Cannabis fintech Dama Financial looks to double sponsor bank network

Dama Financial’s network of sponsor banks holds the deposits for cannabis-related businesses which, due to conflicting state and federal laws, often operate outside of the banking sector.

By Anna Hrushka • July 19, 2023

Barr acknowledges AI’s promise but warns of bias risk

The red flag is one of five takeaways from a speech Tuesday in which the regulator also touched on the status of the multiagency CRA revamp.

By Dan Ennis • July 18, 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

CFPB, European regulator open a dialogue on digital rules

Buy now, pay later platforms, artificial intelligence and other developments “if left unchecked, could increase consumers’ exposure to fraud and manipulation,” the regulators said Monday.

By Rajashree Chakravarty • July 18, 2023

Binance lays off at least 1,000: reports

The company told employees last month that it would stop offering certain benefits, according to The Wall Street Journal. CEO Changpeng Zhao said there could be additional layoffs every three to six months.

By Gabrielle Saulsbery • July 17, 2023

St. Louis Fed chief steps down

The reserve bank's president, James Bullard, will become dean of Purdue University’s business school next month. He will continue serving as an adviser at the St. Louis Fed until Aug. 14.

By Rajashree Chakravarty • July 14, 2023

Bank trade groups fire back over Barr recommendations

Five groups asked the Federal Reserve to extend the public comment period to 120 days for upcoming proposed changes to capital requirements.

By Anna Hrushka • July 14, 2023

Fed ends Capital One breach-related enforcement action

The OCC 10 months earlier freed the bank from a separate consent order tied to a former Amazon Web Services employee’s hack that exposed the data of 106 million customers.

By Dan Ennis • July 12, 2023

Merrill Lynch to pay $12M for filing too few SARs

The penalty was dwarfed by others which parent company Bank of America faced Tuesday. The bank reported suspicious activity on transactions of $25,000 or more but should have used a $5,000 threshold, the SEC said.

By Dan Ennis • July 12, 2023

Slow regulatory response led to SVB collapse: Fed’s Daly

“When the outcomes aren't what we want them to be, we all work collectively to make them better going forward,” San Francisco Fed President Mary Daly said.

By Rajashree Chakravarty • July 11, 2023

Bank of America fined $250M over fake accounts, junk fees

In charges that echo Wells Fargo’s 2016 fake-accounts scandal, regulators accused Bank of America employees of opening credit card accounts without customers’ consent to reach sales goals.

By Anna Hrushka • July 11, 2023

9 takeaways from Barr’s capital requirements recommendations

Banks with assets of $100 billion or more would have to account for unrealized losses and gains in available-for-sale securities when calculating regulatory capital, the Fed official said Monday.

By Dan Ennis • July 10, 2023

SVB Financial sues FDIC to recover $1.9B

The money seized by the FDIC during Silicon Valley Bank’s failure should be generating more than $100 million in annual interest at the current rate, the filing claimed.

By Rajashree Chakravarty • July 10, 2023

Criminals stole $20M from Revolut via payment loophole: report

Differences in the firm’s U.S. and European systems meant the neobank would use its own money to erroneously refund certain declined payments, the Financial Times reported.

By Anna Hrushka • July 10, 2023

[PODCAST] Digital identity opportunities in the financial services industry

This podcast explores the policy and regulatory trends shaping digital identity, including age-gating and social media bans.

By Banking Dive's studioID • July 10, 2023

Philadelphia Fed restricts Quontic’s capital distribution

Quontic’s holding company must submit a capital plan and detail its cash flow projections for the remainder of 2023. The company may not pay dividends or engage in share repurchases without the regulator’s sign-off.

By Anna Hrushka • July 7, 2023

Barclays boosts parental leave for US employees

The bank, as of July 1, is giving all new U.S.-based parents 16 weeks of leave and allows birth mothers an additional six to eight weeks of leave to recover. That matches a policy Morgan Stanley launched in 2021.

By Dan Ennis • July 7, 2023

Goldman should disclose profit from SVB bond sale: Warren

In a letter addressed to Goldman CEO David Solomon, Sen. Elizabeth Warren, D-MA, accused the firm of profiting “at nearly every stage of Silicon Valley Bank’s collapse.”

By Anna Hrushka • July 6, 2023

Judge OKs sale of SVB investment bank to its founder

Judge Martin Glenn last week refused to approve the deal because of a provision that would have shielded executives from liability associated with Silicon Valley Bank’s failure in March. Company officials added some restrictions.

By Dan Ennis • July 6, 2023

Kraken ordered to hand over user info to IRS

The IRS requested the information earlier this year, but Kraken refused. The tax agency then asked a judge to enforce a summons issued to the exchange’s holding company.

By Gabrielle Saulsbery • July 6, 2023

SoLo Funds to bring peer-to-peer lending platform to Nigeria

Nigeria’s growing fintech sector made the region an attractive entry point to the continent, SoLo Funds founder Rodney Williams said.

By Anna Hrushka • July 5, 2023

BofA, Citi see discrepancies in Fed stress tests

Bank of America on Wednesday said it would increase its dividend to 24 cents per share from 22. The bank’s internal calculations projected far greater losses under the stress test scenario than the Fed.

By Dan Ennis • July 5, 2023

Fed, FDIC, OCC, NCUA push short-term CRE loan accommodations

The agencies asked lenders “to work prudently and constructively with creditworthy borrowers during times of financial stress,” in an update to the 2009 commercial real estate loan guidelines.

By Rajashree Chakravarty • June 30, 2023

Master account database spotlights Quarles’ banking venture

The former Fed official is an investor in Currency Reserve, an entity seeking a master account. Quarles’ ties to the central bank, however, could reignite a debate on conflict of interest.

By Anna Hrushka • June 30, 2023

Bank failures signal need for stronger supervision, regulation: Powell

“The events of the past couple of months would have been much more difficult to manage had the largest banks been undercapitalized or illiquid,” the Fed chair said Thursday.

By Rajashree Chakravarty • June 29, 2023

Largest banks weathered hypothetical $541B hit, Fed says

All 23 of the banks subject to stress tests remained above their minimum capital requirements in this year’s scenario, which featured a severe downturn in real estate markets.

By Anna Hrushka • June 29, 2023