Banks create guide to manage fintech due diligence

The framework isn’t meant to replace existing regulatory guidance, but rather help banks better implement it, said Alloy Labs Alliance CEO Jason Henrichs.

By Anna Hrushka • Nov. 9, 2022

Deutsche may face BaFin penalty over slow AML progress

A warning Friday suggests the German regulator wants quicker action from the bank in response to 2018 and 2019 orders. But Deutsche said it’s “fully aligned” with BaFin ahead of a mid-2023 deadline.

By Dan Ennis • Nov. 7, 2022

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

Goldman launches digital asset classification system

Datonomy is intended to help institutional investors make sense of the new asset class.

By Gabrielle Saulsbery • Nov. 4, 2022

Banks processed $1.2B in ransomware-related payments in 2021, FinCEN says

It’s not clear if an uptick in ransomware-related filings signifies an actual increase in ransomware-related incidents, FinCEN noted. The bump could be related to improved reporting and detection, the agency said.

By Rajashree Chakravarty • Nov. 3, 2022

U.S. Bank data breach impacts 11K customers

A third-party vendor accidentally shared the names, addresses, Social Security numbers, birthdays, closed account numbers and outstanding balances of about 11,000 customers, the bank said.

By Gabrielle Saulsbery • Oct. 31, 2022

New OCC office to focus on fintech

The regulator said it plans to open the office next year in response to the growing complexity of bank-fintech partnerships.

By Anna Hrushka • Oct. 28, 2022

Credit Suisse to trim 9K jobs, break up investment bank

The Swiss bank is spinning off its capital markets and advisory units under a revived CS First Boston banner. It also announced plans to raise $4 billion — including $1.5 billion from the Saudi National Bank.

By Dan Ennis • Oct. 27, 2022

Banking-as-a-service grows as regulators play catch-up

The BaaS space is expected to reach $74.55 billion by 2030, and has emerged as an enticing revenue stream for community banks. Meanwhile, the OCC has hinted more regulation is forthcoming.

By Anna Hrushka • Oct. 25, 2022

Inside 6 of the FDIC’s top concerns over stablecoins

The regulator’s acting chief discussed their potential effect on community banks, interplay with FedNow and a potential CBDC, the importance of inclusion and the limits of regulation.

By Dan Ennis • Oct. 21, 2022

Fed disputes allegations of favoritism over BNY Mellon crypto move

The central bank asserts Custodia’s complaint ignores "substantial differences" between the two banks’ business models.

By Anna Hrushka • Oct. 21, 2022

Fed’s Waller expresses skepticism on CBDC

Launching a digital currency could introduce costs and risks that could harm the U.S. dollar's standing internationally, Waller said. The dollar’s primacy, he added, has little to do with technology.

By Gabrielle Saulsbery • Oct. 17, 2022

In this era of increased regulatory scrutiny, this is where credit furnishers are most vulnerable

A perfect storm is brewing for credit reporting and disputes management. See why and how to minimize risk.

By Michael Orefice • Oct. 17, 2022

Custodia Bank accuses Fed of favoritism toward BNY Mellon

The Wyoming-based bank said the Fed’s warning last week on crypto is counter to allowing BNY Mellon to hold and transfer digital assets.

By Anna Hrushka • Oct. 13, 2022

4 takeaways from Michael Barr’s DC Fintech Week speech

The Federal Reserve’s vice chair for supervision stressed caution with banks’ ties to crypto and spotlighted what sets stablecoins apart from other digital assets.

By Dan Ennis • Oct. 13, 2022

Crypto exchange Bittrex to pay $29M to settle AML, sanctions charges

The exchange failed to file any suspicious activity reports for more than three years and allowed customers in Syria, Sudan, Iran, Cuba and the Crimea to make tens of thousands of transactions, two Treasury offices said Tuesday.

By Dan Ennis • Oct. 12, 2022

OCC wants more data on banks’ crypto-related activities

Banks are already required to seek the OCC’s non-objection before engaging in crypto activity. But further enhancements may be needed “to track the risk of cross-contagion,” Acting Comptroller Michael Hsu said.

By Anna Hrushka • Oct. 11, 2022

What decriminalization could mean for cannabis banking

De-scheduling the drug may take away the fear of prosecution, but some analysts argue the compliance burden may actually increase.

By Anna Hrushka • Oct. 7, 2022

5 takeaways from the FDIC acting chief’s climate comments

Among other warnings, the regulator asserted community banks face greater risk than large ones.

By Gabrielle Saulsbery • Oct. 4, 2022

FSOC wants legislation to fill crypto sector oversight gaps

The panel wants regulators to work in tandem to issue rules that would help prevent regulatory arbitrage in the sector.

By Anna Hrushka • Oct. 4, 2022

3 times Michelle Bowman stood out as the Fed’s anti-Barr

The central bank governors diverged on stress tests, mergers and digital assets in recent speeches but appear to agree on capital requirements.

By Dan Ennis • Oct. 3, 2022

Pot banking firm targets talent, M&A following SPAC deal

Safe Harbor Financial is looking for a second sponsor bank, and has its eye on adding an insurance offering.

By Anna Hrushka • Oct. 3, 2022

Barclays takes $361M penalty in debt-product oversale error

The bank failed to establish internal controls related to tracking its securities sales in real time, the SEC said. Bank employees may face disciplinary action or pay cuts in connection with the findings, Barclays said.

By Dan Ennis • Sept. 30, 2022

6 largest US banks to join Fed’s first-ever climate scenario exercise

The “exploratory” analysis will launch in early 2023 and be separate from bank stress tests, the Fed said, adding it will not have capital or supervisory implications.

By Anna Hrushka • Sept. 29, 2022

Digital banks, credit unions should factor into merger reviews: Fed’s Bowman

Potential combinations should hinge on risk analysis, not deposit market share, in an update to 1995 guidelines, the central bank governor said Wednesday.

By Dan Ennis • Sept. 29, 2022

SEC, CFTC fine 11 banks $1.8B in record-keeping probe

Bank of America took the heaviest combined penalty, at $225 million, over the use of unapproved platforms for business communications. Citi, Goldman Sachs, Morgan Stanley and four others were fined $200 million.

By Dan Ennis • Sept. 28, 2022