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Skip to main content CONTINUE TO SITE ➞ DON’T MISS TOMORROW’S BANKING INDUSTRY NEWS Let Banking Dive’s free newsletter keep you informed, straight from your inbox. * Daily Dive M-F * Fintech Weekly Every Wednesday By signing up to receive our newsletter, you agree to our Terms of Use and Privacy Policy. You can unsubscribe at anytime. * Deep Dive * Opinion * Library * Events * Press Releases * Topics Sign up * Search * Sign up Search * Commercial * Retail * Credit Unions * Payments * Regulations & Policy * Technology * Risk * Fintech Mario Tama via Getty Images Column DIVE DEPOSITS: IT WAS CITI’S WEEK AND, ARGUABLY, EVERYBODY WON The bank shook off fresh penalties by reporting skyrocketing revenue in its banking unit. It’s no wonder Citi granted $41 million to its banking chief. But a rival for that job may be glad he left. Read more ➔ TOP STORIES 1. WELLS FARGO CITES CUSTOMER MOVEMENT AS NET INTEREST INCOME DROPS 2. BAIN, REVERENCE TO ACQUIRE ENVESTNET IN $4.5B DEAL 3. BANKS SHOULD PROACTIVELY TACKLE INSTANT PAYMENTS FRAUD: BNY 4. SENATORS GRILL FDIC CHAIR NOMINEE GOLDSMITH ROMERO 5. RBC SHAKES UP C-SUITE, SPLITS PERSONAL AND COMMERCIAL BANKING THE LATEST * Access now➔ Flickr; 401(K) 2012 Trendline THE STATE OF FRAUD AND AML IN BANKING It’s not just big banks like Citi and TD that face stiffer AML oversight from regulators. The FDIC is looking closely at banks offering BaaS alongside fintechs. * Alex Wroblewski via Getty Images SENATORS PRESS JAMIE DIMON ON ALLEGED CLIMATE TURNABOUT The lawmakers, including Sen. Elizabeth Warren, D-MA, demanded answers from the JPMorgan Chase CEO on the bank’s environmental “commitments” and “aspirations.” Regulations & Policy * Mario Tama via Getty Images CITI TO PAY $135.6M IN NEW PENALTIES OVER 2020 ORDERS The bank has made insufficient progress toward resolving nagging data quality, risk management and internal control issues, the OCC and Federal Reserve said Wednesday. Regulations & Policy * matt_benoit via Getty Images ARCHEGOS FOUNDER FOUND GUILTY OF FRAUD, MARKET MANIPULATION Bill Hwang was found guilty of 10 out of 11 criminal counts, while former CFO Patrick Halligan was found guilty of all three counts he faced, including fraud and racketeering. Risk * Scott Barbour via Getty Images FIRST CITIZENS’ POACHING CLAIMS AGAINST HSBC LARGELY DISMISSED A judge allowed claims alleging theft of trade secrets and breach of contract to proceed. First Citizens claimed an SVB alum hatched a plan to persuade more than 40 employees to follow him to HSBC. Regulations & Policy * Access now➔ Fotolia Trendline CREATING WINNING CUSTOMER SERVICE IN THE BANKING INDUSTRY Banks and fintechs have a choice when looking to grow: Identify a new customer segment and expand services, or drill down and better serve the clients they have. Access now➔ Flickr; 401(K) 2012 Trendline THE STATE OF FRAUD AND AML IN BANKING It’s not just big banks like Citi and TD that face stiffer AML oversight from regulators. The FDIC is looking closely at banks offering BaaS alongside fintechs. * Anna Hrushka/Banking Dive BANK-FINTECH GUIDANCE NEEDS MORE CLARITY, FDIC’S MCKERNAN SAYS “Rules of the road” for bank-fintech tie-ups could help banks that partner with fintechs better manage third-party risks, he said. Regulations & Policy * Just_Super via Getty Images MONEYLION DOUBLES DOWN ON AI TO BOLSTER CUSTOMER EXPERIENCE The fintech’s gen AI-powered search engine, currently in beta, is set to be launched by end of summer, CEO Dee Choubey said. Fintech * Drew Angerer/Getty Images via Getty Images CITI VET JOINS BLACKSTONE’S CREDIT UNIT Tyler Dickson was seen as a contender to lead Citi’s banking unit. He left the bank after JPMorgan alum Viswas Raghavan was hired for the role. Commercial * Bonnie Cash / Stringer via Getty Images WARREN PRESSES FED’S POWELL ON BANK EXEC COMPENSATION The central bank chair