Banking Dive

Financial institutions are increasingly responsible for managing cyber threats as AI supercharges both attacks and defenses. On November 18, join Banking Dive and Cybersecurity Dive for a free virtual event where industry experts will discuss: ➡ Navigating the regulatory maze and turning compliance challenges into strategic opportunities ➡ Hacking supply-chain cyber risk and managing third-party vulnerabilities ➡ How AI is supercharging threats from credential theft to deepfakes and ransomware Register for free here: https://lnkd.in/gnN7SRds

The legislation would also compel agencies such as the Federal Reserve Board, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation (FDIC) and U.S. Securities and Exchange Commission to investigate Epstein-connected banks and executives. https://lnkd.in/emuYATzM

Stockholm, Sweden-based SEB and its sole New York branch agreed to pay $33 million to resolve an investigation into the lender’s anti-money laundering program, the New York State Department of Financial Services said Thursday. https://lnkd.in/eGGxBXUq

Amid an increasingly competitive landscape, the biggest banks have honed their consumer-banking service by employing easy-to-use systems and advanced technology, and “99% of the time it works very well,” said Steve Bush, CEO of New York community lender Apple Bank. As a small bank, “you need for those banks to have a problem,” he contended, “to really have an opportunity.”  “But big banks annoy people, on a regular basis,” he said. “You want to be able to take advantage of those opportunities when they present themselves, but you have to punch through to consciousness.” https://lnkd.in/enQ498Cc

Bundling small business services can differentiate the bank as it seeks to scale, U.S. Bank CFO John Stern said. In terms of deposit pricing, acquiring small-business deposits can be a bit more advantageous because entrepreneurs tend to be less interested in rate and more interested in money movement and other account capabilities, he said in an interview. https://lnkd.in/e84yAKJR

Hours before the Office of the Comptroller of the Currency published a 47-page report detailing nine banks’ missteps with regard to alleged wrongful account closures, JPMorganChase, the largest of those banks, urged a federal court to throw out a lawsuit brought by the debanked-in-chief. https://lnkd.in/e3ZV4vdA

Bank of America must pay more than $1.21 billion in penalties for violating anti-money laundering and sanctions laws, the U.S. Department of the Treasury announced Tuesday. The majority of that amount is a $1.2 billion fine levied by the Financial Crimes Enforcement Network, US Treasury is the third largest in Treasury history. The Office of the Comptroller of the Currency concurrently assessed a $750 million civil monetary penalty — the largest in its 163-year history — over a “deficient and ineffective” compliance program. The Office of Foreign Assets Control also announced an $11.6 million settlement agreement with Bank of America over sanctions violations tied to Iran, Russia, global terrorism and narcotics. The Treasury credited the OCC’s penalty toward its $1.2 billion fine. This is a developing story. Read more on our website. https://lnkd.in/eQr5SQuK

American Express’ banking subsidiary is now required to create an action plan within 90 days to address its compliance deficiencies as well as develop an effective BSA/AML risk assessment process and consumer due diligence and risk identification program, according the Office of the Comptroller of the Currency order. The lender must also engage a third-party to conduct a suspicious activity review look-back. https://lnkd.in/ej6GzAJs

Citi’s installation of about 12 new private bank leaders in about 15 months is a signal of the lender’s intent to move up the ranks of the biggest private banks in North America, an executive said. After the sale of the Smith Barney wealth management business to Morgan Stanley post-2008 financial crisis, Citi’s wealth management position in North America “changed drastically, and now we’re rebuilding that position,” said Chris Biotti. He was named head of North America for Citi Private Bank in May 2025. https://lnkd.in/eXNQQ_Jw

A two-week lapse in National Credit Union Administration (NCUA) leadership in August raises questions about the agency’s ability to supervise the country’s $2 trillion credit union system, Sen. Elizabeth Warren contended Thursday. https://lnkd.in/e9iaS76W