Fed, OCC, FDIC issue joint warning on crypto risks for banks

The regulators didn't go so far as to create new rules around bank-crypto partnerships, but said they're "continuing to assess" if — and how — such tie-ups can proceed safely.

By Gabrielle Saulsbery • Jan. 4, 2023

Payments deals may climb in 2023

While the number of deals in the payments industry declined 14% last year, and even more by value, there are reasons to believe 2023 will be more active.

By Lynne Marek • Jan. 4, 2023

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

Bankman-Fried pleads not guilty on criminal charges related to FTX downfall

The FTX ex-CEO’s plea is a departure from those of his former co-workers, Caroline Ellison and Gary Wang, who both pleaded guilty on various charges.

By Gabrielle Saulsbery • Jan. 3, 2023

2 FTX executives plead guilty; Ellison faces 110 years in prison

The SEC announced separate charges Wednesday, accusing both executives of defrauding investors.

By Gabrielle Saulsbery • Dec. 22, 2022

Toomey bill would put stablecoin oversight in OCC’s hands

The outgoing senator said he wanted to shield stablecoin activity from the Fed, which is still debating whether to issue a central bank digital currency. Toomey noted the Fed’s “significant skepticism” of stablecoins.

By Gabrielle Saulsbery • Dec. 22, 2022

Wealthfront extends partnership with Green Dot, raises APY

Wealthfront’s bank partnership extension, as well as its latest high-yield push, comes as the fintech forges ahead as a stand-alone company, following the disintegration of a planned $1.4 billion acquisition by UBS.

By Anna Hrushka • Dec. 21, 2022

Everyone’s calling for the regulation of crypto-bank ties these days

Here's a quick overview of Basel Committee and FSOC recommendations for the digital-asset space.

By Gabrielle Saulsbery • Dec. 20, 2022

Binance.US to buy Voyager Digital’s assets in $1B deal

Binance.US CEO Brian Shroder said he hopes the deal marks the end of “a painful bankruptcy process,” which was affected by the FTX bankruptcy.

By Gabrielle Saulsbery • Dec. 19, 2022

How hyperautomation can bolster security and reduce risk in banking

Not surprisingly, banks and other companies are increasingly prioritizing technology investments that enhance security.

Dec. 19, 2022

FTX seeks to sell its 4 functional businesses, including LedgerX

The company filed documents in bankruptcy court Friday seeking permission for the sales.

By Gabrielle Saulsbery • Dec. 16, 2022

Huntington Bank partners with app to help neurodiverse people bank better

Magnusmode offers free step-by-step guides to everyday tasks such as using a phone to deposit a check, creating and tracking a budget and disputing a transaction.

By Gabrielle Saulsbery , Anna Hrushka • Dec. 16, 2022

8 takeaways from the House committee hearing on FTX

CEO John Ray didn't mince words when discussing FTX's business dealings under Sam Bankman-Fried, at one point calling it "old-fashioned embezzlement."

By Gabrielle Saulsbery • Dec. 14, 2022

Goldman to cut 400 jobs, end Marcus consumer loans: reports

The staff cuts would come amid a reorganization that would split Marcus. It also follows reports that the bank is reinstating annual performance reviews, which may guide headcount-reduction decisions.

By Anna Hrushka • Dec. 13, 2022

CBA: Most consumers want more oversight for crypto, fintech firms

The trade group’s study saw an age gap. About 46% of baby boomers and 42% of Gen Xers sought higher regulatory standards for the companies, compared with 24% of millennials and 18% of Gen Zers.

By Gabrielle Saulsbery • Dec. 13, 2022

DOJ, SEC charge Sam Bankman-Fried with defrauding investors

The former FTX CEO, who was arrested Monday in the Bahamas, was supposed to appear in front of the House Financial Services Committee on Tuesday. FTX’s current CEO will testify instead.

By Gabrielle Saulsbery • Dec. 13, 2022

Bank of America wants a human bridge for its AI help

The bank aims to allow a human agent to pick up from where a customer leaves a chat with digital assistant Erica, but to let the chatbot finish the interaction, an executive said last week.

By Suman Bhattacharyya • Dec. 12, 2022

Northern Trust predicts a ‘pause’ in the mainstreaming of crypto

The FTX crisis will prompt "reflection" regarding crypto, an executive said. But Northern Trust still predicts 5% and 10% of its assets under custody will be digital by 2030.

By Lynne Marek • Dec. 12, 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

Lawmakers to subpoena Bankman-Fried if he doesn’t testify on FTX collapse

Sens. Elizabeth Warren, D-MA, and Tina Smith, D-MN, penned a letter to regulators concerning bank-crypto connections, as another FTX investigation begins.

By Gabrielle Saulsbery • Dec. 8, 2022

Nexo to exit US market after regulator talks hit dead end

The U.K. crypto lender was reportedly in talks with regulators for 18 months to comply with U.S. financial laws.

By Gabrielle Saulsbery • Dec. 6, 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

Wells Fargo launches new commercial banking platform

Vantage replaces the bank’s two-decade-old Commercial Electronic Office Portal and aims to bring a "consumer-like experience" to Wells' commercial and corporate clients, an executive said.

By Anna Hrushka • 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

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