Evolve Bank ‘failed in its most basic duty,’ stole from customers ...
Sep 18, 2024 · Evolve Bank ‘failed in its most basic duty,’ stole from customers: lawsuit The allegations come from Yotta Technologies, a fintech that says its customers are currently locked out of more than $100 million in funds.
5 lessons learned from Synapse’s collapse | Banking Dive
Oct 30, 2024 · Amid the Synapse ordeal, the FDIC proposed a recordkeeping rule last month to bolster recordkeeping for bank deposits received from third-party or non-bank entities that accept those deposits on behalf of consumers and businesses. The proposal aims to address the risks related to these third-party arrangements, like faulty account ledgering, and protect depositors.
Banking News and Analysis | Banking Dive
Banking Dive provides in-depth journalism and insight into the most impactful news and trends shaping the banking industry.
Navy Federal to pay $95M in CFPB overdraft case | Banking Dive
Nov 8, 2024 · Dive Brief: Vienna, Virginia-based Navy Federal Credit Union must pay more than $95 million in refunds and civil penalties related to surprise overdraft fees, the Consumer Financial Protection Bureau said Thursday.; From 2017 to 2022, the $171 billion-asset credit union charged customers overdraft fees on certain ATM withdrawals and debit card purchases, even when …
Huntington wants to open 55 branches in Carolinas over 5 years
Sep 9, 2024 · Dive Brief: Huntington Bank is expanding in North and South Carolina, targeting 55 branch openings in those states over the next five years, the Columbus, Ohio-based lender said Monday.; The first North Carolina branches will be located in Charlotte, Raleigh and Winston-Salem, while initial South Carolina branches will be established in Charleston, Columbia and …
OCC hits Wells Fargo with AML enforcement action
Sep 12, 2024 · The Office of the Comptroller of the Currency has issued an enforcement action against Wells Fargo over flaws related to its anti-money laundering internal controls and the bank’s financial crimes risk management practices, the regulator said Thursday.. The agency said it found deficiencies in several areas of the San Francisco-based lender’s controls and …
How the role of chief risk officer at banks is evolving
Nov 19, 2024 · The extended absence of a chief risk officer at Silicon Valley Bank, in the months before it failed, underscored the position’s significance — especially as risk chiefs have gained prominence at banks over the past 15 years.. SVB’s March 2023 collapse offered a stark reminder “of the cost of not managing risk effectively on an ongoing basis,” said James Lam, a risk …
NY’s Five Star Bank pivots away from BaaS | Banking Dive
Sep 20, 2024 · Dive Insight: The $6.1 billion-asset Five Star is hardly the first lender to back away from BaaS. Wyoming-based Mode Eleven Bancorp said in April that it would voluntarily retreat from the space after the Federal Reserve Bank of Kansas City hit the holding company with a cease-and-desist order over the fintech-related activities of its subsidiary, Summit National Bank.
The banking industry outlook on 2024: The year of wait-and-see
Jan 30, 2024 · Banking Dive looks at nine of the most critical opinions regarding the rule. But 2024’s regulatory landscape hardly ends there. Regulators have begun the year at a torrid clip. The OCC suggested doing away with a hastened version of bank merger review.. The Consumer Financial Protection Bureau floated a proposal that could cut overdraft fees as low as $3.
Breaking down capital requirements - Banking Dive
Dec 4, 2023 · Picture this: You’re in your car, driving down the road, and something goes awry. Your car is out of control, and it comes to an abrupt stop when it hits something; and it hits something hard enough that your airbags deploy.