engaged in a heated back-and-forth with the senator, and also weighed in on CRE, Chevron deference and liquidity in hearings this week. Regulations & Policy * Access now➔ Trendline DATA-DRIVEN INNOVATIONS IN THE BANKING INDUSTRY More often than not, an innovator may see disruption as an enhancement to be embraced. And sometimes the innovators are the establishment. Access now➔ Fotolia Trendline CREATING WINNING CUSTOMER SERVICE IN THE BANKING INDUSTRY Banks and fintechs have a choice when looking to grow: Identify a new customer segment and expand services, or drill down and better serve the clients they have. * Joe Raedle / Staff via Getty Images CAPITAL ONE LEANS ON ITS CLOUD MATURITY TO SUPPORT AI ADOPTION “It’s difficult to imagine doing AI at scale without a solid foundation of experience using and scaling applications in cloud,” said Aparna Sinha, the bank’s senior vice president and head of AI product. Technology * Leon Neal / Staff via Getty Images FORMER FTX EXECS WANG, SINGH TO BE SENTENCED THIS FALL Both cooperated with the prosecution and testified against their former colleague, Sam Bankman-Fried. This will “very likely” reflect in their sentences, one attorney told Banking Dive. Regulations & Policy * Courtesy of Fifth Third FIFTH THIRD FINED $20M OVER FAKE ACCOUNTS, AUTO REPOSSESSIONS The Cincinnati bank must compensate roughly 35,000 harmed consumers. The CFPB settlement resolves a March 2020 lawsuit that asserted the bank created fake accounts and used an aggressive “cross-sell” strategy. Commercial * Anna Hrushka/Banking Dive FDIC DOWNGRADES FORBRIGHT BANK’S CRA SCORE The demerit stems from a relationship the bank had with a third party that ended more than two years ago, a source familiar with the evaluation said. Retail * Bonnie Cash / Stringer via Getty Images POWELL: CAPITAL REQUIREMENTS CHANGES SHOULD FACE PUBLIC COMMENT The Federal Reserve chair told senators Tuesday it’s his preference to seek public comment on a revised capital requirements proposal, and the Fed is working to get the FDIC and OCC on board. Regulations & Policy * Permission granted by TD Bank TD NAMES CITI VET NEXT COMPLIANCE CHIEF Erin Morrow replaces Monica Kowal, who left the bank July 2. Two of the three highest-ranking TD execs assigned to fix compliance management framework deficiencies have left in recent days. Regulations & Policy * Scott Olson via Getty Images DISCOVER TO SETTLE CARD MISCLASSIFICATION CLASS ACTIONS FOR $1.2B The card company has warned it could face further financial toll related to the issue, in which it overcharged merchants for years. Payments * Win McNamee / Staff via Getty Images LAWMAKERS EGG ON US PAYMENTS SYSTEM EXPANSION A bipartisan group is nudging the Federal Reserve to explain why it can’t speed up a plan to extend the operational availability of the U.S. payments system. Payments * Chris McGrath via Getty Images CRYPTO THEFT DOUBLES TO $1.38B IN 2024’S FIRST HALF The May theft of more than $300 million in Bitcoin from Japanese crypto exchange DMM Bitcoin is the largest digital currency heist so far this year. Technology * Spencer Platt via Getty Images WARREN BLASTS POWELL’S ‘COZY RELATIONSHIP’ WITH BANK EXECS Since Powell assumed his role in February 2018, the Federal Reserve chair has had private conversations with JPMorgan CEO Jamie Dimon at least 19 times, according to the senator. Regulations & Policy * Permission granted by SMBC Q&A JENIUS BANK’S ‘SPECIAL SAUCE’: KEEPING IT SIMPLE, WITH A LITTLE PARENT COMPANY HELP In just a year, the digitally native bank has surpassed $1 billion in deposits and $900 million in personal loans. Retail * Permission granted by Citizens Bank of Edmond ROGER’S WIDE-SCALE MARKETING EFFORT TAKES AIM Less than a year after launch, Citizens Bank of Edmond’s military-focused neobank sees its account volume grow by 50% every month, Director Marcus Castilla said. Fintech * Spencer Platt / Staff