Risk
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Pathward to pay refunds, penalty tied to NY AG investigation
The bank, a frequent partner to fintechs, froze customer accounts and transferred money to debt collectors, violating state law, the NY AG’s office said.
By Caitlin Mullen • April 17, 2024 -
Drew Angerer / Staff via Getty Images
Wells Fargo CEO Scharf details asset cap limitations
When the cap is removed, the CEO anticipates Wells can further invest in its consumer or wealth businesses, build out its product offerings and be more aggressive on lending and deposits.
By Caitlin Mullen • April 16, 2024 -
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TrendlineTop 5 stories from Banking Dive
Banks brace to see if commercial real estate exposure will trigger a rerun of last year’s crisis. And regulators face a mountain of comments from the most contentious proposed rule in decades.
By Banking Dive staff -
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Capital One shareholders urged to approve scope 3 target-setting proposal
The New York State Common Retirement Fund said the targets are necessary to fully assess the bank’s climate risk exposure and mitigation strategies.
By Lamar Johnson • April 15, 2024 -
Mario Tama / Staff via Getty Images
Q&ABofA evolves AI-powered assistant toward deeper digital integration
Six years into the Erica era, customers are taking advantage of the tool's insights as often as they're asking questions of it, said Nikki Katz, the bank's head of digital.
By Caitlin Mullen • April 15, 2024 -
Michael M. Santiago via Getty Images
Bankman-Fried files to appeal conviction, sentence
In an email interview following his sentencing, the FTX founder told ABC News he’s “haunted, every day, by what was lost. I never intended to hurt anyone or take anyone’s money.”
By Gabrielle Saulsbery • April 12, 2024 -
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Citi’s reorg job toll climbs to 7,000: Fraser
The bank boosted its expectation for annual savings to $1.5 billion. Meanwhile, Citi, Wells Fargo and JPMorgan Chase reported marked increases in FDIC special assessment costs.
By Caitlin Mullen • April 12, 2024 -
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Gruenberg: FDIC knows how it would wind down a G-SIB
Until the FDIC and regulators are tasked with a G-SIB wind-down, and until they do so successfully, questions will arise “as to whether it can be done,” the agency chief said.
By Gabrielle Saulsbery • April 11, 2024 -
Courtesy of KeyBank
KeyBank scouts for fintech partners
The bank, which has yet to strike a fintech partnership this year, generally enters into one to two each year, said Ken Gavrity, president of Key Commercial Bank.
By Caitlin Mullen • April 10, 2024 -
Sean Pavone via Getty Images
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 -
Win McNamee / Staff via Getty Images
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 -
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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 -
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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 -
Sean Gallup via Getty Images
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 -
Mario Tama via Getty Images
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 -
Anna Hrushka/Banking Dive
‘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 -
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ColumnDive 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 -
Joe Raedle / Staff via Getty Images
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 -
Michael M. Santiago via Getty Images
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 -
Michael M. Santiago via Getty Images
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 -
Permission granted by U.S. Bank
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 -
Drew Angerer/Getty Images via Getty Images
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 -
Michael M. Santiago / Staff via Getty Images
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 -
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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 -
Luna Marina via Getty Images
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
