All Federal Reserve Board articles
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News BriefTrump picks Fed vice chair of supervision, aims to roll back 2023 bank protections
Federal Reserve Board member Michelle Bowman has been nominated as the board’s vice chair for supervision, a position that oversees regulation of the nation’s largest banks.
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News BriefAmex to pay $230M in penalties to resolve charges it deceived customers, banking partner
American Express will pay approximately $230 million in fines and penalties to settle allegations that it deceptively marketed credit card and wire transfer products, and also misrepresented the tax benefits of two payroll wire transfer products.
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PremiumTD Bank fined nearly $3.1B by U.S. regulators for AML compliance failures
TD Bank will pay nearly $3.1 billion in penalties to four U.S. regulators to settle charges that it “chose profits over compliance” when it allowed three money laundering networks to filter more than $670 million in dirty money through the company.
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PremiumBank mergers will receive more antitrust scrutiny under new FDIC rule
Federal banking regulators approved a new rule for bank mergers that will require additional scrutiny of mergers for antitrust issues for large and mid-sized banks.
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News BriefBarr speech signals Fed to rework capital rules after pressure from industry
Facing intense pressure from the banking industry, the Federal Reserve Board may scale back two controversial rule proposals aimed at reducing risks of bank failures in the event of a market downturn.
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News BriefFed's new capital requirement latest fallout from 2023 banking failures
The Federal Reserve Board will require more than 30 of country’s largest banks to maintain a minimum percentage of capital in reserve, a percentage which the Fed calculated based on their complexity and whether they are considered a global systemically important bank.
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News BriefFed orders Customers Bank to improve AML, sanctions compliance
Pennsylvania-based Customers Bancorp avoided a fine but was ordered to revamp and strengthen its anti-money laundering, sanctions, and Bank Secrecy Act compliance programs after finding “significant deficiencies,” the Federal Reserve Board announced.
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News BriefWells Fargo discloses AML, sanctions programs under investigation
Wells Fargo disclosed in a public filing its anti-money laundering and sanctions programs are under investigation, adding to the already long list of compliance issues plaguing the bank.
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News BriefBanking regs issue guidance on risks posed by bank-fintech relationships
Three federal banking regulators issued guidance on the risks posed by the use of third-party financial technology firms to deliver bank deposit products and services to customers.
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News BriefBanking regs join FinCEN in proposing AML/CFT risk assessment rule
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
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News BriefOCC, Fed fine Citi $136M for repeated risk management, data governance failures
Citigroup will pay $135.6 million in fines levied by two banking regulators for repeated failures to remediate deficiencies in risk management, data governance, and internal controls.
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PremiumSCOTUS extends timeline for regulated entities seeking to overturn regulations
The U.S. Supreme Court extended the statute of limitations for businesses attempting to challenge some federal regulations, allowing regulated entities a longer timeline to appeal a decision.
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News BriefSilvergate Bank to pay $63M to Fed, California over BSA/AML deficiencies
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
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PremiumBanks must bolster awareness of fintech partner risks, experts advise at Fordham
During a panel at Compliance Week’s Financial Crimes and Regulatory Compliance Summit, held June 10-11 in New York, experts discussed nuances in bank-financial technology partnerships, offering best practices for how banks should protect themselves.
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News BriefBanking regs find flaws in resolution plans for BoA, JPM, Goldman Sachs, Citi
Two federal banking regulators found deficiencies with the sale of derivatives in the resolution plans of Bank of America, Goldman Sachs, and JPMorgan Chase, while the regulators disagreed on the severity of an issue with Citigroup’s plan.
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News BriefEvolve Bank ordered by Fed to address AML, sanctions lapses
The Federal Reserve Board ordered an Arkansas bank that partnered with numerous financial technology companies to correct deficiencies in its anti-money laundering, sanctions, risk management, and consumer compliance programs.
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News BriefJPMorgan will pay additional $100M to CFTC to settle trade surveillance lapses
A subsidiary of JPMorgan Chase will pay an additional $100 million to the Commodity Futures Trading Commission to settle charges it failed to adequately monitor and supervise its trading system.
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PremiumFed governor: Regs should engage with industry on safe DLT use in banking
Federal Reserve Board Governor Michelle Bowman argued banking regulators should move from their current reactive posture on banking innovation to a position that actively encourages new technologies, business models, and ideas to solve age-old problems.
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News BriefFed-led climate scenario analysis highlights data gaps, insurance costs
The Federal Reserve Board and six large American banks released the results of a pilot climate scenario analysis that explored how resilient the banks’ business models were to climate-related financial risks.
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News BriefRegs move forward Dodd-Frank rule on risk considerations in bank exec pay
Federal regulators adopted a notice of proposed rulemaking on incentive-based compensation requiring large banks to make their executive compensation arrangements “more sensitive to risk.”