Risk: Page 2
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US banks largely lag on implementing net-zero best practices
“What we see today in terms of their implementation and operationalizing of those [net-zero] commitments is far from sufficient,” the director of the Sierra Club’s Fossil-Free Finance Campaign said.
By Lamar Johnson • Oct. 8, 2024 -
The image by Tyler Lahti is licensed under CC BY-SA 4.0
Truist customer data exposed in third-party breach
The February breach involved personal information held by debt collector Financial Business and Consumer Solutions and did not impact Truist’s network, the bank said in a letter.
By Rajashree Chakravarty • Oct. 8, 2024 -
Explore the Trendline➔
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TrendlineArtificial 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 -
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Tech costs, regulatory demands among community bankers’ top worries
A recent survey of community bankers also cited cost of funds as a top risk, amid the higher rate environment. “Right now, our motto is ‘Survive until 2025,’” a Pennsylvania community bank CEO said.
By Caitlin Mullen • Oct. 8, 2024 -
iStock / VioletaStoimenova
Sponsored by HuronProactively identifying and mitigating risk in financial services with a RCSA
Proactive risk management, particularly through RCSA, can ensure banking safety, covering a wide range of risks.
By Craig Brown, Clint Irvin, Jeff Ulmer, and Adam Wells • Oct. 7, 2024 -
Courtesy of Starling Bank
Starling Bank slapped with $38M fine
The U.K.’s financial watchdog called Starling’s financial sanction screening controls “shockingly lax,” and said the challenger bank’s efforts to thwart financial crime failed to keep up with its quick growth.
By Caitlin Mullen • Oct. 2, 2024 -
Mario Tama via Getty Images
Fed lifts 2013 Citi enforcement action
The bank, which had been directed to address anti-money laundering and Bank Secrecy Act deficiencies, is still under Fed and OCC orders related to data and internal controls.
By Caitlin Mullen • Oct. 2, 2024 -
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Banks are excited about AI. Their customers aren’t so sure.
To address that, lenders need to be more transparent about their artificial intelligence use and educate customers on the benefits and safeguards involved, analysts said.
By Caitlin Mullen • Sept. 30, 2024 -
Mark Wilson/Newsmakers via Getty Images
Macquarie investment unit settles SEC charges for $79.8M
The advisory firm will settle SEC charges for asset overvaluation and illegal cross trades conducted between January 2017 and April 2021 related to a discontinued fixed-income investment strategy.
By Rajashree Chakravarty • Sept. 20, 2024 -
Anna Hrushka/Banking Dive
NY’s Five Star Bank pivots away from BaaS
The bank cited regulators’ changing expectations. Banking-as-a-service accounts for 2% of Five Star’s deposits and less than 1% of its loans and two of its 12 clients have already begun offboarding, it said.
By Dan Ennis • Sept. 20, 2024 -
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Evolve Bank ‘failed in its most basic duty,’ stole from customers: lawsuit
The allegations come from Yotta Technologies, a fintech that says its customers are currently locked out of more than $100 million in funds.
By Gabrielle Saulsbery • Sept. 18, 2024 -
Anna Hrushka/Banking Dive
FDIC seeks tougher recordkeeping on fintech partners
The regulator also approved a policy update to consider small business and residential loan originations, in addition to deposits, when evaluating a merger’s competitive effects.
By Gabrielle Saulsbery • Sept. 17, 2024 -
Michael A. McCoy / Stringer via Getty Images
Lawmakers push for crackdown on fintech, ban on false claims
Sens. Elizabeth Warren and Chris Van Hollen demanded tighter regulations on BaaS and fintech partnerships, saying they pose “a broader threat to the stability of our banking system and the economy.”
By Rajashree Chakravarty • Sept. 13, 2024 -
BMO’s $564M Ponzi verdict tossed by appeals court
A panel of judges at the 8th U.S. Circuit Court of Appeals threw out a bankruptcy court ruling that the bank aided and abetted the Ponzi scheme of former businessman Tom Petters.
By Gabrielle Saulsbery • Sept. 13, 2024 -
Michael M. Santiago via Getty Images
OCC hits Wells Fargo with AML enforcement action
The newest order for the bank introduces questions around whether it could affect the lifting of Wells' asset cap, or if other big banks might face AML orders.
By Caitlin Mullen • Sept. 12, 2024 -
Retrieved from OCC.
Innovation may slow amid bank-fintech partnership scrutiny: analysts
Additional guardrails, however, are necessary as business connections grow more complex and as fintechs tackle more compliance responsibilities, a regulator said.
By Suman Bhattacharyya • Sept. 11, 2024 -
Douglas Rissing via Getty Images
9 crucial reactions to the capital requirements preview
BofA and JPMorgan execs talk death, despair and a lack of specifics, while lawmakers and regulators appear to fall along party lines in the snowballing fight over the Basel endgame.
By Dan Ennis • Sept. 11, 2024 -
Retrieved from Polaris Dawn on September 06, 2024
The fintech CEO who is becoming a frequent flier with SpaceX
On Jared Isaacman’s second trip to space, the billionaire plans to become the first private spacewalker. Shift4 investors will need to follow space news to learn about it.
By Justin Bachman • Sept. 9, 2024 -
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Many regionals lack clear strategy for private credit threat: analyst
Private credit firms are no longer just extending loans banks won’t, Deloitte’s Richard Rosenthal said.
By Caitlin Mullen • Sept. 6, 2024 -
Stringer via Getty Images
Morgan Stanley drops plastic pollution financing goal
A spokesperson for the bank told ESG Dive it would no longer have the standalone goal due to data availability and quality challenges as required climate disclosures near.
By Lamar Johnson • Sept. 6, 2024 -
Scott Olson / Staff via Getty Images
Ex-Discover exec alleges age, gender bias in lawsuit
Diane Offereins is suing the card network over roughly $7 million in clawed-back equity, claiming she was a “convenient scapegoat” for Discover’s card misclassification issue.
By Caitlin Mullen • Sept. 5, 2024 -
Drew Angerer via Getty Images
OCC’s Hsu wants to label domestic systemically important banks
The regulator spoke at length on the need for horizontal, risk-based supervision — and the equivalent of regular physical exercise.
By Dan Ennis • Sept. 4, 2024 -
Joe Raedle / Staff via Getty Images
TD’s US branch opening plans have slowed ‘dramatically,’ CEO says
As the bank tackles its anti-money laundering issues and sets aside money for expected penalties, TD CEO Bharat Masrani indicated plans to open branches in the U.S. have been reduced.
By Caitlin Mullen • Sept. 4, 2024 -
Spencer Platt via Getty Images
Viral JPMorgan Chase glitch is ‘fraud, plain and simple,’ bank says
Some customers deposited bad checks and immediately withdrew funds before the checks bounced in a glitch that went viral on TikTok. Now, some users have holds on their accounts.
By Gabrielle Saulsbery • Sept. 3, 2024 -
Brandon Bell via Getty Images
Sustainability advocates sue Texas over anti-ESG law
The American Sustainable Business Council alleged that the state's 2021 law violates its members' rights to speech and free association, as well as due process, and are seeking an injunction.
By Lamar Johnson • Aug. 29, 2024 -
Anna Moneymaker via Getty Images
NYDFS fines Nordea $35M over AML failures
New York’s regulator cited high-risk transactions through Baltic and Danish branches tied to the Panama Papers leaks and illicit operations involving Russia and Azerbaijan.
By Dan Ennis • Aug. 28, 2024
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