- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
The latest catalyst for bad news at Wells Fargo: allegations that employees altered information on business customers’ forms and documents.
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Wells Fargo announced Thursday that Chief Executive Officer and President Timothy Sloan intends to retire, effective June 30. He will step down as CEO, president, and board member effective immediately.
Testifying in both chambers of Congress last week, Comptroller of the Currency Joseph Otting discussed plans to modernize the Community Reinvestment Act, and streamline requirements under the Bank Secrecy Act.
Bank of America avoided a monetary penalty in agreeing to settle charges with the Treasury Department’s Office of the Comptroller of the Currency but was ordered to shore up previously disclosed deficiencies in its Bank Secrecy Act/anti-money laundering (BSA/AML) and sanctions compliance programs.
