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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2022-08-08T18:13:00
Democratic senators are calling on U.S. Bank to answer questions before a Senate committee regarding an alleged fake accounts scandal the bank recently paid $37.5 million to settle.
Sen. Sherrod Brown (D-Ohio), chairman of the Senate Committee on Banking, Housing, and Urban Affairs, and several of his colleagues wrote a letter Thursday to U.S. Bank Chief Executive Andrew Cecere about how they are “deeply concerned” regarding the bank’s conduct of “using consumer data to issue credit cards and lines of credit and to open deposit accounts for consumers without their knowledge or consent.”
Brown was joined in signing the letter by committee members and Sens. Elizabeth Warren (D-Mass.), Catherine Cortez Masto (D-Nev.), Robert Menendez (D-N.J.), and Chris Van Hollen (D-Md.)
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News and analysis for the well-informed compliance or audit exec.
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2022-07-29T17:00:00Z By Aaron Nicodemus
U.S. Bank agreed to pay a $37.5 million fine and to return fees charged to customers related to the bank’s alleged opening of accounts and access of credit reports without their permission, the Consumer Financial Protection Bureau announced.
2020-08-14T18:09:00Z By Martin Woods
Wells Fargo is now operating under a different regime, but what have the billions of dollars the bank has spent in attending to the compliance failures that arose out of its fake account scandal delivered? Not enough, posits Martin Woods.
2020-02-21T21:55:00Z By Jaclyn Jaeger
The Department of Justice and Securities and Exchange Commission on Friday assessed total civil and criminal penalties of $3 billion against Wells Fargo & Co. and its subsidiary, Wells Fargo Bank, in the aftermath of its fake account scandal.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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