Bank of Utah faces embezzlement lawsuit

Clients of Stephen Swensen, a once-respected financial adviser accused of swindling $29 million, named the bank in a lawsuit and claimed it was aware of a years-long Ponzi scheme uncovered by the SEC.

By Gabrielle Saulsbery • Sept. 21, 2023

New guidance encourages banks to define a fintech’s maturity level

Guidance released by the Alloy Labs Alliance aims to give banks an idea of how risk-management oversight may change or evolve as their fintech partner’s maturity develops.

By Anna Hrushka • Sept. 20, 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

FinCEN fines Puerto Rico bank $15M on alleged BSA violations

Bancrédito failed to timely file suspicious activity reports between October 2015 and May 2022, and inadequately monitored transactions involving entities in Venezuela.

By Rajashree Chakravarty • Sept. 18, 2023

Senate panel to hold vote on cannabis banking bill

The bipartisan bill, which has passed in the House seven times but has yet to pass in the Senate, is scheduled for a committee vote Sept. 27.

By Anna Hrushka • Sept. 18, 2023

Goldman fires transaction banking chief, execs over communication breach

Four employees, including Hari Moorthy, the head of transaction banking, were let go following a violation of the firm’s communication policy, according to a memo seen by Reuters and Bloomberg.

By Rajashree Chakravarty • Sept. 14, 2023

Scope 3 emissions flap delays final climate risk rule, Gensler says

Republican senators criticized the SEC chief for what they said is a burdensome and divisive regulatory agenda.

By Jim Tyson • Sept. 12, 2023

FDIC admits missteps in First Republic oversight

In the four years before the bank’s failure, the San Francisco-based lender doubled in size while examination hours declined by 11%, the FDIC said in its post-mortem.

By Anna Hrushka • Sept. 11, 2023

5 takeaways from Michael Barr’s views on CBDCs, stablecoins and more

The Federal Reserve’s vice chair for supervision spoke about “responsible innovation” Friday at a Philadelphia Fed fintech conference.

By Suman Bhattacharyya • Sept. 11, 2023

Goldman’s strategy retreat leaves GreenSky in limbo

The installment-lending fintech, which Goldman is looking to sell, faces an uncertain future as the investment bank distances itself from an ambitious retail strategy.

By Anna Hrushka • Sept. 7, 2023

Goldman, regional bank warnings show the Fed is now playing offense

The central bank has requested action from Citizens, Fifth Third and M&T regarding capital, liquidity, technology and compliance, according to Bloomberg. Goldman’s fintech partnerships are reportedly under scrutiny, too.

By Dan Ennis • Aug. 31, 2023

FDIC should have voted on First Republic sale, board member says

Such a move would ensure no value is left on the table, Jonathan McKernan said. Other board members voiced concerns the process would take too long or be overly complex.

By Anna Hrushka • Aug. 30, 2023

Regulators want banks to hold more debt to shield against failures

Under the proposal, large banks would be required to maintain a minimum amount of eligible long-term debt equal to 3.5% of average total assets or 6% of risk-weighted assets, whichever is higher.

By Anna Hrushka • Aug. 29, 2023

Massachusetts’ top court rules against Robinhood

The Supreme Judiciary Court’s 5-0 ruling upholds the state’s fiduciary rule, holding broker-dealers like Robinhood to fiduciary duties of care and loyalty, similar to investment advisers.

By Gabrielle Saulsbery • Aug. 28, 2023

3 ways banks can navigate the commercial real estate slump

It’s not clear if or when the CRE market will return to pre-pandemic levels, but experts say there are steps that banks with significant exposure to the space can take to help mitigate losses.

By Anna Hrushka • Aug. 16, 2023

SVB Financial claims it’s losing $9M a month in FDIC battle

The holding company, which filed for bankruptcy on March 15, said it stands to lose $100 million annually if the regulator continues to hold on to nearly $2 billion in seized deposits.

By Anna Hrushka • Aug. 16, 2023

UBS to pay $1.4B to settle mortgage-backed securities fraud case

The Justice Department has recovered $36 billion in civil penalties from 18 financial institutions in connection with mortgage-backed securities fraud. UBS was the last one to settle.

By Rajashree Chakravarty • Aug. 15, 2023

Custodia launches with US dollar deposits, preps crypto custody

The bank, which is engaged in a legal battle with the Fed, said it’s initially serving U.S. business customers only and awaiting final regulatory clearance to launch its bitcoin custody service.

By Anna Hrushka • Aug. 14, 2023

Senators urge Fed to overhaul big-bank merger policy

A revamp is critical given the spate of regional bank failures this year, said Sen. Sherrod Brown, D-OH, and three others, who accused the central bank of approving mergers under an “old rubric.”

By Anna Hrushka • Aug. 10, 2023

6 CFO tips for handling the backlash against ESG

The ESG backlash has compelled companies to alter their sustainability strategies, including ensuring close alignment with core business goals, the Conference Board said.

By Jim Tyson • Aug. 9, 2023

New Fed unit to supervise crypto, nonbank partnerships

The central bank clarified that any state bank it supervises must get the regulator’s green light before issuing, holding or transacting in dollar tokens, such as stablecoins, to facilitate payments.

By Anna Hrushka • Aug. 9, 2023

Warren wants Goldman CEO to name bankers tied to SVB deals

The senator asked David Solomon to provide more specifics into his bank's dual role as an adviser to SVB and as a buyer of its assets.

By Dan Ennis • Aug. 9, 2023

Wells Fargo to pay $200M to settle WhatsApp probes

The San Francisco-based lender is one of 11 firms, including BNP Paribas, that reached settlements with the SEC on Tuesday, as U.S. regulators continue their crackdown on records retention violations.

By Anna Hrushka • Aug. 8, 2023

KeyBank misled investors on liquidity, lawsuit claims

The bank blamed marginal funding costs for its downward revision of net interest income, a shareholder said. But that adjustment came less than a week before confidence in regional lenders spiraled.

By Dan Ennis • Aug. 8, 2023

Lawmakers blast FDIC’s ‘feeble response’ to deposit misreporting

If left unchecked, the underreporting could lead to shortfalls to the Deposit Insurance Fund, which “could threaten the stability of the entire U.S. banking system,” warned Sen. Elizabeth Warren, D-MA, and Rep. Katie Porter, D-CA.

By Anna Hrushka • Aug. 7, 2023

Could OceanFirst’s CRA troubles have tanked its proposed merger?

The New Jersey lender's CRA rating dropped to “needs to improve” around the same time it announced a merger with Partners Bancorp, a new OCC report shows. The deal fell apart in November 2022.

By Gabrielle Saulsbery • Aug. 4, 2023