Third-party guidance could have ‘chilling effect’ on BaaS, former FDIC chair warns

“I don’t think that the current set of regulators really want banking-as-a-service and third-party partnerships to blossom,” former FDIC Chair Jelena McWilliams said during an event in Washington, D.C. on Tuesday.

By Anna Hrushka • Nov. 15, 2023

FDIC to conduct third-party audit following report of ‘sexualized’ culture

Following a Wall Street Journal report on his agency’s “boys’ club,” FDIC Chair Martin Gruenberg said BakerHostetler would conduct a review on his agency within 90 days.

By Gabrielle Saulsbery • Nov. 14, 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

GOP senators blast capital-requirements proposal ahead of hearing

Sen. Tim Scott, R-SC, and 38 other lawmakers asked the Fed, FDIC and OCC to withdraw the proposal in a letter one day before representatives of each agency testify on Capitol Hill.

By Dan Ennis • Nov. 14, 2023

Revolut appoints interim CFO as it races to meet filing deadline

Revolut’s interim CFO and new U.K. CEO face an upward battle to win the fintech’s long-sought after U.K. banking license.

By Grace Noto • Nov. 10, 2023

Morgan Stanley wealth management business faces Fed probe: report

The investment bank’s vetting processes for potential foreign clients has been under investigation by the central bank since 2020, according to The Wall Street Journal.

By Gabrielle Saulsbery • Nov. 9, 2023

Wells Fargo execs expect asset cap to extend into 2025: report

The bank’s top executives believe the first quarter of 2025 will be the earliest that a $1.95 trillion asset cap imposed by the Federal Reserve could be lifted, Bloomberg reported.

By Anna Hrushka • Nov. 9, 2023

Fifth Third to pay $8M SEC penalty, warns of solar lending probe

The bank said it is cooperating with “several civil investigative demands” from state attorneys general looking into the lending practices of a solar finance firm it acquired.

By Dan Ennis • Nov. 9, 2023

Half of CFTC’s 2023 enforcement actions had crypto ties

Of the Commodity Futures Trading Commission's 96 enforcement actions charging fraud, manipulation, and other violations in fiscal 2023, 47 were against players in the digital asset space.

By Gabrielle Saulsbery • Nov. 8, 2023

Citi fined $25.9M over alleged discrimination

The bank, between 2015 and 2021, denied certain credit card products to applicants with surnames ending in “ian” and “yan,” suffixes that Citi employees associated with Armenian national origin, the CFPB said.

By Anna Hrushka • Nov. 8, 2023

CFPB proposes new oversight for payment tech firms

Google, Apple and 15 other big non-bank technology companies that provide digital wallets or payments apps would be subject to increased regulation if a new Consumer Financial Protection Bureau rule is approved.

By Lynne Marek , James Pothen • Nov. 7, 2023

Iowa community bank becomes 5th to fail this year

The $66 million-asset Citizens Bank of Sac City, Iowa, entered receivership of the FDIC on Friday and was then acquired by Iowa Trust & Savings.

By Gabrielle Saulsbery • Nov. 7, 2023

Banks tighten standards on loans to companies of all sizes: Fed

Demand for commercial and industrial loans fell during the third quarter as the Fed pushed up the benchmark interest rate to a 22-year high.

By Jim Tyson • Nov. 6, 2023

FSOC to strengthen oversight on nonbanks

The rule effectively reverses Trump-era regulation allowing nonbanks, such as hedge funds, to be designated systemically important.

By Gabrielle Saulsbery • Nov. 6, 2023

U.S. Bank, KeyBank may be next on the WhatsApp hit list

A look at SEC filings from last week signal looming record-keeping penalties and a broadening probe of COVID-era unemployment benefits at the nation's largest “super-regional.”

By Dan Ennis • Nov. 6, 2023

How onboarding sets banks and customers up for a long and valuable relationship

With the right technology, banks can continuously build on the success of onboarding.

Nov. 6, 2023

RBC to pay SEC $6M to settle software accounting violation charges

The bank lacked a “reliable method” to determine the right capitalization rate for internally developed software costs and applied the same rate each year between 2008 and 2020, the regulator said.

By Maura Webber Sadovi • Nov. 3, 2023

Former FTX CEO found guilty on 7 counts

Nearly a year after FTX's collapse and 11 months after his arrest in the Bahamas, Sam Bankman-Fried has been found guilty of fraud. Sentencing was tentatively set for March 28.

By Gabrielle Saulsbery • Nov. 2, 2023

Former First Republic Bank executives under FDIC investigation

The FDIC can ban former directors and officers from the banking industry if they are found to have made decisions with "willful or continuing disregard" for a bank’s best interests. The FDIC can also impose fines on these individuals.

By Gabrielle Saulsbery • Nov. 2, 2023

Funding Circle gets long-awaited shot at SBA lending

Funding Circle joins Arkansas Capital Corp. and Alaska Growth Capital BIDCO as the first nondepository institutions to be granted new Small Business Lending Company licenses in 40 years.

By Anna Hrushka • Nov. 1, 2023

SEC investigates Wells Fargo’s cash sweep feature

The SEC is investigating the cash sweep options the bank provides to investment advisory clients, adding to the laundry list of regulatory scrutiny the bank has come under in recent years. 

By Anna Hrushka • Nov. 1, 2023

Do Kwon wants SEC suit tossed

Attorneys for Kwon, the once-fugitive founder of Terraform Labs, said that the Securities and Exchange Commission has yet to prove he did anything wrong.

By Gabrielle Saulsbery • Oct. 31, 2023

Non-bank financial institutions must report data security breaches: FTC

The amendment to the FTC’s Safeguards Rule would require non-banking financial institutions to report when they discover information impacting at least 500 people has been accessed without authorization.

By Rajashree Chakravarty • Oct. 31, 2023

What bank, fintech execs are saying about AI

Ahead of the Biden administration’s landmark executive order unveiled on Monday, banks and fintech executives discussed AI use cases and implications at Money20/20 last week.

By Anna Hrushka , Gabrielle Saulsbery • Oct. 30, 2023

A look at Week 4 of the Sam Bankman-Fried trial

Bankman-Fried admitted that FTX didn't turn out how he expected: "A lot of people got hurt," he said. But he said he didn't defraud anyone.

By Gabrielle Saulsbery • Oct. 27, 2023

Fed terminates Citi FX enforcement action from 2015

The bank in 2015 pleaded guilty to conspiring to manipulate the price of dollars and euros exchanged in the foreign currency exchange spot market.

By Gabrielle Saulsbery • Oct. 27, 2023