- 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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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.
2025-05-01T14:39:00Z By Neil Hodge
Antitrust infringement cases in the United Kingdom can run on for years, but there’s a question whether issuing fines that are dwarfed by the revenues of those organisations involved is a worthy deterrent—particularly if they are imposed over a decade after the misconduct ended. It’s also debatable whether the first ...
2025-04-22T12:00:00Z
The Federal Trade Commission (FTC) filed a lawsuit against Uber, alleging the ride-hailing company signed customers up for its Uber One subscription without consent, then made it hard for them to cancel. The move marks the U.S. government’s latest broadside against big tech companies, and the first major action from ...
2025-04-18T17:45:00Z By Oscar Gonzalez
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
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