3 takeaways from bank executives’ conference appearances

Wells Fargo is setting aside up to $1 billion for "unanticipated" severance costs. Lazard plans to stock up on managing directors. And JPMorgan kept most of First Republic's clients — with one catch.

By Dan Ennis • Dec. 6, 2023

Swiss private bank Pictet to pay $122.9M in US tax evasion case

“As it has admitted today, Banque Pictet knowingly conspired to conceal from the IRS the income generated by accounts which held more than $5.6 billion,” U.S. Attorney Damian Williams said in a statement Monday.

By Rajashree Chakravarty • Dec. 5, 2023

Explore the Trendline➔

Artificial intelligence

Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?

By Banking Dive staff

Breaking down capital requirements

For this primer, think of capital requirements performing a similar function for a bank that an airbag has in a car.

By Gabrielle Saulsbery • Dec. 4, 2023

Bank of America fined $24M by FINRA over alleged spoofing

Between October 2014 and February 2021, a former supervisor and a former junior trader at the bank executed more than 700 instances of spoofing in the U.S. Treasury secondary markets, FINRA alleged.

By Rajashree Chakravarty • Dec. 1, 2023

Capital hikes, geopolitics expected at bank CEO hearing

Bank executives, including JPMorgan Chase’s Jamie Dimon and Bank of America’s Brian Moynihan, will likely use the forum to push back against regulators’ proposal to raise bank capital requirements.

By Anna Hrushka • Nov. 30, 2023

First Fed Bank hit with FDIC consent order over fintech joint venture

The order is the latest enforcement action to come down on a bank as regulators continue to step up scrutiny of fintech partnerships.

By Anna Hrushka • Nov. 29, 2023

Google, Symphony launch voice analytics offering for banks

The new messaging compliance tool, which combines Google Cloud's Vertex AI with Symphony’s Cloud9, comes as regulators are cracking down on record-keeping violations at financial firms.

By Anna Hrushka • Nov. 28, 2023

Fed, FDIC, OCC extend long-term debt comment period

The agencies extended the deadline to Jan. 16 — the same day to which regulators extended the comment period for their capital-requirements proposal.

By Rajashree Chakravarty • Nov. 27, 2023

Embedded insurance is revolutionizing the industry

Moving from integrated experiences to fully embedded experiences can help financial institutions improve consumer experiences and grow.

Nov. 27, 2023

Want to avoid an HMBradley scenario? Diversify your bank network, Treasury Prime CEO says

A recent pivot by neobank HMBradley is a prime example of what can happen when a fintech relies on just one firm to handle its financial plumbing, Treasury Prime’s Chris Dean said.

By Anna Hrushka • Nov. 22, 2023

Blue Ridge Bank sheds fintech partners, explores capital raise

The Charlottesville, Virginia-based firm, whose fintech program came under OCC scrutiny last year, said it is in the process of offboarding about a dozen of its roughly 50 BaaS partners.

By Anna Hrushka • Nov. 22, 2023

Morgan Stanley fined $6.5M over client data breach

The action from six attorneys general marks at least the fourth penalty Morgan Stanley has paid related to data breaches in recent years.

By Anna Hrushka • Nov. 17, 2023

Refine Intelligence raises $13M with novel approach to AML

Wayne, New Jersey-based Valley Bank took a chance on Refine as its first customer. What it saw inspired an investment from Valley Ventures, the bank’s VC arm.

By Gabrielle Saulsbery • Nov. 15, 2023

Third-party guidance could have ‘chilling effect’ on BaaS, former FDIC chair warns

“I don’t think that the current set of regulators really want banking-as-a-service and third-party partnerships to blossom,” former FDIC Chair Jelena McWilliams said during an event in Washington, D.C. on Tuesday.

By Anna Hrushka • Nov. 15, 2023

Chinese banking giant’s US arm hit by ransomware attack

The hack reportedly disrupted the trading of U.S. Treasuries. The Industrial and Commercial Bank of China Financial Services said it is investigating the attack and progressing recovery efforts.

By Anna Hrushka • Nov. 10, 2023

Iowa community bank becomes 5th to fail this year

The $66 million-asset Citizens Bank of Sac City, Iowa, entered receivership of the FDIC on Friday and was then acquired by Iowa Trust & Savings.

By Gabrielle Saulsbery • Nov. 7, 2023

RBC to pay SEC $6M to settle software accounting violation charges

The bank lacked a “reliable method” to determine the right capitalization rate for internally developed software costs and applied the same rate each year between 2008 and 2020, the regulator said.

By Maura Webber Sadovi • Nov. 3, 2023

Former FTX CEO found guilty on 7 counts

Nearly a year after FTX's collapse and 11 months after his arrest in the Bahamas, Sam Bankman-Fried has been found guilty of fraud. Sentencing was tentatively set for March 28.

By Gabrielle Saulsbery • Nov. 2, 2023

Non-bank financial institutions must report data security breaches: FTC

The amendment to the FTC’s Safeguards Rule would require non-banking financial institutions to report when they discover information impacting at least 500 people has been accessed without authorization.

By Rajashree Chakravarty • Oct. 31, 2023

Digital Twins: Catalyzing AI for financial risk management

As banks look to the future, the strategic integration of AI and Digital Twin models will provide banks with the accuracy and foresight needed to navigate the ever-evolving financial landscape. 

Oct. 30, 2023

Fed terminates Citi FX enforcement action from 2015

The bank in 2015 pleaded guilty to conspiring to manipulate the price of dollars and euros exchanged in the foreign currency exchange spot market.

By Gabrielle Saulsbery • Oct. 27, 2023

On the stand, Bankman-Fried blames FTX counsel

The founder of the collapsed crypto exchange said his use of funds at the core of fraud charges against him was cleared by lawyers.

By Robert Freedman • Oct. 27, 2023

CRA update lets banks get credit for climate resilience

“We have learned through hard-earned experience that it is better to address risks as they emerge, rather than after they’ve caused damage,” OCC Acting Comptroller Michael Hsu said at an FDIC board meeting Tuesday.

By Lamar Johnson • Oct. 26, 2023

FinCEN warns over Hamas, crypto ties

“Hamas moves funds through the smuggling of physical currency as well as a regional network of complicit money transmitters, exchange houses, and Hizballah-affiliated banks,” the FinCEN said in its alert.

By Rajashree Chakravarty • Oct. 24, 2023

OCC applying ‘supply chain mindset’ to bank-fintech scrutiny: Hsu

Arrangements where multiple parties play a role in delivering financial products to consumers are more complicated, and will likely garner more scrutiny from the OCC, Acting Comptroller Michael Hsu said.

By Anna Hrushka • Oct. 24, 2023