By Aaron Nicodemus2023-02-22T16:02:00
Two regulators are investigating Wells Fargo regarding employees’ improper use of off-channel communications to conduct business and the bank’s recordkeeping of those communications.
The Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) “have undertaken investigations regarding the company’s compliance with records retention requirements relating to business communications sent over unapproved electronic messaging channels,” Wells Fargo disclosed in a 10-K filing Tuesday.
Unauthorized communications by employees of financial institutions and the recordkeeping violations such actions cause appear to continue to be a priority for SEC investigators that shows no signs of slowing.
2023-07-25T20:24:00Z By Aaron Nicodemus
Stockholder lawsuits have emerged as the latest aftershock from the regulatory crackdown against banks and financial services firms for allowing off-channel business communications by their employees.
2023-05-11T19:28:00Z By Aaron Nicodemus
The Bank of Nova Scotia and HSBC were fined $22.5 million and $15 million, respectively, by U.S. regulators for admitted recordkeeping failures regarding employee use of off-channel communications to conduct company business.
2023-03-16T15:36:00Z By Aaron Nicodemus
Carrie Tolstedt, the former head of Wells Fargo’s community bank, will pay a $17 million fine issued by the Office of the Comptroller of the Currency for her role in the bank’s fake accounts scandal.
2025-09-12T19:40:00Z By Oscar Gonzalez
The DOJ sued Uber Thursday, alleging it violated the Americans with Disabilities Act (ADA) by denying people with disabilities equal access to its services.
2025-09-11T20:53:00Z By Neil Hodge
Europe’s banking regulator warns that weak compliance at fintech, regtech, and crypto firms may let money laundering and terrorist financing risks slip through. The EBA also found EU regulators’ approaches are often inconsistent and unclear.
2025-09-10T22:24:00Z By Adrianne Appel
California, Colorado, and Connecticut launched a joint enforcement sweep against businesses that fail to honor consumers’ online opt-out requests, the states announced Tuesday.
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