Hsu: Crypto needs lead regulator, global framework of rules

The OCC's acting chief, during a speech Monday, likened FTX’s collapse to that of the Bank of Credit and Commerce International in 1991.

By Gabrielle Saulsbery • March 7, 2023

Some Celsius customers can make withdrawals now

The bankrupt crypto lender is allowing withdrawals from some custody accounts, it said Thursday. Full funds distribution could start as soon as June.

By Gabrielle Saulsbery • March 3, 2023

Explore the 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

First Horizon warns TD deal may be in limbo

The Tennessee bank, in a filing Wednesday, said TD does not expect regulatory approval by the deal's May 27 extended deadline. That could fuel analysts’ questions at TD’s earnings call Thursday.

By Dan Ennis • March 1, 2023

FDIC OIG highlights crypto, cybersecurity challenges

More than 130 FDIC-insured banks have ongoing or planned crypto-related activities, the agency found. Risks from digital assets and new technologies require a whole-of-government response, the report said.

By Rajashree Chakravarty • Feb. 28, 2023

TD to pay $1.2B to settle Ponzi scheme lawsuit

HSBC and a Texas-based bank also agreed to settlements to avoid a trial, set to start Monday, in which investors may have sought up to $10 billion each from TD and HSBC.

By Dan Ennis • Feb. 27, 2023

Fed again denies Custodia’s request for central bank supervision

Meanwhile, Custodia inches closer to facing the central bank in court after a district judge denied a Fed motion to dismiss the bank’s lawsuit against it.

By Anna Hrushka • Feb. 24, 2023

Fed, FDIC, OCC give banks ‘reminder’ on crypto liquidity risk

Thursday's statement offers no new guidance but appears to elevate stablecoin-linked deposits to a heightened risk category.

By Dan Ennis • Feb. 23, 2023

Cannabis banking fintech Dama Financial taps new CEO

Patrick O'Boyle will be responsible for overseeing Dama Financial's strategic direction, growth initiatives and the launch of new products, the firm said.

By Anna Hrushka • Feb. 22, 2023

Custodia accuses Fed of ‘pulling the strings’ in master account denial

The Kansas City Fed reported the rejection “in a coordinated maneuver orchestrated by the [Fed] Board in consultation with the White House and leaked to reporters” a day earlier, Custodia said.

By Anna Hrushka • Feb. 21, 2023

Credit unions’ 72-hour cyberattack reporting window to take effect Sept. 1

“Credit unions must be included in conversations about critical infrastructure,” NCUA Chair Todd Harper said. The agency aims to lay out additional guidance in the coming months.

By Rajashree Chakravarty • Feb. 17, 2023

Carlyle, Credit Suisse paydays show ex-proteges are having a moment

Goldman, Citi alums are due to rake in hefty compensation packages years after their first Wall Street acts ended.

By Dan Ennis • Feb. 14, 2023

Crypto regulation shouldn’t smother innovation: Fed’s Waller

The Fed governor highlighted the benefits of smart contracts, as well as the potential for tokenization as a privacy tool, in a speech Friday.

By Rajashree Chakravarty • Feb. 13, 2023

Key merger metric doesn’t account for online banking, nonbanks: OCC

The Herfindahl-Hirschman Index, which measures a bank’s market presence based on deposit share, is becoming a less effective predictor of competition across product lines, the agency’s chief counsel said.

By Anna Hrushka • Feb. 13, 2023

Fed unveils 2023 stress test scenarios

The severely adverse scenario boosts the unemployment rate to 10% by the third quarter of 2024, alongside a 38% and 40% plunge in house and commercial real estate prices, respectively.

By Rajashree Chakravarty • Feb. 10, 2023

Cloud providers pose potential risk to banking sector: Treasury report

The report cautions against letting a growing number of financial institutions rely on a relative handful of cloud providers to support remote work and promote innovation.

By Rajashree Chakravarty • Feb. 9, 2023

Gemini to put $100M toward Genesis’ bankruptcy recovery plan

The Winklevoss brothers kept aside the funds for users of its now-defunct Earn program, who had around $900 million of frozen assets when Genesis ceased withdrawals.

By Rajashree Chakravarty • Feb. 7, 2023

Silvergate’s FTX ties probed by DOJ fraud unit: report

The investigation is looking into the bank’s hosting of accounts linked to former FTX CEO Sam Bankman-Fried. Silvergate has not been accused of wrongdoing, sources told Bloomberg.

By Gabrielle Saulsbery • Feb. 3, 2023

BankProv no longer offering loans backed by crypto mining rigs

The bank’s decision to end the loans comes as the firm reported $47.9 million in net charge-offs last year, the majority of which it said were loans secured by cryptocurrency mining rigs.

By Anna Hrushka • Feb. 2, 2023

NYCB to close 69% of Flagstar’s mortgage offices

The move lends credence to reports of hundreds of layoffs last week and presumably means the bank will no longer offer new mortgage lending outside its nine-state branch footprint.

By Dan Ennis • Feb. 1, 2023

Lawmakers press Silvergate harder, say due diligence failed ‘miserably’

Silvergate CEO Alan Lane’s response to a December letter regarding the bank's FTX ties was “evasive and incomplete,” a bipartisan group of U.S. senators wrote Monday.

By Gabrielle Saulsbery • Feb. 1, 2023

PPP, EIDL borrowers with ‘questionable’ Social Security numbers got $5.4B: panel

The SBA disbursed loans to 69,323 applicants with SSNs that either didn’t exist or didn’t match name or birth date information, the Pandemic Response Accountability Committee found.

By Gabrielle Saulsbery • Jan. 31, 2023

Crypto bank Anchorage Digital names execs to compliance, BSA posts

The eight-move revamp of C-suite and other leading posts comes nine months after the OCC ordered the digital bank to fix BSA and anti-money laundering shortcomings.

By Dan Ennis • Jan. 31, 2023

Citizens Bank continues auto-loan pullback

The Providence, Rhode Island-based lender aims to scale back its portfolio in that segment to between $5 billion and $6 billion by 2024, CEO Bruce Van Saun told Reuters. That’s down from $14.5 billion in December 2021.

By Dan Ennis • Jan. 31, 2023

Custodia Bank denied Fed membership, master account

The Fed said Custodia’s crypto-focused business model "presented significant safety and soundness risks.” The bank said it would continue pursuing its claims in court.

By Anna Hrushka • Jan. 30, 2023

2023: Same regulatory challenges—different (and better) approaches to furnishing

Consumers and regulatory agencies are demanding tougher and higher standards from lenders. See trends in credit furnishing and disputes to help you face this year’s challenges.

By Dianna Cooper • Jan. 30, 2023