Utah Ponzi scheme case envelops bank executive

Bank of Utah’s vice president and senior trust officer knowingly disregarded fraudulent activity and divulged protected financial information, a lawsuit asserts.

By Gabrielle Saulsbery • April 9, 2024

Dimon blasts regulation, proxy advisers in annual letter

The JPMorgan Chase CEO also gave prominent space to AI, touting its potential impact in software engineering, customer service and operations, “as well as in general employee productivity."

By Caitlin Mullen • April 8, 2024

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

RBC joins Citi, JPMorgan in disclosing green financing ratios

Shareholder proposals put forward by New York City’s retirement system have been pulled at all three banks, the city's comptroller, Brad Lander, said this week.

By Lamar Johnson • April 5, 2024

Citi says 71% of energy clients lack substantive transition plan or ‘ability to execute’

The bank made the disclosure in its latest climate report in response to a proposal that had been issued by shareholder advocacy group As You Sow.

By Lamar Johnson • April 1, 2024

Mississippi hands BlackRock cease-and-desist order over ESG investments

BlackRock risks a “multimillion-dollar penalty” from the state’s Securities Division, which “has uncovered thousands of potential violations,” Mississippi's secretary of state’s office said.

By Lamar Johnson • March 29, 2024

Citi agrees to disclose green financing ratios, following JPMorgan

The New York City comptroller has withdrawn shareholder proposals with the two banks. The measure still faces votes at Bank of America, Goldman Sachs, Morgan Stanley and Royal Bank of Canada.

By Lamar Johnson • March 26, 2024

‘Lax lending practices’ led to Iowa bank’s downfall: FDIC OIG

The report called out inaction on the part of the community bank’s management to address issues flagged by regulators in recent years.

By Caitlin Mullen • March 25, 2024

Dive Deposits: ESG isn’t just BlackRock’s fight

If it seems like banks are backing off of their sustainability efforts, comments from Barclays, TD and UBS may give added perspective.

By Dan Ennis • March 22, 2024

Advocates urge transparency in Capital One-Discover review

More than 30 organizations demanded the deal not be subject to expedited federal review and that public hearings be held in the largest lending markets for both Capital One and Discover.

By Caitlin Mullen • March 22, 2024

FTX CEO says Bankman-Fried lives ‘life of delusion’

In his victim impact statement, John Ray III told Judge Lewis Kaplan that FTX’s estate was “a metaphorical dumpster fire” when he joined the firm at bankruptcy.

By Gabrielle Saulsbery • March 21, 2024

He could get 5 years. He could get 100. For how long will Sam Bankman-Fried go to prison?

Ryan Lee O'Neill, a New Jersey-based defense attorney, has represented countless defendants in the FTX founder's place. She has her own estimates.

By Gabrielle Saulsbery • March 20, 2024

U.S. Bank to pay $6M to settle CFTC WhatsApp probe

The penalty comes a month after the SEC ordered the Minneapolis-based bank to pay $8 million over record-keeping failures and alleged use of off-channel communications.

By Caitlin Mullen • March 20, 2024

FTC fines fintechs Biz2Credit, Womply $59M over PPP actions

The agency claimed Biz2Credit misrepresented the timeline for application processing, and Womply had inadequate customer service in the COVID-era crunch for small-business loans.

By Dan Ennis • March 19, 2024

PNC leans on ‘boring’ label in new marketing campaign

While PNC’s CEO said his industry “sometimes chases shiny objects,” a J.D. Power analyst asserted the bank’s ads may challenge customers to see the meaning of “boring” differently.

By Caitlin Mullen • March 19, 2024

JPMorgan Chase fined $348.2M over gaps in trade data reporting

The bank “failed to surveil billions of instances of trading activity on at least 30 global trading venues,” the OCC alleged. “These gaps and deficiencies … constitute unsafe or unsound banking practices.”

By Dan Ennis • March 14, 2024

UK’s Metro Bank eyes £30M more in cost savings by year’s end

The bank expects to lay off additional employees — it has cut 1,000 since October — and it will abandon its seven-day-a-week branch model.

By Dan Ennis • March 14, 2024

Compliance, overdraft fees may get greater focus in left-leaning NCUA

Liquidity and interest rate risk remain “very high priorities” for regulatory agencies, credit union executives said at a conference last week.

By Ken McCarthy • March 11, 2024

Regional bank execs push back on CRE risk fears

The banking sector relearns every 15 years not to overly concentrate its balance sheet in one area, Fifth Third CEO Tim Spence said. Meanwhile, Citizens Bank expects its CRE loan losses to peak at the end of this year.

By Suman Bhattacharyya • March 11, 2024

A year after SVB, what’s improved and what needs work?

Banking Dive looks at six factors — from upcoming regulations to commercial real estate — to see how the landscape has changed between the crises of 2023 and 2024.

By Dan Ennis • March 8, 2024

NYCB names ex-OCC chief Otting as CEO

Former Treasury Secretary Steven Mnuchin will take a seat on the bank's board after his Liberty Strategic Capital and other investors infused NYCB with $1.05 billion.

By Dan Ennis • March 7, 2024

Dive Deposits: TD gives its AML woes long-haul messaging

The bank's First Horizon stumble is as woven into its fabric as the Revlon error is for Citi, or the fake-accounts scandal is for Wells Fargo, if one looks at TD's responses to analysts.

By Dan Ennis • March 6, 2024

Puerto Rican bank sues Fed for $150M in damages

Banco San Juan Internacional filed an amended lawsuit last week over the Fed’s decision to terminate the bank’s master account.

By Rajashree Chakravarty • March 5, 2024

NYCB names DiNello as CEO, takes $2.4B impairment charge

The bank appointed a chief risk officer and chief audit executive Friday, hours after SEC filings revealed material weakness in the review, oversight, risk assessment and monitoring of NYCB's lending.

By Dan Ennis • March 1, 2024

Smaller credit unions face hurdles despite NCUA’s fintech rule

The financial innovation rule may open the door to more partnerships, but larger institutions still have advantages on tech, budget and risk management, experts say.

By Ken McCarthy • Feb. 28, 2024

Capital One sets out to tackle Discover compliance issues

The bank projects it will spend $2.8 billion in integration costs, CFO Andrew Young said Tuesday. That's on top of the $500 million Discover is planning to spend on compliance this year.

By Caitlin Mullen • Feb. 28, 2024