U.S. Bank fined $36M over freezes of COVID-era unemployment benefits

The Minneapolis-based lender flagged a CFPB probe into prepaid card use last year. The OCC added a separate penalty Tuesday.

By Dan Ennis • Dec. 20, 2023

Finma calls for more powers after Credit Suisse’s collapse

Between 2018 and 2022, the Swiss regulator conducted 108 on-site supervisory reviews at Credit Suisse. It found 382 points that required action — 113 of which were classified as high or critical.

By Rajashree Chakravarty • Dec. 19, 2023

Explore the Trendline➔

M&A

President Donald Trump’s reelection was predicted to yield loosened regulation. But tariff volatility and economic uncertainty has thrown a wrench into an expected boom in mergers and acquisitions.

By Banking Dive staff

Tennessee sues BlackRock over ‘misleading’ ESG strategy

The lawsuit claims the $9.1T firm misled consumers about the scope and effects of its ESG activity, as well as released conflicting statements regarding ESG’s influence over its business decisions. 

By Anna Hrushka • Dec. 19, 2023

Citi’s remote-work memo carries with it an air of mercy

The bank's hybrid workers won't have to return to the office in 2023. That could give them more time to update their resumes, refresh their portfolios and DM some contacts.

By Dan Ennis • Dec. 18, 2023

SEC won’t budge on crypto regulation

In denying a petition submitted by Coinbase, the agency has concluded rulemaking isn’t needed for issuers and intermediaries to know which – and how – crypto assets fit within securities law.

By Robert Freedman • Dec. 18, 2023

Credit Suisse entities pay $10M to SEC

Credit Suisse Securities and two affiliated Credit Suisse entities will pay to settle charges that they provided illegal underwriting and advising services to mutual funds.

By Gabrielle Saulsbery • Dec. 14, 2023

OCC completes ‘discovery review’ of banks’ climate risk policies: report

The review aims to set a baseline of banks’ climate risk practices, which the OCC can measure against to determine their progress in implementing climate-related risk guidance, sources told Reuters.

By Anna Hrushka • Dec. 14, 2023

House panel to subpoena BlackRock, State Street on ESG practices

House Judiciary Committee Chair Jim Jordan will subpoena four firms for more answers as to whether the companies’ climate-related efforts violate federal antitrust laws, Bloomberg reported.

By Gabrielle Saulsbery • Dec. 13, 2023

Sen. Warren draws more support for crypto crackdown bill

The bill, which would extend Bank Secrecy Act requirements to crypto players, has five new co-sponsors, days after Warren found a rare moment of common ground with JPMorgan CEO Jamie Dimon.

By Gabrielle Saulsbery • Dec. 12, 2023

FDIC panel picks Cleary Gottlieb to review workplace culture

The law firm replaces BakerHostetler, which the FDIC earlier hired to investigate allegations of sexual misconduct at the agency.

By Rajashree Chakravarty • Dec. 12, 2023

Sen. Warner proposes mandatory use of Fed discount window

Mandatory use of the Fed’s short-term lending facility could help erase some of the stigma associated with tapping the central bank’s safety net, the Virginia Democrat said.

By Anna Hrushka • Dec. 11, 2023

Signature bid results add fuel, ‘B’ plot in FDIC’s woes

Real estate investor Brookfield accused the agency of cherry-picking a winning bid that was not the highest price for a portfolio of loans from the failed Signature Bank.

By Dan Ennis • Dec. 11, 2023

Discover to spend at least $500M on compliance next year

“We’re going to continue to invest whatever we have to invest in order to get the compliance issues behind us,” CFO John Greene said last week.

By Caitlin Mullen • Dec. 11, 2023

5 Senate Republicans ask FDIC’s Gruenberg to step down

The lawmakers questioned the agency chair’s behavior, on allegations he “built a reputation for bullying and for having an explosive temper.” A Wall Street Journal report last month detailed a toxic culture at the FDIC.

By Rajashree Chakravarty • Dec. 8, 2023

21 AGs implore OCC, CFPB to force banks into cooperation

The coalition alleged that national banks often decline to cooperate with state attorneys general, despite being required to do so by the Dodd-Frank Act.

By Gabrielle Saulsbery • Dec. 8, 2023

Atlantic Union hit with $6.2M CFPB penalty

At least $5 million in illegal overdraft fees will be refunded to affected customers. A $1.2 million penalty will be paid into the CFPB’s victims relief fund. The bank denies any wrongdoing.

By Gabrielle Saulsbery • Dec. 7, 2023

Bank CEOs outline perceived dire consequences of Basel III

The proposed capital hike has been widely criticized by GOP lawmakers, who on Wednesday gave the CEOs of the nation’s largest banks ample time to voice their concerns to the Senate Banking Committee.

By Anna Hrushka • Dec. 7, 2023

House Financial Services Chair McHenry won’t seek reelection

“This is not a decision I come to lightly, but I believe there is a season for everything and — for me — this season has come to an end,” Rep. Patrick McHenry, R-NC, said in a statement Tuesday.

By Rajashree Chakravarty • Dec. 6, 2023

CFPB’s MoneyLion suit paused for Supreme Court funding ruling

MoneyLion, which is being sued by the CFPB over claims it violated the Military Lending Act, was granted its request for a pause ahead of the Supreme Court’s ruling on the CFPB’s funding structure.

By Anna Hrushka • Dec. 6, 2023

3 takeaways from bank executives’ conference appearances

Wells Fargo is setting aside up to $1 billion for "unanticipated" severance costs. Lazard plans to stock up on managing directors. And JPMorgan kept most of First Republic's clients — with one catch.

By Dan Ennis • Dec. 6, 2023

WaFd, Luther Burbank extend merger deadline to February

Both banks say they're "fully committed" to the deal, but it's the second delay for the transaction, originally expected to close by June 2023. It also faces opposition from a coalition of 54 nonprofits.

By Gabrielle Saulsbery • Dec. 5, 2023

Wells Fargo union-linked lawsuit, settlement get lost in the shuffle

An employee accused Wells of improperly denying overtime to its senior premier bankers. But that story was overtaken in the news cycle by another Wells legal matter: ex-CEO Tim Sloan's $34 million lawsuit.

By Dan Ennis • Dec. 5, 2023

House votes to repeal CFPB small-business data collection rule

The Republican-led chamber voted 221-202 to repeal the CFPB small-business data collection rule. President Joe Biden is expected to veto it, according to sources.

By Rajashree Chakravarty • Dec. 4, 2023

Wells Fargo’s ex-CEO Sloan sues bank for $34M

The San Francisco-based lender is “depriving Mr. Sloan of tens of millions of dollars” in canceled stock awards and unpaid bonuses, and causing “emotional distress,” lawyers wrote.

By Dan Ennis • Dec. 4, 2023

Breaking down capital requirements

For this primer, think of capital requirements performing a similar function for a bank that an airbag has in a car.

By Gabrielle Saulsbery • Dec. 4, 2023