SVB, Signature Bank execs testify before Senate panel

Tuesday’s hearing marks the first time executives from the two collapsed firms appeared in a public setting.

By Anna Hrushka • May 16, 2023

HSBC, Scotiabank to pay CFTC, SEC more than $100M in fines

The penalties mark the return of WhatsApp-related regulatory action. Additionally, HSBC settled spoofing-related charges. The British bank warned of both investigations as early as February 2022.

By Gabrielle Saulsbery • May 15, 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

JPMorgan accused of religious bias by 19 GOP attorneys general

Led by Kentucky Attorney General Daniel Cameron, the group alleges the bank “persistently discriminated against certain customers due to their religious or political affiliation.” JPMorgan denies the claims.

By Anna Hrushka • May 15, 2023

No need for higher bank capital requirements: Fed’s Bowman

The central bank governor recommended an independent review of Silicon Valley Bank’s failure but no new regulation.

By Rajashree Chakravarty • May 12, 2023

Biden nominates Jefferson to be Fed vice chair

The president also nominated Adriana Kugler to become the first Latina to serve on the central bank's board, and renominated Fed Gov. Lisa Cook to a full 14-year term.

By Dan Ennis • May 12, 2023

Banking industry turmoil could spur M&A, experts say

Regional lenders may turn to M&A to survive the turmoil. Meanwhile, JPMorgan’s First Republic buy has fueled speculation that regulators are viewing consolidation in a different light.

By Anna Hrushka • May 12, 2023

CFPB warns banks of risk in ‘unilaterally’ reopening closed accounts

Such actions may violate the agency’s prohibition on “unfair acts or practices,” the CFPB said Wednesday in a circular.

By Rajashree Chakravarty • May 11, 2023

FDIC wants large banks to cover $15.8B hit to insurance fund

The regulator estimated 113 banks would be subject to the special fee, while more than 4,000 smaller institutions would be spared.

By Anna Hrushka • May 11, 2023

Binance exec speaks out against US crypto regs

It’s “very difficult” to do business in the U.S. right now, the exchange's chief strategy officer, Patrick Hillmann, said, adding the country is in a “weird place.”

By Gabrielle Saulsbery • May 10, 2023

US arm of crypto exchange Bittrex files for bankruptcy

The company ceased U.S. operations in April, the same month it was charged by the SEC for allegedly operating an unregistered exchange.

By Gabrielle Saulsbery • May 9, 2023

Goldman Sachs to pay $215M to settle gender discrimination case

The Wall Street giant will engage an independent expert to review performance evaluation and pay practice to check for gender pay gaps.

By Rajashree Chakravarty • May 9, 2023

Concerns over TD’s AML practices sunk First Horizon deal: report

TD’s five-year, $50 billion community benefits agreement has also become a casualty of the failed tie-up.

By Anna Hrushka • May 9, 2023

Banks expect to tighten credit throughout 2023: Fed

A pullback in bank credit that began in 2022 has accelerated since a flare-up in financial sector instability started in March.

By Jim Tyson • May 8, 2023

Catawba Indian Nation passes code to woo banks, fintechs

The Catawba Digital Economic Zone hopes to gain regulatory approval for de novo banks to receive charters under the laws of the reservation’s federally recognized land.

By Anna Hrushka • May 8, 2023

Oklahoma restricts BlackRock, JPMorgan, BofA, Wells, State Street

The state follows Texas, Kentucky and others in blocking institutions perceived as boycotting fossil fuels from state contracts and retirement funds.

By Dan Ennis • May 8, 2023

NY AG proposes landmark crypto bill

Letitia James has come out as a strong proponent of crypto regulations in recent months, suing multiple crypto companies since January.

By Gabrielle Saulsbery • May 5, 2023

KeyBank agrees to third-party racial equity audit

The move comes roughly a month after the National Community Reinvestment Coalition asked the Federal Reserve and the OCC to downgrade KeyBank’s CRA rating over redlining allegations.

By Rajashree Chakravarty • May 5, 2023

Senate panel to hold cannabis banking hearing

Lawmakers behind the latest version of the SAFE Banking Act say the revised text addresses the social equity issues that some key Senate Democrats say the legislation has lacked in previous years.

By Anna Hrushka • May 5, 2023

Goldman in talks to settle gender discrimination suit: reports

The class-action lawsuit, which was first filed in 2010, is scheduled to go to trial next month in New York.

By Rajashree Chakravarty • May 4, 2023

Feds probe Goldman’s dealings with SVB in lead-up to collapse

The investment bank was both a buyer of SVB’s bond portfolio and adviser of its failed capital raise in the days ahead of the regional lender’s collapse in March.

By Anna Hrushka • May 4, 2023

Sen. Brown urges FDIC to review Tellus’ business practices

The Senate Banking Committee chair voiced concern over the fintech’s high-interest savings accounts that are not insured by the regulator.

By Rajashree Chakravarty • May 3, 2023

FDIC proposes higher insurance coverage for payroll accounts

Under the agency’s targeted coverage scenario, accounts used for payment purposes — specifically, business payment accounts— would merit higher deposit insurance coverage.

By Anna Hrushka • May 2, 2023

FDIC orders Cross River to correct ‘unsafe’ lending practices

The $9 billion-asset bank, which neither admitted nor denied the charges, is not allowed to enter into any new partnerships with third parties or offer new credit products without the regulator’s approval.

By Anna Hrushka • May 1, 2023

JPMorgan Chase to acquire seized First Republic

The nation's largest bank is taking in roughly $173 billion in loans, $30 billion in securities and $92 billion in deposits as part of the FDIC-orchestrated sale, expected to cost the Deposit Insurance Fund $13 billion.

By Dan Ennis • May 1, 2023

Fed blames own oversight, bank management in SVB failure

In its post-mortem, the central bank said SVB failed because of a “textbook case of mismanagement.” Fed supervisors were also slow to identify problems and take action, it said.

By Anna Hrushka • April 28, 2023