Risk: Page 19
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How accurate is your Metro 2® furnishing? (And how do you even know?)
Focus on these four key areas to gain a real-world understanding of accurate Metro 2® furnishing.
By Michelle Macartney • Dec. 5, 2022 -
10 top reads from Banking Dive
If you're new, welcome. Here's a chance to catch up on some of our best work.
By Dan Ennis • Dec. 4, 2022 -
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 -
CFTC chair pushes lawmakers on the creation of crypto regulatory framework
Thursday's hearing marked the first in a series that will address the downfall of FTX and future regulation in the beleaguered crypto industry.
By Gabrielle Saulsbery • Dec. 2, 2022 -
Panel blasts fintechs for missing ‘obvious and preventable’ PPP fraud
Womply and Blueacorn’s lack of fraud controls made them the “paths of least resistance” for fraudsters, a House subcommittee said. Another fintech included in the report blamed the SBA’s “sh***y rules.”
By Anna Hrushka • Dec. 2, 2022 -
NYDFS proposes charging crypto businesses for supervision
The fees, up for two comment periods, would help the agency “continue adding top talent to its virtual currency regulatory team,” NYDFS said Thursday.
By Rajashree Chakravarty • Dec. 2, 2022 -
FTX ex-CEO says he ‘unknowingly commingled funds’
In his first public appearance since his former company's collapse, Sam Bankman-Fried said he doesn’t think he has criminal liability, but what happens with him is “not the important part.”
By Gabrielle Saulsbery • Dec. 1, 2022 -
Epstein accusers sue JPMorgan Chase, Deutsche Bank
Two unnamed women who allege the disgraced financier sexually abused them are seeking unspecified damages from the banks, which they say enabled Epstein’s behavior.
By Rajashree Chakravarty • Nov. 28, 2022 -
Fed, FDIC order Citi to address data management weaknesses
Citi must submit a “mapping document” addressing the issues by Jan. 31. The bank promised “more streamlined systems that improve the quality of our data as well as the speed with which it can be accessed.”
By Anna Hrushka • Nov. 23, 2022 -
Lawmakers question SoFi CEO, regulators over crypto activity
The Fed gave SoFi two years from its acquisition of a California bank to divest from a digital-assets business, the lawmakers wrote. But two months later, SoFi touted an “expansion” of crypto services.
By Rajashree Chakravarty • Nov. 22, 2022 -
FTX owes more than $3 billion to its top 50 creditors
The bankrupt crypto exchange has launched a strategic review of global assets to prepare for the sale or reorganization of some businesses.
By Gabrielle Saulsbery • Nov. 21, 2022 -
JPMorgan maintains status as world’s most systemically important bank
Citigroup and HSBC maintained their position since last year at a 2% buffer while BNP joined Deutsche Bank and Goldman Sachs at the 1.5% level this year.
By Rajashree Chakravarty • Nov. 21, 2022 -
Column
Can Congress come together on crypto?
Perhaps even a divided Congress can make bipartisan headway in crafting a regulatory framework for crypto following FTX’s failure.
By Lynne Marek • Nov. 18, 2022 -
New FTX CEO blasts ‘complete failure of corporate controls’ under Bankman-Fried
CEO John Ray didn’t mince words in discussing mismanagement of the crypto exchange by its founder and others.
By Gabrielle Saulsbery • Nov. 17, 2022 -
BankProv braces for $27.5M hit on bad crypto mining loans
The Massachusetts-based bank said it has delayed the release of its financial statements for the most recent quarter, adding that losses could exceed the $27.5 million estimate.
By Anna Hrushka • Nov. 17, 2022 -
Treasury calls for more fintech oversight
Fintechs are re-bundling core banking services outside the bank regulatory perimeter and contributing to competitive pressure in the banking industry, the Treasury Department said in a 122-page report.
By Anna Hrushka • Nov. 16, 2022 -
Regulators defend their caution on crypto in Senate panel hearing
Some GOP lawmakers blasted a dearth of guidance from the OCC, Fed and FDIC, and one suggested it's up to Congress to establish the rules.
By Dan Ennis • Nov. 16, 2022 -
BlockFi teeters on bankruptcy as Gemini, Genesis units halt redemptions: reports
The dominos from FTX’s collapse are knocking down players across the crypto industry, with some companies pausing withdrawals and a group of U.S. investors suing FTX's former CEO.
By Gabrielle Saulsbery • Nov. 16, 2022 -
FTX may have more than 1 million creditors
New CEO John Ray has appointed a new slate of directors at each of the main companies within FTX to guide them through Chapter 11, including a former federal judge.
By Gabrielle Saulsbery • Nov. 15, 2022 -
Custodia Bank’s master account lawsuit against Fed advances
Custodia’s claim that its master account application has been “unreasonably delayed” by the regulator holds water, a U.S. district court judge ruled Friday.
By Anna Hrushka • Nov. 15, 2022 -
OceanFirst, Partners call off $186M merger
OceanFirst had closed seven acquisitions since 2015 but cited regulatory delays in the Partners deal’s disintegration. The tie-up recently passed its initial one-year deadline.
By Rajashree Chakravarty • Nov. 14, 2022 -
Bahamas law enforcement investigating FTX
The crypto exchange has faced a multimillion-dollar hack since filing for bankruptcy Friday.
By Gabrielle Saulsbery • Nov. 14, 2022 -
Sam Bankman-Fried steps down as FTX CEO amid bankruptcy filing
FTX.com’s assets were frozen in the Bahamas, where the company is headquartered. Crypto lender BlockFi also paused withdrawals because of its exposure to FTX.
By Gabrielle Saulsbery • Nov. 11, 2022 -
SEC, DOJ probe FTX as Binance backs out of acquisition
Regulator investigations have been going on for months but came to light amid Binance’s now-canceled bid to purchase the exchange.
By Gabrielle Saulsbery • Nov. 10, 2022 -
BMO Harris ordered to pay $564M in Ponzi scheme case
The bank said it will take a $833.6 million charge in connection with the ruling, which it may appeal. The verdict spotlights the responsibility banks may have for the actions of institutions they acquire.
By Dan Ennis • Nov. 9, 2022 -
UBS chief risk officer quits to pursue photography career
The Swiss bank tapped Damian Vogel, CRO in its global wealth-management business, to take Christian Bluhm’s place at the beginning of May.
By Anna Hrushka • Nov. 9, 2022