Crypto custody firm Anchorage Digital raises $350M in $3B valuation

The company's latest raise comes as the firm is ramping up its strategy to partner with financial institutions that want to provide their clients with custody services for their digital assets.

By Anna Hrushka • Dec. 15, 2021

Morgan Stanley CEO Gorman: ‘I was wrong’ on office-return stance

The executive said Monday he anticipates COVID-19 variants could disrupt work life "through most of next year." Meanwhile, several banks are urging U.K. employees to work from home as the country reports its first omicron death.

By Dan Ennis • Dec. 14, 2021

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As the banking sphere prepares for a second Trump presidency, institutions are weighing branch strategy and regulatory changes — and looking at how past crises have altered their perception of risk.

By Banking Dive staff

JPMorgan's reported $200M fine, Credit Suisse crackdown spotlight mobile comms

The U.S.'s largest bank could settle by the end of the year a probe by the SEC and CFTC over lax communications monitoring, according to Bloomberg. Meanwhile, the Swiss lender tightened its own policy on monitoring comms.

By Dan Ennis • Dec. 13, 2021

FDIC, CFPB clash in partisan bank merger debate

Banks' ability to merge is a privilege, not a right, the CFPB's director and a former FDIC chair said in a joint statement denounced by Sen. Pat Toomey, R-PA, as a "coup."

By Robin Bradley • Updated Dec. 13, 2021

Coinbase's revenge, CFTC shade-throwing highlight return of 'winter filter'

Coinbase debuted an interest-bearing product for non-U.S. users a day after warning lawmakers the U.S. is at risk of being left behind. Also, "regulating through enforcement" comes under fire — from a regulator.

By Dan Ennis • Dec. 10, 2021

Jefferies advises remote work for rest of 2021 amid COVID-19 spike

The investment bank is also requiring its workers to get a booster for their vaccine by Jan. 31 as the company has seen 40 new cases this month, CEO Richard Handler said in a memo.

By Dan Ennis • Dec. 9, 2021

Crypto execs tout financial inclusion during digital-asset hearing

Circle, for example, aims to funnel "billions of dollars" of USDC dollar-denominated reserves into minority depository institutions to aid underserved communities, CEO Jeremy Allaire told lawmakers Wednesday.

By Anna Hrushka • Dec. 9, 2021

JPMorgan Chase to allow earlier paycheck access, expand overdraft grace period

Starting next year, the bank will give customers until the end of the day after overdrawing to get their account to within $50 of positive. The move expands on a policy shift JPMorgan instituted in August.

By Robin Bradley • Dec. 9, 2021

Crypto execs push for tailored regulation, but not a rush to judgment

At stake, they said in a Wednesday hearing on Capitol Hill, is the U.S.'s leadership in the field.

By Dan Ennis • Dec. 8, 2021

Cannabis banking excluded from defense bill

Rep. Ed Perlmutter, D-CO, who introduced the bill, tweeted his disappointment Tuesday, adding he planned to file an amendment that afternoon with the House Rules Committee — a move he did not pursue.

By Anna Hrushka • Dec. 8, 2021

Biden's OCC pick Omarova withdraws nomination

In the evenly divided Senate, the lack of consensus among Democrats would have prevented Omarova's confirmation to lead the agency, which has been without a permanent head since May 2020.

By Anna Hrushka • Dec. 7, 2021

The decentralization in DeFi just an illusion, BIS says

DeFi is ripe for regulation before the ecosystem becomes more popular, the Basel, Switzerland-based organization says in its quarterly report.

By Robin Bradley • Dec. 7, 2021

Crypto, cybersecurity and climate in focus in OCC risk report

"The OCC is approaching crypto-related activities in the federal banking system very carefully with a high degree of caution and expects its supervised institutions to do the same," the agency said in its report.

By Anna Hrushka • Dec. 7, 2021

SBA failed to check EIDL applicants against 'Do Not Pay' database: IG

The report is the latest in several months to highlight a lack of checks and balances in the agency's handling of the EIDL program, which distributed $210 billion in loans and grants to struggling businesses last year.

By Anna Hrushka • Dec. 6, 2021

Regulators aren't the only reason bank deals are stalling

A handful of proposed acquisitions this fall saw delays over the lack of timely regulator sign-off. But a pair of deals has found pushback — even termination, in one case — in court.

By Dan Ennis • Dec. 6, 2021

Execs from 6 crypto firms to testify Dec. 8 before House panel

Representatives from Coinbase, Circle — and a former acting comptroller — are set to discuss "the challenges and benefits of financial innovation" as lawmakers seek answers.

By Robin Bradley • Dec. 2, 2021

OppFi to pay more than $2M to settle D.C. interest rate cap suit

The District's attorney general alleged the fintech's loans to city residents carried interest rates well above a 24% cap. OppFi will pay $1.5 million in restitution to 4,000 borrowers and waive more than $640,000 in unpaid interest.

By Dan Ennis • Dec. 2, 2021

CFPB signals tougher stance on banks 'hooked' on overdraft fees

"Financial institutions that have a higher share of frequent overdrafters or a higher average fee burden for overdrafting should expect us to be paying them close supervisory attention," bureau Director Rohit Chopra said.

By Anna Hrushka • Dec. 2, 2021

Biden considers ex-CFPB chief Cordray for Fed post

The bureau collected nearly $12 billion in settlements during his nearly six-year stint, but his stances on monetary policy, bank capital and leverage requirements, and accounting rules are less well-known.

By Dan Ennis • Dec. 1, 2021

Capital One eliminates overdraft fees

The new policy is expected to cost the $425.4 billion-asset bank $150 million in lost revenue per year.

By Anna Hrushka • Dec. 1, 2021

Powell warns COVID-19's omicron variant could slow economic recovery

The variant "pose[s] downside risks to employment and economic activity and increased uncertainty for inflation," the Fed chief told a Senate panel Tuesday, adding the virus "could reduce people's willingness to work in person."

By Robin Bradley • Nov. 30, 2021

Goldman can boost its soft skills with bumped-up benefits

The bank is increasing its matching contribution. But that's money. The key to culture shift may be how it handles perks based on employees' time, such as paid family leave and sabbaticals.

By Dan Ennis • Nov. 30, 2021

Senate banking panel chair seeks stablecoin issuer feedback

The complexity of stablecoins makes it difficult for investors and consumers to fully understand their potential risks, Sen. Sherrod Brown, D-OH, said in letters to eight issuers and exchanges, including Coinbase and Tether.

By Anna Hrushka • Nov. 29, 2021

Operationalizing eligibility data: Going beyond the compliance to keep operations running smoothly

Beyond policies, banks must not overlook the importance of equipping operations managers with timely information on employee eligibility to inform resource planning. 

Nov. 29, 2021

Fintechs Blueacorn, Womply added to House panel's PPP probe

A subcommittee focused on COVID-19's impact seeks documents and information on the companies' fraud prevention measures. The panel made similar requests of Kabbage, BlueVine and others in May.

By Dan Ennis • Nov. 24, 2021