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Shinhan Bank America faces a $15M penalty for willful BSA violations linked to inadequate BSA/AML monitoring that the Financial Crimes Enforcement network said enabled tax evasion, corruption and money laundering to flow through the institution.

Federal Reserve Chair Jerome Powell said the central bank would not hesitate to take rates to their lower bound again, despite the challenges that rising rates have posed to banks. Economists and policy experts say other parts of the crisis playbook warrant reconsideration.

In a Wednesday Congressional hearing, an assistant superintendent explained why her school district decided to pay a ransom to cyber criminals. It's a cautionary tale for banks, which are often targets.

Kathy Kraninger, who served as director of the Consumer Financial Protection Bureau from 2018 to 2021, has been named to lead the bank trade group in Florida.

The Supreme Court said Friday it would grant North Dakota convenience store Corner Post Inc.'s appeal to a lower court ruling as to when the statute of limitations for challenging a Federal Reserve interchange fee rule begins under the Administrative Procedure Act.

Investors should start snapping up some regional bank stocks that were battered by this year's selloff, Citigroup analyst Keith Horowitz said.

With worries about inflation and the economy, fintechs and banks sense an opportunity for new technology that speeds transactions and slices overhead.

In September's roundup of top banking news: Truist Financial promises to cut costs by roughly $750 million; former Wells Fargo exec Carrie Tolstedt is sentenced to three years probation; and more.

Commercial real estate borrowers, including vulnerable office tower landlords, are increasingly struggling to make payments and, as a result, more lenders are expected to report higher credit costs.

MidWestOne will reinvest proceeds of branch sales into Denver Bankshares; promotions are afoot in JPMorgan's investment banking unit; Bethpage Federal Credit Union expands into Queens and New Jersey; and more in the weekly banking news roundup.

With the firm's $75 million settlement this week with the US Virgin Islands, the echoes from the bank's association with the convicted sex offender continue to reverberate.

The former employee is accused of shuffling information to two friends.

Increasing federal deposit insurance limits is not the answer to the banking system's woes. It would cause riskier behavior and more red tape. And it wouldn't prevent bank runs.

Less than a month after Ripple said it had agreed to acquire custodian Fortress Trust, the crypto company is backing out of the deal.

The combination of inflation and rising interest rates over the last 18 months has made it more difficult for Americans to stay on top of their loan payments, especially on credit cards and auto loans.