Risk: Page 3
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Former Kansas bank CEO gets 24 years in prison
Shan Hanes pleaded guilty in May to one count of embezzlement as a bank officer after taking $47.1 million from Heartland Tri-State Bank as part of a crypto scheme.
By Gabrielle Saulsbery • Aug. 21, 2024 -
Chip Somodevilla via Getty Images
Fed faults Customers Bank over digital asset strategy
In an enforcement action, the Federal Reserve ordered the bank to enhance its compliance with anti-money laundering and OFAC regulations, citing “significant deficiencies.”
By Caitlin Mullen • Aug. 9, 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 -
Justin Sullivan via Getty Images
Judge approves plan to end SVB ex-parent’s bankruptcy
The 185-page ruling Friday did not resolve the legal battle between SVB Financial Group and the FDIC over $1.9 billion in seized funds. That case will play out in a California court.
By Rajashree Chakravarty • Aug. 5, 2024 -
Win McNamee / Staff via Getty Images
Dimon makes plea for president who will ‘unite us’
The JPMorgan Chase CEO also made a push for the private sector to “have a seat at the table,” in an opinion piece the Washington Post published Friday.
By Caitlin Mullen • Aug. 2, 2024 -
Justin Sullivan via Getty Images
Wells Fargo faces AML, sanctions-related inquiries
A disclosure included in the bank’s quarterly SEC filing did not give further details but may serve as a flag to investors of concerns from government agencies or authorities.
By Dan Ennis • Aug. 2, 2024 -
Douglas Rissing via Getty Images
OpinionThird-party compliance certification can get cannabis cash safely into banks
Even if the SAFER Banking Act passes, the infrastructure exists within the cannabis industry for third parties to do the kind of accrediting the Joint Commission does for the healthcare field, says attorney F. Miles Adler.
By F. Miles Adler • Aug. 1, 2024 -
Kevin Dietsch / Staff via Getty Images
Did regulators send warning shot at already roiled BaaS space?
It’s clear the Synapse debacle was on regulators’ minds when they issued last week’s statement highlighting risks associated with banks’ third-party partnerships, analysts said.
By Caitlin Mullen • July 31, 2024 -
Permission granted by Victoria Reynolds
Q&A5 questions for Brex’s new compliance chief
When it comes to innovation, “if it's moving too quickly for customer protection to keep pace, it’s not happening,” said Sibongile Ngako, who recently joined the fintech as chief compliance officer.
By Caitlin Mullen • July 31, 2024 -
Justin Sullivan via Getty Images
Wells Fargo faces lawsuit for alleged sham DEI hiring effort
The bank is said to have interviewed diverse candidates for jobs that were already filled or for which they weren’t qualified to polish its DEI credentials.
By Robert Freedman • July 30, 2024 -
Jack Taylor via Getty Images
JPMorgan appoints new global head of sustainable solutions
Chuka Umunna, a former British MP, takes the role in addition to his duties as head of the bank’s green economy investment banking for Europe, the Middle East and Africa.
By Lamar Johnson • July 26, 2024 -
Permission granted by Jiko
Fed cites digital bank Jiko over capital planning woes
The central bank is requiring the startup, which bought a bank in 2020, to submit a liquidity risk management plan with steps to diversify its funding sources and enhanced stress test scenarios.
By Dan Ennis • July 24, 2024 -
Courtesy of Revolut Press Kit
Revolut faces more fraud claims than other UK banks: report
A spokesperson said the fintech investigates each fraud claim independently of other cases, and that it takes such claims “incredibly seriously.”
By Gabrielle Saulsbery • July 24, 2024 -
Joe Raedle / Staff via Getty Images
Capital One racks up Walmart, Discover charges
The card company set aside more than $800 million for credit losses post-Walmart breakup, a day after a class-action lawsuit sought to block Capital One's deal for Discover.
By Caitlin Mullen • July 24, 2024 -
Oli Scarff / Staff via Getty Images
Citi COO intended to deceive OCC, ex-employee says
In an amended lawsuit, former Citi data executive Kathleen Martin claims Anand Selva suggested twice that she fudge data to the bank’s primary regulator. She declined and lost her job two weeks later, she says.
By Gabrielle Saulsbery • July 19, 2024 -
Michael M. Santiago via Getty Images
JPMorgan, UBS and others see effects of IT outage
Trading was delayed at JPMorgan and Nomura, media outlets reported. UBS saw problems related to legacy systems inherited from Credit Suisse. Charles Schwab warned users not to place duplicate trades.
By Dan Ennis • July 19, 2024 -
Win McNamee via Getty Images
6 ways the CFPB wants to keep its eyes on fintech middlemen
Clearer guidance around “rent-a-bank,” open banking and buy now, pay later will ensure more consumers benefit, Director Rohit Chopra said in remarks last week.
By Suman Bhattacharyya • July 17, 2024 -
Scott Olson / Staff via Getty Images
Discover to sell student loan portfolio to Carlyle, KKR in $10.8B deal
The student loan sale is the latest loose end Discover seeks to tie up since Capital One announced its intent to purchase the card company.
By Caitlin Mullen • July 17, 2024 -
Chip Somodevilla / Staff via Getty Images
Citi leans on tech modernization to fix data quality management failings
Days after federal regulators hit the bank with more than $135 million in fines, CEO Jane Fraser said Citi's transformation efforts addressed "decades of underinvestment."
By Matt Ashare • July 15, 2024 -
Mario Tama via Getty Images
ColumnDive Deposits: It was Citi’s week and, arguably, everybody won
The bank shook off fresh penalties by reporting skyrocketing revenue in its banking unit. It’s no wonder Citi granted $41 million to its banking chief. But a rival for that job may be glad he left.
By Dan Ennis • July 12, 2024 -
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Archegos founder found guilty of fraud, market manipulation
Bill Hwang was found guilty of 10 out of 11 criminal counts, while former CFO Patrick Halligan was found guilty of all three counts he faced, including fraud and racketeering.
By Rajashree Chakravarty • July 11, 2024 -
Alex Wroblewski via Getty Images
Senators press Jamie Dimon on alleged climate turnabout
The lawmakers, including Sen. Elizabeth Warren, D-MA, demanded answers from the JPMorgan Chase CEO on the bank's environmental "commitments" and "aspirations."
By Gabrielle Saulsbery • July 11, 2024 -
Permission granted by TD Bank
TD names Citi vet next compliance chief
Erin Morrow replaces Monica Kowal, who left the bank July 2. Two of the three highest-ranking TD execs assigned to fix compliance management framework deficiencies have left in recent days.
By Dan Ennis • July 8, 2024 -
Scott Olson via Getty Images
Discover to settle card misclassification class actions for $1.2B
The card company has warned it could face further financial toll related to the issue, in which it overcharged merchants for years.
By Caitlin Mullen • July 8, 2024 -
Spencer Platt / Staff via Getty Images
Q&AHow banks are thinking about genAI
As more banks turn generative AI ideation into implementation, the technology’s biggest impact may come in translating legacy code, said Accenture’s global banking lead.
By Caitlin Mullen • July 3, 2024 -
Kevin Dietsch via Getty Images
Senators prod Synapse partners to return customer funds
“As those that made the current situation possible, you must accept the tremendous responsibility that comes with handling consumers’ money,” lawmakers scolded.
By Caitlin Mullen • July 2, 2024
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