Risk: Page 14
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No need for higher bank capital requirements: Fed’s Bowman
The central bank governor recommended an independent review of Silicon Valley Bank’s failure but no new regulation.
By Rajashree Chakravarty • May 12, 2023 -
Banking industry turmoil could spur M&A, experts say
Regional lenders may turn to M&A to survive the turmoil. Meanwhile, JPMorgan’s First Republic buy has fueled speculation that regulators are viewing consolidation in a different light.
By Anna Hrushka • May 12, 2023 -
Trendline
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 -
FDIC wants large banks to cover $15.8B hit to insurance fund
The regulator estimated 113 banks would be subject to the special fee, while more than 4,000 smaller institutions would be spared.
By Anna Hrushka • May 11, 2023 -
Investor sues JPMorgan, execs over Epstein ties
A pension fund said the bank “has suffered and will continue to suffer substantial monetary and reputational harm” for its failure to report suspicious activity in the late convicted sex offender’s account.
By Dan Ennis • May 10, 2023 -
US arm of crypto exchange Bittrex files for bankruptcy
The company ceased U.S. operations in April, the same month it was charged by the SEC for allegedly operating an unregistered exchange.
By Gabrielle Saulsbery • May 9, 2023 -
Column
PacWest or Pacific West?: Curbing name confusion, Take 2
An Oregon lender distances itself from the troubled regional with two website notices and a press release.
By Dan Ennis • May 5, 2023 -
Senate panel to hold cannabis banking hearing
Lawmakers behind the latest version of the SAFE Banking Act say the revised text addresses the social equity issues that some key Senate Democrats say the legislation has lacked in previous years.
By Anna Hrushka • May 5, 2023 -
Feds probe Goldman’s dealings with SVB in lead-up to collapse
The investment bank was both a buyer of SVB’s bond portfolio and adviser of its failed capital raise in the days ahead of the regional lender’s collapse in March.
By Anna Hrushka • May 4, 2023 -
Sen. Brown urges FDIC to review Tellus’ business practices
The Senate Banking Committee chair voiced concern over the fintech’s high-interest savings accounts that are not insured by the regulator.
By Rajashree Chakravarty • May 3, 2023 -
How Capital One is democratizing machine learning to curb fraud
The bank found opportunities for cross-unit collaboration, using tech to spot potential fraud more efficiently.
By Roberto Torres • May 2, 2023 -
FDIC proposes higher insurance coverage for payroll accounts
Under the agency’s targeted coverage scenario, accounts used for payment purposes — specifically, business payment accounts— would merit higher deposit insurance coverage.
By Anna Hrushka • May 2, 2023 -
JPMorgan to ‘fight hard’ to retain First Republic clients, CFO says
JPMorgan’s agreement to buy the failed bank’s assets once again raises questions of the health of the banking ecosystem, particularly shining a light on regional banks.
By Grace Noto • May 1, 2023 -
FDIC orders Cross River to correct ‘unsafe’ lending practices
The $9 billion-asset bank, which neither admitted nor denied the charges, is not allowed to enter into any new partnerships with third parties or offer new credit products without the regulator’s approval.
By Anna Hrushka • May 1, 2023 -
JPMorgan Chase to acquire seized First Republic
The nation's largest bank is taking in roughly $173 billion in loans, $30 billion in securities and $92 billion in deposits as part of the FDIC-orchestrated sale, expected to cost the Deposit Insurance Fund $13 billion.
By Dan Ennis • May 1, 2023 -
Fed blames own oversight, bank management in SVB failure
In its post-mortem, the central bank said SVB failed because of a “textbook case of mismanagement.” Fed supervisors were also slow to identify problems and take action, it said.
By Anna Hrushka • April 28, 2023 -
What killed Signature? Poor management, says FDIC.
An FDIC report that published Friday also described staffing shortages in the regulator's examiner arm.
By Gabrielle Saulsbery • April 28, 2023 -
OCC, FDIC flag ‘unfair, deceptive’ overdraft practices
Regulators highlighted several bank overdraft practices that could result in violations of Dodd-Frank Act rules, as well as Section 5 of the Federal Trade Commission Act.
By Anna Hrushka • April 27, 2023 -
First Republic customers withdrew more than $100B in Q1
The ailing firm, which received a $30 billion infusion from 11 banks last month, said it plans to reduce its workforce by as much as 25%.
By Anna Hrushka • April 25, 2023 -
How the March banking crisis plays in to JPMorgan’s Frank case
Beleaguered Frank founder Charlie Javice moved her money to Signature Bank in September because she “no longer wanted to bank with an entity that was retaliating against her,” she told a court Friday.
By Dan Ennis • April 25, 2023 -
SVB Financial Group’s CEO, CFO resign
The former Silicon Valley Bank parent did not name a replacement for the CEO role, but said Nicholas Grossi, managing director of advisory firm Alvarez & Marsal, will serve as the company’s interim CFO.
By Anna Hrushka • April 24, 2023 -
Credit Suisse outflow continues, down $68B in Q1
The bank also officially terminated its acquisition of M. Klein & Co, a key part of a restructuring in October. Separately, a UBS executive who said he would retire to pursue photography, is staying.
By Rajashree Chakravarty • April 24, 2023 -
FSOC floats new framework to tag nonbanks as systemically important
Trump-era guidance “created inappropriate hurdles” that gave the process “an unrealistic timeline” for addressing emerging risks, Treasury Secretary Janet Yellen said.
By Dan Ennis • April 21, 2023 -
Is the TD-First Horizon deal any closer?
The Canadian bank's CEO said this week he still "[sees] the benefits" of the acquisition but didn't comment on potential renegotiation. First Horizon, meanwhile, said it had "no further updates."
By Dan Ennis • April 21, 2023 -
CFPB: Staffer breached data on 256,000 consumer accounts
The agency, which notified lawmakers of the incident last month, said the now-fired employee sent to a personal email account two spreadsheets containing names and transaction-specific account numbers.
By Anna Hrushka • April 20, 2023 -
MUFG hires SVB’s ex-corporate-banking chief, 4 other senior execs
In all, MUFG is adding 20 bankers to its technology, media and telecom unit, in perhaps its most significant U.S. move since it sold its West Coast branch footprint to U.S. Bank last year.
By Dan Ennis • April 20, 2023