House Democrats write bill in response to risk chief vacancy at SVB
New legislation from Rep. Sean Casten, D-Ill., would impose various requirements and consequences on large banks that don’t have a chief risk officer. It follows the failure of Silicon Valley Bank, which left the job unfilled for eight months last year.
P2P lending app turns to MoneyGram so unbanked users can receive funds
Zirtue will now let borrowers retrieve funds from MoneyGram locations rather than being limited to a bank account or debit card.
10 banks alleged victims of ransomware attacks on file transfer software
Ransomware gang Cl0p is currently threatening 50 companies with releasing data it stole from them late last month.
Private equity’s race to poach junior bankers finds its limit
Private equity shops looking to fill out their 2024 associate classes were forced to do a second round of recruiting this year after initial efforts fell short.
2023 bank M&A is mired in a slump. Here’s why that could change
Through May, there were 32 U.S. bank mergers and acquisitions announced, fewer than half of the 66 deals announced over the same span of 2022. But analysts say higher costs and more regulation could spur consolidation.
NCUA to issue provisional charter to solve ‘chicken-and-egg’ problem
Groups interested in organizing new credit unions are faced with the challenge of raising the required capital without having a charter in hand. The NCUA’s new provisional charter could help.
NCUA, federal agencies study next steps in appraisal-bias reform
Under guidelines proposed this month, credit unions would see changes in the quality standards for computer-generated appraisal systems, along with when and how financial institutions and consumers can request reconsiderations of value.
JPMorgan mistakenly deleted 47 million records, SEC alleges
As a result of the deleted records, the regulator said that JPMorgan could not come up with requested documents in eight SEC investigations and four other regulatory probes.
Lawmakers seek to ban buy now/pay later loans for semiautomatic weapons
Nineteen Democratic lawmakers proposed a ban on buy now/pay later loans to finance semiautomatic weapons that would include levying hefty fines on companies that enable the transactions and dealers that accept them.
Gruenberg: Basel proposal is imminent, could cover more midsize banks
FDIC Chairman Martin Gruenberg announced that regulators will soon issue a proposed rule to finalize U.S. implementation of the most recent revisions to the Basel III capital framework. Among the expected updates are changes to capital requirements for banks with assets of more than $100 billion, three of which failed this spring.