking

The brokerage firm applied for an industrial loan charter license in 2020, but withdrew the application last year, citing “the current environment” and “recent conversations” with the FDIC.

By Anna Hrushka • Aug. 18, 2023

Malvern Bancorp, ex-CFO settle with SEC over ‘material misstatements’

The former CFO of Malvern Bancorp failed to maintain accurate books and records and implement effective internal controls over financial reporting, the SEC found.

By Alexei Alexis • Aug. 17, 2023

Silvergate CEO out as bank continues wind-down

CEO Alan Lane left his role Tuesday, alongside Chief Legal Officer John Bonino. Chief Financial Officer Antonio Martino will follow on Sept. 30.

By Gabrielle Saulsbery • Aug. 17, 2023

SVB Financial claims it’s losing $9M a month in FDIC battle

The holding company, which filed for bankruptcy on March 15, said it stands to lose $100 million annually if the regulator continues to hold on to nearly $2 billion in seized deposits.

By Anna Hrushka • Aug. 16, 2023

FDIC chair previews tougher regulations for large banks

Martin Gruenberg said regulators plan to improve the orderly resolution of banks with more than $100 billion in assets — a category that included failed Silicon Valley Bank.

By Rajashree Chakravarty • Aug. 15, 2023

Custodia launches with US dollar deposits, preps crypto custody

The bank, which is engaged in a legal battle with the Fed, said it’s initially serving U.S. business customers only and awaiting final regulatory clearance to launch its bitcoin custody service.

By Anna Hrushka • Aug. 14, 2023

Bittrex settles with SEC for $24M

The bankrupt crypto exchange, its former CEO, and Bittrex’s foreign affiliate paid to settle charges, without admission of guilt, of operating an unregistered national securities exchange.

By Gabrielle Saulsbery • Aug. 11, 2023

Senators urge Fed to overhaul big-bank merger policy

A revamp is critical given the spate of regional bank failures this year, said Sen. Sherrod Brown, D-OH, and three others, who accused the central bank of approving mergers under an “old rubric.”

By Anna Hrushka • Aug. 10, 2023

Riverview Bank ousts CEO

Kevin Lycklama's termination, effective Sept. 6, was voted on by the board of directors last week, following a paid administrative leave.

By Gabrielle Saulsbery • Aug. 10, 2023

6 CFO tips for handling the backlash against ESG

The ESG backlash has compelled companies to alter their sustainability strategies, including ensuring close alignment with core business goals, the Conference Board said.

By Jim Tyson • Aug. 9, 2023

New Fed unit to supervise crypto, nonbank partnerships

The central bank clarified that any state bank it supervises must get the regulator’s green light before issuing, holding or transacting in dollar tokens, such as stablecoins, to facilitate payments.

By Anna Hrushka • Aug. 9, 2023

2 in 3 finance workers would quit if flex work were taken away: survey

About 18% of 700 respondents to the Deloitte study said they preferred to work from the office three or four days a week, yet 62% said they felt it would be bad for their careers if they came in less.

By Dan Ennis • Aug. 9, 2023

Warren wants Goldman CEO to name bankers tied to SVB deals

The senator asked David Solomon to provide more specifics into his bank's dual role as an adviser to SVB and as a buyer of its assets.

By Dan Ennis • Aug. 9, 2023

Wells Fargo to pay $200M to settle WhatsApp probes

The San Francisco-based lender is one of 11 firms, including BNP Paribas, that reached settlements with the SEC on Tuesday, as U.S. regulators continue their crackdown on records retention violations.

By Anna Hrushka • Aug. 8, 2023

KeyBank misled investors on liquidity, lawsuit claims

The bank blamed marginal funding costs for its downward revision of net interest income, a shareholder said. But that adjustment came less than a week before confidence in regional lenders spiraled.

By Dan Ennis • Aug. 8, 2023

Lawmakers blast FDIC’s ‘feeble response’ to deposit misreporting

If left unchecked, the underreporting could lead to shortfalls to the Deposit Insurance Fund, which “could threaten the stability of the entire U.S. banking system,” warned Sen. Elizabeth Warren, D-MA, and Rep. Katie Porter, D-CA.

By Anna Hrushka • Aug. 7, 2023

Could OceanFirst’s CRA troubles have tanked its proposed merger?

The New Jersey lender's CRA rating dropped to “needs to improve” around the same time it announced a merger with Partners Bancorp, a new OCC report shows. The deal fell apart in November 2022.

By Gabrielle Saulsbery • Aug. 4, 2023

Record number of ESG shareholder proposals go to a vote

As of June 30, approval rates for shareholder proposals focused on environmental and social issues fell compared to all of 2022, Diligent Market Intelligence said.

By Jim Tyson • Aug. 4, 2023

Revolut halts US crypto trading

U.S. customers will no longer be able to buy tokens on the neobank’s platform as of Sept. 2, and crypto access for those users will be disabled a month later, the neobank said.

By Anna Hrushka • Aug. 4, 2023