via Getty Images Q&A HOW BANKS ARE THINKING ABOUT GENAI As more banks turn generative AI ideation into implementation, the technology’s biggest impact may come in translating legacy code, said Accenture’s global banking lead. Technology * Spencer Platt / Staff via Getty Images POTENTIAL BOFA BLIND SPOT PROMPTS COURT TO REVIVE $10B LAWSUIT A U.S. appeals court nullified a ruling by a judge whose wife owned, then divested, Bank of America shares while he presided over an antitrust case in which BofA was a defendant. Regulations & Policy * Mario Tama via Getty Images EX-MOELIS BANKER FACES 6 CHARGES AFTER VIDEO PUNCH Attorneys on Monday submitted longer clips of the incident for context. The banker faces jail time and has another hearing set for Aug. 23, but he was reportedly met by protesters upon leaving court. * matt_benoit via Getty Images SILVERGATE PAYS $63M TO SETTLE WITH SEC, FED, CALIFORNIA REGULATOR The company and two of its executives settled allegations against them. Silvergate’s former CFO, however, did not, and eyes a civil trial. Payments * Kevin Dietsch via Getty Images SENATORS PROD SYNAPSE PARTNERS TO RETURN CUSTOMER FUNDS “As those that made the current situation possible, you must accept the tremendous responsibility that comes with handling consumers’ money,” lawmakers scolded. Risk More stories Access now➔ Trendline DATA-DRIVEN INNOVATIONS IN THE BANKING INDUSTRY More often than not, an innovator may see disruption as an enhancement to be embraced. And sometimes the innovators are the establishment. GET THE FREE NEWSLETTER Subscribe to Banking Dive for top news, trends & analysis Email: * Select Newsletter: Daily Dive M-F * Select Newsletter: Fintech Weekly Every Wednesday * Select user consent: By signing up to receive our newsletter, you agree to our Terms of Use and Privacy Policy. You can unsubscribe at anytime. Sign up A valid email address is required. Please select at least one newsletter. MOST POPULAR 1. Citi to pay $135.6M in new penalties over 2020 orders 2. RBC shakes up C-suite, splits personal and commercial banking 3. Senators press Jamie Dimon on alleged climate turnabout 4. Senators grill FDIC chair nominee Goldsmith Romero LIBRARY RESOURCES * Webinar - on demand Mastering Modern Banking Obstacles: Enhance Service Excellence through Unified Interaction Management Custom content for Glia * Webinar - on demand Building a holistic strategy to combat generative AI fraud Custom content for Persona * Trendline Data-driven innovations in the banking industry Supported by Fullstory View all COMPANY ANNOUNCEMENTS * Monit and Narmi Partner to Provide Fully Integrated Business Insights to Small and Medium Busi… From Narmi * Industry Dive expands self-service offerings to include event promotion From Industry Dive * Pinwheel and Narmi Partner to Unlock Deposit Switching From Narmi * Fin+AI 2024 Conference Announces Second Wave of Visionary Speakers From Fin+AI 2024 Conference View all | Post a press release WHAT WE’RE READING * Reuters Inside Goldman Sachs’ expanding but risky financing engine * CNBC Banks in Synapse mess make progress toward releasing deposits of stranded fintech customers * Bloomberg Citi Rejects Racial Bias Claim From a Conservative Legal Firm View all EVENTS * 09 SEP Conference FinovateFall 2024 New York, New York Presented by Informa Connect Promote an event INDUSTRY INTEL * Drowning in Data: How Data Overload Impedes Business Insights Infographic • Provided by Workday * How To Unlock Decades of Your Sales Data with Salesforce Data Cloud Webinar - on demand • Provided by Salesforce and Slalom * Cannabis Investing Landscape: Key Trends for 2024 Industry Report • Provided by AlphaSense Access now➔ Flickr; 401(K) 2012 Trendline THE STATE OF FRAUD AND AML IN BANKING It’s not just big banks like Citi and TD that face stiffer AML oversight from regulators. 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