Maximizing the benefits of digital income verification for underwriting and risk management

Interest rates aren’t showing signs of slowing down anytime soon, especially as the U.S. economy continues to be resilient.

June 20, 2023

OCC’s Hsu says US banks strengthened liquidity but vigilance is key

The agency's semiannual risk perspective highlighted the importance of being watchful in managing weaker portfolio segments.

By Rajashree Chakravarty • June 15, 2023

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Top 5 stories from Banking Dive

Everything old is new again. One year after Citi’s reorganization, progress comes in “fits and starts.” Meanwhile, a contentious proposed rule is generating “voluminous” feedback after 14 months.

By Banking Dive staff

Wells Fargo CFO warns of commercial real estate weakness

Wells Fargo CFO Mike Santomassimo is the latest big-bank executive to detail commercial real estate distress and its potential impact on lenders.

By Maura Webber Sadovi • June 14, 2023

JPMorgan Chase reaches $290M settlement with alleged Epstein victims

The move comes less than a month after Deutsche Bank agreed to pay $75 million to settle an alleged Epstein victim’s class-action lawsuit.

By Anna Hrushka • June 12, 2023

After TD, First Horizon appears ready for its hot bank summer

Investor events for both banks this week indicate each is eyeing aggressive growth. If they were people, they might be checking each other’s social-media feeds and engaging in a relationship detox.

By Dan Ennis • June 9, 2023

Climate First mulls Florida exit after anti-ESG bill passes

In response to the legislation, the bank nixed its exclusionary list, outlining the sectors with which it has said it won’t do business, such as the fossil-fuel sector or other extractive industries.

By Anna Hrushka • June 9, 2023

Bigger buffer would hurt BofA’s lending, Moynihan says

“If our capital ratios go up by 100 basis points, simply put, we can’t make about $150 billion of loans,” the CEO said, when asked how reports of an average 20% increase in capital requirements would affect the bank.

By Anna Hrushka • June 8, 2023

Binance court filings shed light on relationship with failed banks, Gensler

The now-SEC chief offered to serve as a Binance advisor in 2019, Binance's legal team alleges. The filing also details billions of the exchange’s dollars funneled through Silvergate and Signature.

By Gabrielle Saulsbery • June 8, 2023

Citizens to end car dealer financing business

The bank had $11.5 billion of auto loans outstanding as of March 31 — down 6.5% from the end of December, and 20.1% from March 31, 2022.

By Anna Hrushka • June 8, 2023

Banks’ use of chatbots could reduce trust, CFPB warns

“A poorly deployed chatbot can lead to customer frustration ... and even violations of the law,” the bureau’s director, Rohit Chopra said Tuesday.

By Rajashree Chakravarty • June 7, 2023

Fed, FDIC, OCC update guidance on third-party risk management

Regulators described the new guidance as “principles-based,” which can be adjusted to the unique circumstances of each third-party relationship.

By Anna Hrushka • June 7, 2023

FTX’s legal team has its hands full

The bankrupt crypto exchange is fighting court battles on multiple fronts, and former CEO Sam Bankman-Fried’s attorneys say the U.S. government is overdue to supply evidence in its case against him.

By Gabrielle Saulsbery • June 7, 2023

SEC charges Binance, CEO Zhao with 13 violations

The regulator alleged high-value U.S. customers were secretly allowed to trade on Binance platforms after the company said otherwise, and that controls allowed customers’ funds to commingle.

By Dan Ennis • June 5, 2023

UBS could close Credit Suisse deal next week

The Swiss bank may delay its second-quarter results until the end of August to give investors a clearer update on its plans for Credit Suisse’s domestic business, the Financial Times reported.

By Rajashree Chakravarty • June 5, 2023

Banks could face 20% capital buffer increase: report

The largest increases are expected to fall on lenders with big trading operations, and those who rely heavily on fee income, sources told The Wall Street Journal.

By Anna Hrushka • June 5, 2023

OCC targets big banks with ‘persistent weaknesses’

The regulator's new enforcement manual appendix comes in the wake of the recent bank failures and is aimed at larger and more complex financial institutions.

By Rajashree Chakravarty • May 30, 2023

Payments fraud climbs as banks reach for joint response

Financial institutions and payments players are seeking to coalesce around new efforts to battle skyrocketing payments fraud.

By Lynne Marek • May 26, 2023

LGBTQ+ fintech Daylight to close its doors

Customer money can be accessed for transfer until June 30, the company's last day of banking operations, CEO Rob Curtis said in a blog post.

By Rajashree Chakravarty • May 25, 2023

First Horizon investor sues TD over scrapped $13.4B deal

The Arbitrage Fund asserts TD misled investors regarding its anti-money laundering practices and regulator resistance to the tie-up, which the banks terminated this month.

By Dan Ennis • May 24, 2023

PacWest to sell $2.6B in real estate loans

Real estate investment firm Kennedy-Wilson has agreed to buy a portfolio of 74 loans at a discounted price as PacWest tries to bolster its liquidity amid regional bank turmoil.

By Rajashree Chakravarty • May 23, 2023

Crypto company offers 6 months of free custody for female-founded firms

Clear regulations will bring more women into the space, Aegis Custody CEO Serra Wei said.

By Gabrielle Saulsbery • May 19, 2023

Warren blasts First Republic’s ‘troubling’ sale to JPMorgan

The senator criticized the OCC’s role in approving the deal, saying it failed to factor in an assessment methodology that estimates the impact a lender would have on the economy if it were to fail.

By Anna Hrushka • May 19, 2023

Ex-First Republic chief blames contagion for bank’s failure

“Instead of dealing with temporary decreased earnings due to interest rate pressures, First Republic was contaminated overnight,” former CEO Michael Roffler told House lawmakers.

By Dan Ennis • May 17, 2023

6 suggestions the Fed’s Michael Barr has for banks, supervisors

The central bank's supervision czar laid out his recommendations for capital requirements, a culture shift promoting quicker action by regulators, and a host of other tweaks.

By Dan Ennis • May 16, 2023

SVB, Signature Bank execs testify before Senate panel

Tuesday’s hearing marks the first time executives from the two collapsed firms appeared in a public setting.

By Anna Hrushka • May 16, 2023