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

Explore the Trendline➔

Artificial 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

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

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

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

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