Banking News and Analysis | Banking Dive
FTC sues fintech Dave over alleged misleading marketing, undisclosed fees. The Federal Trade Commission filed a complaint Tuesday claiming the fintech rarely disbursed the advertised loan amount and charged consumers a “tip” without giving …
Breaking down capital requirements - Banking Dive
Dec 4, 2023 — Minimum: 6%, well-capitalized: 8%. Total Risk-Based Capital: This ratio is total capital — tier 1 and tier 2 capital — divided by risk-weighted assets. Minimum: 8%, well-capitalized: 10%. Regulatory scrutiny is common when a bank falls below well-capitalized. For this reason, banks typically look at well-capitalized requirements as a ...
Truist customer data exposed in third-party breach
Oct 8, 2024 — Truist has notified customers of a security breach involving a third-party service provider, asserting the incident did not affect its network, according to a letter the bank sent in early September that was made public last week.. Financial Business and Consumer Solutions, a third-party debt collector that worked for the Charlotte, North Carolina-based lender, discovered unauthorized access ...
Bank of America customer data exposed in IT provider breach
Feb 13, 2024 — A November 2023 “cybersecurity event” at Infosys McCamish Systems exposed Bank of America customer data, according to a breach notification letter from the bank’s outside counsel filed with the Office of the Maine Atto r ney Gene r al.. Customers’ first and last names, addresses, business email addresses, dates of birth and Social Security numbers may have been among the compromised ...
TD hit with asset cap, $3B in penalties over AML woes
Oct 10, 2024 — The asset cap carries with it an open timeline. The Federal Reserve, for example, capped Wells Fargo’s assets at $1.95 trillion in February 2018 — in response to the bank’s 2016 fake-accounts scandal — and has yet to lift the restriction.Just this month, Sen. Elizabeth Warren, D-MA, urged the OCC to issue an asset cap against Citi over the bank’s long-running tech-modernization issues.
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.
Banks are excited about AI. Their customers aren’t so sure.
Sep 30, 2024 — Bank customers expressed apprehension around data privacy and security, increased risk of fraud and loss of human support when AI is involved. These customer concerns aren’t unfounded when AI is evolving rapidly, Ghosh said. There’s also unease about potential bias and fairness issues related to AI, particularly regarding lending decisions ...
7 personnel moves that spotlight Truist’s reorganization
Oct 9, 2023 — 7. Truist’s deposits unit gets a boost. Jon Ambler will lead the deposits team overseeing consumer and small business deposits, according to Wilson’s memo. The unit takes an elevated role in Truist’s consumer and small business banking division, reflecting “the strategic core value of deposits,” Wilson said. purchase licensing rights.
Truist names COO, hires away Wells Fargo exec | Banking Dive
Nov 15, 2023 — Truist created a chief operating officer role and hired away a Wells Fargo executive to become its new chief wholesale banking officer, the bank announced Tuesday.. Truist’s vice chair, Beau Cummins, will become COO immediately, the bank said. Cummins has been with Truist or predecessor SunTrust since 2005, according to his LinkedIn profile.Before becoming vice chair in September 2021 ...
A year after reorg, progress at Citi comes in ‘fits and starts’
Sep 12, 2024 — Citi is working to “swiftly” incorporate regulator input amid the bank’s effort to put its data, risk and control issues behind it, CFO Mark Mason said this week, as the lender chases growth one year after launching a major reorganization.. New penalties totaling $135.6 million from the Federal Reserve and the Office of the Comptroller of the Currency provided “feedback” on …