Jan 3, 2025 · Dive Insight: Between December 2018 and August 2020, CBW failed to maintain a sufficient anti-money laundering/counterterrorism financing compliance program, the FDIC said in its enforcement action.. That resulted in multiple incidents in which the bank “repeatedly” violated Bank Secrecy Act regulations.

Sep 18, 2024 · Evolve Bank ‘failed in its most basic duty,’ stole from customers: lawsuit The allegations come from Yotta Technologies, a fintech that says its customers are currently locked out of more than $100 million in funds.

Nov 11, 2024 · Republican presidential nominee, former U.S. President Donald Trump points to supporters with former first lady Melania Trump during an election night event at the Palm Beach Convention Center on November 6, 2024, in West Palm Beach, Florida.

Nov 27, 2024 · It’s not the first time Evolve has been sued related to Synapse ledger issues. Yotta sued Evolve in September, claiming that the lender “utterly” failed in its most basic duty to its customers by misplacing tens of millions of dollars in customer funds.. Most end-user funds were held in omnibus for-benefit-of accounts; the rest was …

Sep 30, 2024 · P ersonalized alerts and recommendations hold some appeal to customers, “but many are wary of allowing AI to control the actions and the application of personal security measures,” J.D. Power said. The firm surveyed about 2,000 U.S. financial services customers on their AI use and opinions in April. Roughly 54% of bank customers said they’ve used some form of genAI, and that’s more ...

Oct 30, 2024 · Amid the Synapse ordeal, the FDIC proposed a recordkeeping rule last month to bolster recordkeeping for bank deposits received from third-party or non-bank entities that accept those deposits on behalf of consumers and businesses. The proposal aims to address the risks related to these third-party arrangements, like faulty account ledgering, and protect depositors.

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Dec 18, 2024 · Dive Insight: The Santa Clara, California-based bank, founded in 1983, had an excessively large proportion of uninsured deposits and a concentrated customer base of venture capital-backed businesses. As SVB experienced a bank run in March 2023, the lender had to sell long-dated securities at a steep loss, because rising interest rates had affected its portfolio.

Jan 2, 2025 · Bank of America must shore up its Bank Secrecy Act and sanctions compliance programs, according to a cease-and-desist order issued last week by the Office of the Comptroller of the Currency.. The Dec. 23 order is based on unsafe and unsound anti-money laundering practices, including a lag in suspicious activity reporting and a failure to fix issues it knew about within its due diligence processes.

Nov 6, 2024 · Additionally, Trump’s second term is almost certain to mean changes at regulatory agencies. The Federal Reserve, the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, the Securities and Exchange Commission and the Consumer Financial Protection Bureau are all expected to see exits of high-profile leaders.