Brown calls for public meetings over LMI-area branch closures

The letter comes after a nonprofit in Toledo, Ohio, submitted a petition over the proposed closure of a Fifth Third branch in the city’s Englewood neighborhood.

By Rajashree Chakravarty • March 7, 2023

Hsu: Crypto needs lead regulator, global framework of rules

The OCC's acting chief, during a speech Monday, likened FTX’s collapse to that of the Bank of Credit and Commerce International in 1991.

By Gabrielle Saulsbery • March 7, 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

Senate Republicans warn Fed to be mindful on capital requirements

Sen. Tim Scott, R-SC, and nine other lawmakers expressed concern that the Fed's vice chair for supervision did not detail what he meant when he promised a “holistic” review.

By Rajashree Chakravarty • March 6, 2023

U.S. Bank subtly upgrades penalty forecast

The bank flagged that the CFPB is considering enforcement action over card-based, COVID-era unemployment benefits, and also warned that the SEC is requesting information related to its long-running WhatsApp probe.

By Dan Ennis • March 6, 2023

Senators urge Fed, OCC, FDIC and NCUA to keep close eye on Zelle

Five Democrats blasted the platform for its use of murky language, such as “authorized” transactions, in fraud-related reimbursements of customers.

By Rajashree Chakravarty • March 3, 2023

First Horizon warns TD deal may be in limbo

The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. That could fuel analysts’ questions at TD’s earnings call Thursday.

By Dan Ennis • March 1, 2023

Ohio bank reaches $9M redlining settlement with DOJ

Newark, Ohio-based Park National Bank failed to provide home loans in majority-Black and Hispanic neighborhoods in the Columbus area between 2015 and 2021, the agency said.

By Anna Hrushka • March 1, 2023

FDIC OIG highlights crypto, cybersecurity challenges

More than 130 FDIC-insured banks have ongoing or planned crypto-related activities, the agency found. Risks from digital assets and new technologies require a whole-of-government response, the report said.

By Rajashree Chakravarty • Feb. 28, 2023

CFPB’s fate at stake in Supreme Court case

The high court’s decision could set a precedent for future actions challenging everything the CFPB has done, said Scott Pearson, a partner in Manatt's consumer financial services practice.

By Anna Hrushka • Feb. 28, 2023

BNY Mellon, Fifth Third, BlackRock warn of SEC probes

The three institutions’ flags to investors, a week after Wells Fargo and HSBC did likewise, added fuel to rumors that a new wave of record-keeping penalties may be in the works.

By Dan Ennis • Feb. 28, 2023

Connecticut AG seeks more authority after M&T-People’s United deal

The state's top lawyer said his office received more than 400 complaints following the acquisition. A proposed bill would let him look at them further.

By Gabrielle Saulsbery • Feb. 27, 2023

At Goldman, Fridays are for radical honesty

Looking ahead to its investor day Tuesday, the bank detailed a shortfall in set-asides and an expansion into a probe of credit-card practices.

By Dan Ennis • Feb. 24, 2023

Fed again denies Custodia’s request for central bank supervision

Meanwhile, Custodia inches closer to facing the central bank in court after a district judge denied a Fed motion to dismiss the bank’s lawsuit against it.

By Anna Hrushka • Feb. 24, 2023

Bankman-Fried hit with 4 new charges in FTX debacle

The charges are conspiracy to commit bank fraud, conspiracy to operate an unlicensed money transmitting business, securities fraud, and fraud with the purpose or sale of a derivative, according to unsealed filings.

By Gabrielle Saulsbery • Feb. 23, 2023

Fed, FDIC, OCC give banks ‘reminder’ on crypto liquidity risk

Thursday's statement offers no new guidance but appears to elevate stablecoin-linked deposits to a heightened risk category.

By Dan Ennis • Feb. 23, 2023

FedNow aims to avoid Zelle-type fraud

As the Federal Reserve prepares for a midyear launch of its instant payments system, it’s zeroing in on anti-fraud tools to protect users.

By Lynne Marek • Feb. 23, 2023

Cross River exec named CEO of American Fintech Council

Phil Goldfeder will head the group at a pivotal time for fintech, as nonbank entities are coming under increased scrutiny from regulators and lawmakers, ranging from their involvement in the PPP to their partnerships with banks.

By Anna Hrushka • Feb. 22, 2023

Wells Fargo warns it may be on the hook in WhatsApp probe

HSBC and SocGen this month also flagged investigations into improper record-keeping, suggesting a new wave of SEC and CFTC penalties may be in the works.

By Dan Ennis • Feb. 22, 2023

Custodia accuses Fed of ‘pulling the strings’ in master account denial

The Kansas City Fed reported the rejection “in a coordinated maneuver orchestrated by the [Fed] Board in consultation with the White House and leaked to reporters” a day earlier, Custodia said.

By Anna Hrushka • Feb. 21, 2023

CFPB warns card issuers on credit reports

The agency has threatened action over card issuers not reporting full consumer payment data for tracking credit histories.

By Lynne Marek • Feb. 21, 2023

SEC sues Terra founder Do Kwon in alleged securities fraud

Kwon repeatedly touted Terra as “yield-bearing” and told investors it would pay as much as 20% interest, the SEC said. Terra depegged from the U.S. dollar in May, destabilizing the crypto market.

By Gabrielle Saulsbery • Feb. 17, 2023

TD lays out 5-year, $50B community benefits plan tied to merger

The bank pledged to open at least 25 new branches and 25 ATMs in low- to moderate-income or majority-nonwhite markets, and to boost residential mortgage loans by 65% for LMI and nonwhite borrowers.

By Dan Ennis • Feb. 16, 2023

Pinwheel pushes for payroll data inclusion in open banking rule

“How could you possibly argue that how much you make isn’t your data?” Pinwheel CEO Kurtis Lin said. “From where we sit, it feels like a no-brainer.”

By Anna Hrushka • Feb. 15, 2023

10 possible replacements for the Fed’s Lael Brainard

The central bank's vice chair resigned Tuesday to work for the White House. The challenge is finding a nominee with institutional knowledge, the respect of the Fed and acceptance from Capitol Hill.

By Dan Ennis • Feb. 15, 2023

Delays in merger review should not become the norm: Fed’s Bowman

The 11 merger applications that received adverse public comments in the first half of 2022 were approved in 197 days, on average, compared with 65 days for those with no public comments, Bowman said.

By Rajashree Chakravarty • Feb. 14, 2023