Wells Fargo unit to pay $7M to SEC over AML failures

Wells Fargo Advisors failed to properly implement and test a new version of its internal anti-money laundering transaction monitoring and alert system, which it adopted in January 2019, the regulator said.

By Anna Hrushka • May 23, 2022

SEC enforcement attorney predicts 'a lot more fraud' in crypto markets

The SEC will turn to litigation if needed to achieve “clarity” as it fights abuses in cryptocurrency markets, according to an attorney in the agency’s Enforcement Division.

By Jim Tyson • May 16, 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

Judge dismisses Wells Fargo commercial lending class-action suit

Investors led by a retirement fund for Hawaii state employees failed to prove the bank unjustifiably inflated loans, understated loss reserves or misstated its practices, a judge ruled Friday.

By Robin Bradley • May 9, 2022

Citi's role in 'flash crash' reinforces perils of manual transactions

Nasdaq said it won't cancel any trades from Monday that pushed European indexes down as much as 8% in five minutes. Unlike in 2020, the damage from a Citi employee's hands wasn't contained to the bank.

By Dan Ennis • May 3, 2022

Shareholder proposals on climate fail to gain traction at 3 major banks

A move to limit Citi from lending and underwriting new oil and gas projects garnered 12.8% support. Similar proposals at Wells Fargo and Bank of America each received 11% backing.

By Anna Hrushka • April 27, 2022

Banks face 'tight deadline' under new cyber notification rule

The May 1 cutoff to comply with the rule comes as the Biden administration has warned U.S. businesses about the increasing risk of Russian cyberattacks.

By Anna Hrushka • April 21, 2022

Citi sets aside $1.9B to counter Russia exposure

The bank said it now risks a $3 billion loss at most over its Russia entanglements. Profit at the third-largest U.S.-based lender dropped by 46% in the first quarter, Citi said Thursday.

By Dan Ennis • April 14, 2022

JPMorgan Chase sees 42% drop in Q1 profit

The bank reported a $902 million net build in credit reserves tied to potential Russia losses and trepidation over inflation. It also took $524 million in losses related to commodities trading and further Russia exposure.

By Dan Ennis • April 13, 2022

Needham Bank sees ‘cross sell’ opportunity in cast-off cannabis unit

After learning that Eastern Bank was looking to offload the cannabis business it inherited from Century Bank in November, Needham found its market opening.

By Anna Hrushka • April 11, 2022

CBDC will take years, not months, to develop, Yellen says

Transactions need to be faster but responsible, and regulation should be "tech-neutral," the treasury secretary said in her first remarks on digital assets since a March executive order.

By Dan Ennis • April 8, 2022

FDIC: Banks should alert agency of their crypto-related pursuits

The regulator said it supports safe and sound innovations, but is concerned that the risks associated with crypto assets and crypto-related activities are not well understood.

By Anna Hrushka • April 8, 2022

Toomey bill would let OCC give charters to stablecoin issuers

The Republican senator's draft bill would preserve state-registered money transmitter status for most existing issuers and would clarify that insured depository institutions are permitted to issue the digital currency.

By Anna Hrushka • April 7, 2022

Citi spins off Bahrain retail-banking footprint

Financial terms of the deal, expected to close in the second half of this year, were not disclosed. Bahrain is the 10th market from which Citi has solidified its retreat in the past 12 months.

By Dan Ennis • April 5, 2022

Dimon: Russia exposure could cost JPMorgan $1B

Despite the conflict's impact on the bank's bottom line, the CEO called for tougher sanctions against the invading country — and added that because of a confluence of factors, mergers in banking are inevitable this decade.

By Anna Hrushka • April 5, 2022

Wells Fargo names its first chief sustainability officer

Robyn Luhning will ensure transparency in the bank's environmental, social and governance disclosures. Wells Fargo said it aims to set interim financed emission targets for its oil, gas and power portfolios by the end of 2022.

By Dan Ennis • April 5, 2022

FDIC unveils guidance for banks to navigate climate-related risks

The agency asked banks with $100 billion or more in assets to measure and mitigate climate change's financial risks, echoing a December move by the Office of the Comptroller of the Currency (OCC).

By Robin Bradley • March 31, 2022

House bill would put CBDC alternative in Treasury's hands

Legislation proposed Monday emphasizes privacy, financial inclusion and anti-money laundering protections, and would "preserve a role in our financial system for smaller anonymous cash-like transactions," backers said.

By Lynne Marek • March 29, 2022

Cannabis firm's CFO works to bring industry's financing out of the 'gray'

Item 9 Labs' net revenues more than doubled last fiscal year. But pot's federal status can still make financial partners skittish, CFO Bobby Mikkelsen finds.

By Maura Webber Sadovi • March 29, 2022

Barclays may have the inside track on 2022’s nine-figure ‘oops’

The bank said it would delay its share-buyback program after taking a loss of roughly £450 million. The bank oversold its limit on two exchange-traded notes by roughly 75%.

By Dan Ennis • March 28, 2022

Fed's Powell lists his 4 qualifications for a US CBDC

A digital dollar must ensure user privacy, be "identity verifiable," be "intermediated" and be widely accepted as a means of payment, the central bank chief said at an event hosted by the Bank for International Settlements.

By Dan Ennis • March 24, 2022

BNY Mellon expects to lose $200M in Russia pullback

The custody bank Thursday said it would halt new banking business in Russia and suspend investment management purchases of Russian securities in a move that aligns it with the likes of Citi, Goldman Sachs and JPMorgan Chase.

By Dan Ennis • March 18, 2022

Citi, Deutsche join Goldman, JPMorgan in pullback from Russia

Germany's largest lender reversed course after taking heat for saying abandoning Russian clients would "go against our values."

By Dan Ennis • Updated March 14, 2022

EU to restrict 7 Russian banks from SWIFT

The sanctions reportedly won't include Sberbank, which said Wednesday it would pull out of the European market. The Single Resolution Board is liquidating the lender's Austria-based unit while others have been sold.

By Dan Ennis • March 2, 2022

Citi has a $9.8B Russia headache

In the wake of Russia’s invasion of Ukraine, the bank warned investors of exposure that includes loans, securities, funding commitments and cash at the country's central bank.

By Dan Ennis • March 1, 2022

Crypto lender BlockFi to pay $100M to settle with SEC, states

The company agreed to stop selling its interest-bearing account in the U.S. and launch a new one tailored to the Securities Act of 1933. Half of the settlement money will go to the SEC. The other $50 million will be split among 32 states.

By Dan Ennis • Feb. 14, 2022