Risk
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Flagstar fined $3.5M for ‘misleading’ after 2021 cyberattack
The bank “negligently made” materially misleading statements after a hack that resulted in the theft of 1.5 million customers’ personally identifying information.
By Gabrielle Saulsbery • Dec. 19, 2024 -
Courtesy of USAA
OCC slaps USAA over failure to fix flaws in several areas
The order blasts the bank’s management, IT, compliance and suspicious activity reporting. It also limits new products or services and restricts USAA’s ability to expand its membership criteria.
By Caitlin Mullen • Dec. 19, 2024 -
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 -
Justin Sullivan via Getty Images
FDIC weighs lawsuit against ex-SVB execs
The regulator is considering taking legal action against six former officers and 11 former directors of Silicon Valley Bank over their role in the bank’s collapse and $23 billion hit to the Deposit Insurance Fund.
By Caitlin Mullen • Dec. 18, 2024 -
Anna Hrushka/Banking Dive
FDIC’s readiness ‘not sufficiently mature’ in 2023 bank crisis: OIG
The inspector general laid out 11 recommendations to improve the agency's response, in a report Wednesday.
By Gabrielle Saulsbery • Dec. 13, 2024 -
Joe Raedle / Staff via Getty Images
Ex-TD employee charged in money laundering case
Leonardo Ayala, 24, issued dozens of debit cards linked to accounts opened by another TD employee in the names of shell companies, and received bribes for that work, the Justice Department alleged.
By Dan Ennis • Dec. 11, 2024 -
Drew Angerer / Staff via Getty Images
Wells Fargo’s Scharf calls for capital requirements clarity
The bank’s CEO on Wednesday called uncertainty around how much extra capital banks will be required to hold “a crazy way to run a system.”
By Caitlin Mullen • Dec. 11, 2024 -
Chris Hondros via Getty Images
Goldman Sachs exits Net-Zero Banking Alliance
The bank said it would remain “focused on the increasingly elevated sustainability standards and reporting requirements imposed by regulators around the world.”
By Zoya Mirza • Dec. 10, 2024 -
GCShutter via Getty Images
Citi CFO: Evolving data standards make upgrade more complex
Mark Mason, the bank’s finance chief, also said the focus on the need to improve data tied to regulatory reporting isn’t unique to Citi.
By Caitlin Mullen • Dec. 10, 2024 -
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Sponsored by SynovusSeeing is no longer believing: The rise of deepfakes and how to protect your business
Deepfakes are skyrocketing, with a 3000% increase in fraud attempts. Discover how to safeguard your business and customers from these advanced threats.
By Aubrey LaBoda • Dec. 9, 2024 -
Michael M. Santiago / Staff via Getty Images
ColumnDive Deposits: Citi begins December with a data dump
The bank’s split of Mexican operations was just the beginning. There were also 344 promotions to managing director, a high-profile exit, an AI rollout and a block-trade stumble.
By Dan Ennis • Dec. 6, 2024 -
Drew Angerer / Staff via Getty Images
TD shelves growth targets in wake of AML settlement
The embattled Canadian lender is undergoing a strategic review of its priorities and opportunities. “Everything is on the table,” said Raymond Chun, the bank’s current COO who will take the CEO reins in April.
By Caitlin Mullen • Dec. 5, 2024 -
Celsius founder Mashinsky pleads guilty to fraud
His two-count guilty plea could send the 59-year-old to prison for 30 years.
By Gabrielle Saulsbery • Dec. 4, 2024 -
Chor muang via Getty Images
Thread Bank CEO anticipates more ‘reasonable’ regulatory environment under Trump
The lender – hit with an FDIC consent order this year – has tried to ensure its house “can withstand the storm,” rather than simply “being mad at the weather,” CEO Chris Black said.
By Caitlin Mullen • Dec. 4, 2024 -
Oli Scarff / Staff via Getty Images
Barclays to pay $19.5M to resolve suit over error in debt sale
Shareholders sued the British bank in 2022, claiming they lost money after the lender sold far more in structured debt products than regulators permitted.
By Caitlin Mullen • Dec. 4, 2024 -
Permission granted by Office of the Comptroller of the Currency
OCC ends Lake Shore’s breach-related consent order
The regulator in March 2023 found the bank in “substantial noncompliance” with an agreement to fix IT and risk governance flaws. Lake Shore’s then-CEO resigned.
By Dan Ennis • Dec. 4, 2024 -
Tasos Katopodis / Stringer via Getty Images
GAO report flags Fed, FDIC supervisory ‘weaknesses’
The government office offered recommendations meant to improve both bank regulators. The OCC, meanwhile, “generally adheres” to its procedures for escalating supervisory concerns, the GAO said.
By Caitlin Mullen • Dec. 2, 2024 -
Win McNamee via Getty Images
Warren, Dems bash Capital One’s ‘history’ in Fed letter
Lawmakers told regulators to look at the bank’s aggressive debt collection, anti-money laundering woes and an inflated community investment pledge, in considering the acquisition application.
By Patrick Cooley • Nov. 26, 2024 -
Permission granted by TD Bank
TD names its next chief auditor
The bank’s personnel moves are being closely watched as it addresses its anti-money laundering woes.
By Dan Ennis • Nov. 22, 2024 -
Retrieved from OCC.
OCC admonishes Texas’ Clear Fork Bank for not correcting AML problems
The lender’s board was given one week to appoint a compliance committee to oversee the bank’s adherence to the OCC order’s provisions.
By Caitlin Mullen • Nov. 22, 2024 -
Courtesy of Ally Financial
Ally names new risk, audit chiefs
The Detroit-based lender is also bringing on a former USAA and TD executive to head up deposits.
By Caitlin Mullen • Nov. 21, 2024 -
LD via Getty Images
Fed hits Kansas bank again over AML compliance
Examiners found “new and continuing deficiencies” at Small Business Bank roughly a year after the Federal Reserve issued a previous enforcement action.
By Rajashree Chakravarty • Nov. 20, 2024 -
Creative via Getty Images
How the role of chief risk officer at banks is evolving
Bank failures last year forced CROs to take on higher corporate profiles and sharpen their skill sets.
By Caitlin Mullen • Nov. 19, 2024 -
Kevin Dietsch / Staff via Getty Images
JPMorgan unveils green financing ratio following shareholder proposal
The bank said it spent $1.29 on green solutions for every dollar spent on high-carbon activities in the disclosure prompted by a proposal submitted by NYC Comptroller Brad Lander.
By Lamar Johnson • Nov. 18, 2024 -
AndreyPopov via Getty Images
Banks’ CEO succession plans lacking: analysis
Over the past decade, half of the CEO transitions that occurred among banks with between $20 billion and $250 billion in assets were abrupt or unplanned, said leadership advisory firm Russell Reynolds.
By Caitlin Mullen • Nov. 18, 2024 -
Anna Hrushka/Banking Dive
‘Dysfunction’ brought down Republic First: FDIC OIG
In a site visit five months before the Philadelphia bank’s collapse, the FDIC neglected to downgrade the bank’s CAMELS rating and replaced a recommended consent order with an informal enforcement action.
By Gabrielle Saulsbery • Nov. 14, 2024
