Fifth Third Bank, National Association could potentially be in as much legal and regulatory trouble as Wells Fargo if allegations of unauthorized account opening brought by the CFPB hold true.
Financial Services
Posted inBoards & Shareholders
Two Wells Fargo board members resign ahead of congressional hearing
Two Wells Fargo board members who were scheduled to testify at a congressional hearing this week in the aftermath of the financial institution’s fake account scandal have resigned.
Posted inEthics & Culture
Former NCUA ethics officer drank at strip clubs on job, report reveals
The long-serving ethics officer for the National Credit Union Administration retired late last year after admitting to visiting strip clubs and drinking on the job, according to an internal investigation.
Posted inEthics & Culture
Congressional report blasts ‘reckless megabank’ Wells Fargo, financial regulators
A scathing report on Wells Fargo published by the House Financial Services Committee majority tells the story of a recidivist megabank whose senior management and board of directors refuse to take compliance seriously and the unresponsive financial regulators who let it all slide.
Posted inRegulatory Enforcement
Former U.S. Bank risk officer pays $450K for AML compliance failures
The former chief operational risk officer at U.S. Bank has agreed to pay a $450,000 penalty for his role in the bank failing to implement and maintain an effective anti-money laundering compliance program.
Posted inEurope
Three former Barclays execs acquitted of fraud charges
The Serious Fraud Office suffered another major setback in the U.K.’s first trial against bank executives for misconduct during the 2008 financial crisis, after three former executives of Barclays were acquitted of fraud charges.
Posted inEthics & Culture
Six compliance lessons from Wells Fargo’s really bad week
Two more settlements reached by Wells Fargo with regulators in the span of a week impart yet more “what not to do” ethics and compliance lessons.
Posted inRegulatory Enforcement
SEC rips Wells Fargo’s ETF compliance efforts in $35M settlement
Already reeling from last week’s $3 billion penalty related to its fake accounts scandal, Wells Fargo took another hit Thursday in the form of a $35 million SEC settlement related to poor supervision of investment recommendation practices.
Posted inTechnology
CCO Q&A: Managing compliance in the FinTech space
Compliance Week discusses with Shannon Duncan, CCO and director of operations at registered investment adviser Blooom, the many unique challenges of doing compliance in the complex, ever-evolving FinTech space.
Posted inRegulatory Enforcement
What’s next for Wells Fargo? Bank, execs still in crosshairs
Wells Fargo will pay $3 billion to resolve civil and criminal penalties with the DOJ and SEC related to its long-running fake accounts scandal, but the embattled bank—and its former executives—are far from out of the woods.