Warren asks Congress to help SEC fight crypto fraud

The Democratic senator called SEC Chair Gary Gensler “the right leader to get the job done,” but said regulators need to do more to bolster their scrutiny of the industry.

By Anna Hrushka • Jan. 26, 2023

Feds seize $150M from Farmington, Silvergate amid FTX probe

Each of the affected banks has made a marked shift this year: Farmington is exiting the crypto space, and Silvergate has cut 40% of its staff, citing current “economic realities.”

By Gabrielle Saulsbery • Jan. 25, 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

FTX-connected Farmington State Bank retreats from crypto, cannabis

The bank will also stop using the Moonstone Bank brand it developed for such “innovation-driven” pursuits, it said.

By Dan Ennis • Jan. 23, 2023

ESG debate escalates as GOP goes after influencers

Twenty-one Republican attorneys general argue proxy advisers ISS and Glass Lewis' shareholder voting recommendations on climate policy and board diversity violate their duty to investors.

By Dan Ennis • Jan. 19, 2023

Fed lays out details of its climate pilot

The nation's six largest banks have until July 31 to analyze the impact two natural disasters would have on real estate lending portfolios, and factor in changing sentiment regarding climate change.

By Dan Ennis • Jan. 18, 2023

‘Too-big-to-manage’ banks could be broken up, OCC says

The size and complexity of a bank is the core problem, not “the weaknesses of its systems and processes or the unwillingness or incompetence of its senior leaders,” Acting Comptroller Michael Hsu said.

By Anna Hrushka • Jan. 18, 2023

CFPB proposes registry of nonbanks’ contract terms, conditions

“Take it or leave it” form contracts, usually drafted by a company and its lawyers, can conceal consumer harm and suppress criticism about products and services, the bureau said.

By Rajashree Chakravarty • Jan. 12, 2023

6 takeaways from Jerome Powell’s climate stance

The Fed chair laid out his mantra Tuesday regarding the central bank's responsibility toward climate risk, and gave five reasons for his boundaries.

By Dan Ennis • Jan. 10, 2023

5 banking trends to watch in 2023

Harsher penalties, a fiercer fight over ESG philosophy and a more urgent push to regulate crypto appear poised to roil the finance sector this year.

By Anna Hrushka , Dan Ennis , Gabrielle Saulsbery • Jan. 10, 2023

Metropolitan Commercial Bank backs out of crypto

The bank, which served as a partner to bankrupt exchange Voyager, said it began pivoting away from the sector in 2017 and that digital-asset deposits “have never represented a material portion” of its business.

By Gabrielle Saulsbery • Jan. 9, 2023

Numbness, Coinbase helped keep Trustmark’s $100M settlement under the radar

The Mississippi-based bank's effort to end a 13-year Ponzi scheme-related saga came a day before a stalwart in an even more beleaguered sector — crypto — agreed to a payout of the same sum.

By Dan Ennis • Jan. 6, 2023

Crypto-heavy Silvergate cuts workforce by 40%

The collapse of FTX triggered a run that forced the bank to sell debt at a loss to cover a sharp uptick in crypto-related withdrawals. The bank also wrote off its purchase of Diem technology and tabled its digital currency launch.

By Gabrielle Saulsbery • Jan. 5, 2023

Fed, OCC, FDIC issue joint warning on crypto risks for banks

The regulators didn't go so far as to create new rules around bank-crypto partnerships, but said they're "continuing to assess" if — and how — such tie-ups can proceed safely.

By Gabrielle Saulsbery • Jan. 4, 2023

BankProv CEO resigns months after bank’s crypto-loan loss

BankProv’s leadership transition follows the bank’s November forecast that it expects to lose $27.5 million for the quarter ending Sept. 30, due to its lending exposure to the crypto mining industry.

By Anna Hrushka • Jan. 4, 2023

Everyone’s calling for the regulation of crypto-bank ties these days

Here's a quick overview of Basel Committee and FSOC recommendations for the digital-asset space.

By Gabrielle Saulsbery • Dec. 20, 2022

NYDFS lays out crypto guidance for banks

State-licensed banks that intend to engage in the virtual currency-related activity must submit a proposal at least 90 days in advance, the agency said.

By Rajashree Chakravarty • Dec. 16, 2022

CFPB proposes a database of nonbank repeat offenders

The proposed rule will be open to public comment for 60 days and will be released "no earlier than January 2024," the bureau said Monday.

By Rajashree Chakravarty • Dec. 13, 2022

CBA: Most consumers want more oversight for crypto, fintech firms

The trade group’s study saw an age gap. About 46% of baby boomers and 42% of Gen Xers sought higher regulatory standards for the companies, compared with 24% of millennials and 18% of Gen Zers.

By Gabrielle Saulsbery • Dec. 13, 2022

Northern Trust predicts a ‘pause’ in the mainstreaming of crypto

The FTX crisis will prompt "reflection" regarding crypto, an executive said. But Northern Trust still predicts 5% and 10% of its assets under custody will be digital by 2030.

By Lynne Marek • Dec. 12, 2022

SBA bars fintechs Womply, Blueacorn after PPP report

The agency is also investigating Cross River Bank, Celtic Bank, Customers Bank and nonbank lenders Fountainhead, Harvest, Capital Plus, Benworth and Prestamos, as well as individuals and entities connected to them.

By Dan Ennis • Dec. 9, 2022

OCC reiterates its call for crypto caution

Most crypto participants "appear unprepared" for stress from the sector, but banks have inquired less about getting into crypto since the Terra and FTX crashes, the agency said.

By Rajashree Chakravarty • Dec. 9, 2022

SEC wants public companies to disclose crypto risks

Meanwhile, former FTX CEO Sam Bankman-Fried said Friday he would testify Tuesday in front of the House Financial Services Committee.

By Gabrielle Saulsbery • Dec. 9, 2022

OCC judge recommends $18.5M in fines for 3 ex-Wells Fargo execs

The penalties, including a lifetime ban for one, are in line with what the agency had sought. The judge suggested a second lifetime ban. The OCC has 90 days to issue a final decision.

By Rajashree Chakravarty • Dec. 8, 2022

International crypto exchanges Bybit, Swyftx see steep staff cuts

The Dubai- and Australia-based companies lack direct exposure to FTX but are feeling the effect of broader market challenges, slashing 30% and 40% of their workforces, respectively.

By Gabrielle Saulsbery • Dec. 6, 2022

Fed’s Barr calls for stricter capital requirements

The vice chair for supervision did not say when a review of the stress test framework would be complete, but more details are expected early next year.

By Rajashree Chakravarty • Dec. 5, 2022