Ebrima Santos Sanneh

The Office of the Comptroller of the Currency fined City National Bank $65 million for a litany of risk management problems, including inadequate management of third-party risks and fraud risk management.

Acting Comptroller of the Currency Michael Hsu said Monday his agency is rescinding a rule that requires merger applications to be considered approved 15 days after a comment period's closure, part of a broader effort to rethink the bank merger process.

Former Federal Deposit Insurance Corp. lawyer Mark Black of Virginia pleaded guilty Tuesday to conspiring to sexually exploit children.

Bank regulators Friday said the existing laws governing safety and soundness and fair lending are adequate to address risks posed by artificial intelligence, noting that while AI may be used to inform lending decisions, banks are ultimately responsible for compliance.

In official comments on bank regulators' Basel III endgame capital proposal, concerns are being raised by a wide array of stakeholders — including civil rights advocates and consumer advocacy groups — suggesting major amendments or re-proposal may be necessary for the rule to cross the finish line.

A coalition of financial trade groups issued a joint comment letter asserting that the federal bank regulators' proposed capital rule lacked justification and evidence required by the Administrative Procedure Act, threatening legal action if regulators don't delay and significantly amend the rule.

Former Trump Labor Secretary Eugene Scalia has been enlisted by the Bank Policy Institute to utilize his procedural expertise in advising on potential legal challenges to the Basel endgame capital proposal, as the banking industry intensifies efforts to challenge increased capital requirements for large banks.

Treasury Secretary Janet Yellen said Monday the agency's Financial Crimes Enforcement Network has received over 100,000 entries for its beneficial ownership information registry, and will set additional regulations to address money-laundering risks in real estate transactions early this year.

Jonathan McKernan, a member of the Federal Deposit Insurance Corp. board, voiced concerns about the growing influence of Vanguard, BlackRock, and State Street on publicly-traded banks, suggesting regulators should more actively review their interactions.

The Treasury's Financial Crimes Enforcement Network launched its new database identifying U.S. business owners pursuant to the 2021 Corporate Transparency Act Monday, giving existing companies one year to file reports on their true owners and new companies 90 days after their creation to comply.

The crypto landscape is poised for significant developments in 2024, including a focus on tokenization, legislative uncertainties, a regulatory tug-of-war between the SEC and CFTC, and a potentially bullish year for Bitcoin.

The Financial Crimes Enforcement Network issued a final rule on beneficial ownership information ahead of a deadline to start reporting this data on January 1, 2024, with revisions to address concerns from lawmakers and banking advocates.

The Federal Deposit Insurance Corp. finalized rules governing display of the FDIC logo Wednesday, requiring a new digital FDIC sign on online banking platforms beginning in 2025, conspicuous physical signs in nontraditional bank facilities and explicit labeling of insured and non-deposit products.

The Consumer Financial Protection Bureau's annual student banking report reveals that college-endorsed financial products, including credit cards and student ID-linked deposit accounts, often impose high fees and unfavorable terms, reinforcing the CFPB's ongoing scrutiny of potential violations of federal consumer financial protection laws.

Members of the Financial Stability Oversight Council Thursday warned of increasing financial risks posed by artificial intelligence in its annual report, noting AI's potential to amplify cyber threats, induce herd behavior and even compromise bank safety and soundness.

The Federal Deposit Insurance Corp. said Monday it has hired Cleary Gottlieb Steen & Hamilton to conduct an independent review of its workplace culture amid allegations of rampant sexual harassment in the workplace.

The Treasury Department's Community Development Financial Institutions Fund has introduced significant updates to the CDFI certification application, aiming to simplify the process and establish clearer standards for responsible lending and community development.

The OCC advises banks to implement robust risk management strategies for BNPL lending, emphasizing transparent loan terms, fraud mitigation and compliance with consumer protection laws.

A report by the Roosevelt Institute argues that risks posed by imitation banks, online shadow banks mimicking traditional institutions can only be fully mitigated by an act of Congress.

A report by the Federal Deposit Insurance Corp.'s Office of Inspector General identified issues in the regulator's oversight of First Republic Bank.