Citi fined $14.8M over faulty trade monitoring

The bank had almost no oversight into the second-most serious category of risks on nearly half of trades during an 18-month span, the U.K.’s Financial Conduct Authority said.

By Dan Ennis • Aug. 19, 2022

TD faces community advocates’ concerns over First Horizon deal

TD touted its recent efforts to boost nonwhite homeownership and small businesses, as advocates spotlighted the bank's mortgage lending record.

By Dan Ennis • Aug. 19, 2022

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

Toomey grills FDIC on potential overreach in bank-crypto ties

The Pennsylvania Republican asked for more information about reports that employees from the agency’s headquarters asked regional staff to send letters to banks discouraging their relationships with crypto companies.

By Dan Ennis • Aug. 18, 2022

Fed puts onus on banks to check legality of crypto ventures

Like the FDIC, the central bank urges banks to notify the regulator before starting crypto activity. But unlike the OCC, the Fed doesn't detail what is permissible under law.

By Dan Ennis • Aug. 17, 2022

SEC, Fed fine EagleBank $22.9M, ban ex-CEO over insider lending

EagleBank had deficient internal controls between 2015 and 2018, allowing the bank to lend to entities its then-CEO owned or controlled, including certain family trusts, the Fed said.

By Anna Hrushka • Aug. 17, 2022

Fed master account guidance includes tiered review framework

Firms that lack deposit insurance or traditional regulatory frameworks would undergo the highest level of scrutiny, while companies with federal deposit insurance would be subject to a “streamlined” process.

By Anna Hrushka • Aug. 16, 2022

CFPB urges up-to-date data safeguards for finance firms

The agency suggested companies embrace multifactor authentication, password management and timely software updates to avoid violating federal consumer protection laws.

By Anna Hrushka • Aug. 15, 2022

PNC eliminates NSF fees

The Pittsburgh lender in April 2021 began curtailing the penalty for customers of its Virtual Wallet tool and is now extending that policy across its user base.

By Dan Ennis • Aug. 12, 2022

2 ex-JPMorgan Chase traders convicted in spoofing case

A sales executive assigned to the bank’s precious-metals desk was acquitted Wednesday. All three were found not guilty on a separate racketeering charge.

By Dan Ennis • Aug. 11, 2022

CFPB fines fintech Digit $2.7M over ‘faulty’ savings algorithm

In addition to the fine, the bureau will require Digit to redress harmed customers. Oportun, which acquired Digit last year, said the fintech owes 1,947 customers approximately $35 each, for a total of $68,145.

By Anna Hrushka • Aug. 11, 2022

August recess means lawmakers are catching up on their writing

Sen. Pat Toomey, R-PA, pushes to force the Fed into more transparency. Rep. Maxine Waters, D-CA, asks the CFPB for help with Equifax. And a number of Republicans set the SEC and CFPB in their sights.

By Dan Ennis • Aug. 10, 2022

FDIC signals greater scrutiny of commercial real estate loans

“CRE loan concentrations add dimensions of risk that necessitate continued attention from banks and their regulators, especially as the pandemic lingers and uncertainties remain,” the FDIC said last week.

By Anna Hrushka • Aug. 9, 2022

New laws extend statute of limitations to 10 years in PPP, EIDL fraud cases

Two laws signed Friday give prosecutors the same time frame to bring fraud charges against fintechs as they have for banks in cases tied to COVID-19 relief loan applications.

By Dan Ennis • Aug. 8, 2022

Warren asks OCC to scrap Trump-era crypto guidance — and recent work

The OCC, FDIC and Fed said in November they planned to provide more clarity this year on permissible digital asset activity. A letter from the senator last week challenges the agencies to follow through.

By Dan Ennis • Aug. 8, 2022

Senators ask U.S. Bank for more details on fake-accounts scandal

Five Democratic lawmakers asked the bank’s CEO when senior executives became aware of the scandal, how incentives were tallied, how customers were told and how much revenue the program generated.

By Dan Ennis • Aug. 5, 2022

Goldman, Citi, Jefferies reveal ‘August surprises’ to stave off September ones

Warnings of a CFPB probe into Goldman's credit-card business, Citi's rising Russia exposure and Jefferies' $80 million WhatsApp set-aside give investors time to settle in to bad news.

By Dan Ennis • Aug. 5, 2022

USAA sues Truist in patent case over mobile deposit tech

The U.S. District Court for the Eastern District of Texas has awarded USAA three nine-figure judgments since 2019 (against Wells Fargo and PNC) in patent cases.

By Dan Ennis • Aug. 4, 2022

Senate bill would couch Bitcoin, Ether under CFTC purview

The bill would define a new asset class, exclude securities from it, and require brokers, custodians, dealers and trading facilities to register with the CFTC.

By Dan Ennis • Aug. 3, 2022

NDAA provision would make cyber agency a bank regulator, trade groups say

The bill would create a designation for systemically important entities, and require them to report information to the Cybersecurity and Infrastructure Security Agency.

By Anna Hrushka • Aug. 3, 2022

NY regulator fines Robinhood $30M over AML, cybersecurity failures

The company Tuesday also cut its workforce by 23%, or roughly 780 employees, and announced it would be closing two offices, according to a filing.

By Dan Ennis • Aug. 2, 2022

Wells Fargo to restart updated diverse hiring policy

The bank will now require that half of candidates be diverse for roles according to “job level” rather than for all positions paying $100,000 or more per year.

By Dan Ennis • Aug. 2, 2022

FDIC advisory reinforces boundaries of bank-crypto ties

The note emphasizing risks comes a day after the regulator issued a cease-and-desist order giving bankrupt platform Voyager Digital two business days to remove any misleading claims regarding deposit insurance.

By Dan Ennis • Aug. 1, 2022

West Virginia bars JPMorgan, Wells, Goldman from new state contracts

Those banks, plus Morgan Stanley and BlackRock, were added Thursday to the state’s list of restricted financial institutions over their de-emphasis on coal financing. U.S. Bank avoided being put on the list.

By Dan Ennis • July 29, 2022

How Cogent Bank treats cannabis account holders like ‘any other client’

To help broaden the lender’s cannabis banking program, Cogent Bank partnered with Green Check Verified, a fintech that works with banks to provide compliant cannabis banking services.

By Anna Hrushka • July 29, 2022

CFPB fines U.S. Bank $37.5M over customer data misuse

The bank was aware that sales pressure was leading employees to access customers’ credit reports and personal data to apply for and open unauthorized accounts, the bureau said.

By Anna Hrushka • July 28, 2022