All Wells Fargo articles – Page 2
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PremiumLearning from Wells Fargo: How Best Buy launched its enterprise risk and compliance function
Todd Hartman, general counsel and chief risk officer of Best Buy, shares the catalyst behind revamping the retailer’s second line of defense and the lasting benefits of separating compliance from legal.
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ArticleCFPB reaffirms tougher stance with $3.7B Wells Fargo settlement
Wells Fargo will pay a total of $3.7 billion to address “widespread mismanagement” of auto loans, mortgages, and deposit accounts as part of a settlement with the Consumer Financial Protection Bureau.
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ArticleWells Fargo names diversity head as probes mount
Wells Fargo announced the appointment of Kristy Fercho as head of diverse segments, representation, and inclusion. She takes up the role as the Department of Justice and Securities and Exchange Commission investigate the bank’s diversity hiring practices.
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ArticleSEC joins DOJ in probe of Wells Fargo diversity hiring practices
The news for Wells Fargo related to alleged sham interviews of minority job candidates continues to worsen, with the bank disclosing the Securities and Exchange Commission has joined federal prosecutors in examining the issue.
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ArticleFed recruits 6 large banks for climate scenario analysis pilot
Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo will participate in a pilot climate scenario analysis exercise organized by the Federal Reserve that seeks to enhance climate-related financial risk management efforts in the industry.
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ArticleWells Fargo ordered to pay ex-manager $22M in SOX whistleblower case
Wells Fargo must pay more than $22 million to a former senior banking executive who alleged to the Occupational Safety and Health Administration they were retaliated against for blowing the whistle on financial misconduct.
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ArticleSenators demand answers from U.S. Bank on fake accounts scandal
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.
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ArticleWells Fargo confirms DOJ probe into diversity hiring practices
Wells Fargo disclosed in a regulatory filing the Department of Justice has opened an investigation into the bank’s “hiring practices related to diversity.”
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ArticleWells Fargo unit fined $7M for AML transaction monitoring failures
For the second time in five years, a subsidiary of Wells Fargo has been charged by the Securities and Exchange Commission with failing to file suspicious activity reports in a timely manner due to deficiencies in the system it used to flag transactions.
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ArticleWells Fargo in resolution negotiations regarding potential OFAC violations
Wells Fargo disclosed in a regulatory filing it has entered resolution discussions with a U.S. authority or authorities regarding potential sanctions violations it voluntarily self-disclosed to the Treasury Department’s Office of Foreign Assets Control.
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Wells Fargo appoints first chief sustainability officer
Wells Fargo & Company announced the appointment of Robyn Luhning to the newly created role of chief sustainability officer.
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ArticleCredit Suisse recruits outgoing Wells Fargo risk chief to board
Credit Suisse announced a handful of proposed changes to its board of directors, including the appointment of Wells Fargo’s outgoing Chief Risk Officer Amanda “Mandy” Norton to fill an open seat.
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ArticleWells Fargo names Derek Flowers chief risk officer
Wells Fargo named longtime executive Derek Flowers as its new chief risk officer. Flowers will lead the bank’s independent risk management function, including compliance risk management.
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ArticleBank of America, Wells Fargo headline climate risk consortium
Bank of America, Wells Fargo, U.S. Bank, and 16 other financial institutions have formed a climate risk consortium in response to calls from investors and regulators that banks work to mitigate climate-related risks within their own operations.
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ArticleWells Fargo chief risk officer to retire
Amanda Norton, Wells Fargo’s chief risk officer since 2018, will retire at the end of June, according to a memo from CEO Charlie Scharf distributed internally.
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ArticleFINRA fines Wells Fargo subsidiaries $2.25M for recordkeeping violations
Two Wells Fargo broker-dealers agreed to jointly pay a $2.25 million fine to settle charges levied by FINRA regarding a failure to store approximately 13 million customer records in the proper format over a 17-year span.
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PremiumTop ethics and compliance failures of 2021
Systemic risk management lapses at a financial services firm, allegations of toxic culture at a video game giant, and more of the same baffling behavior from one of the world’s largest tech companies comprise CW’s list of the biggest ethics and compliance fails of 2021.
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ArticleWells Fargo to pay $72.6M for foreign currency exchange fraud
Wells Fargo Bank agreed to pay a total of approximately $72.6 million to resolve allegations it fraudulently overcharged hundreds of commercial customers who used the bank’s foreign exchange services.
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ArticleFed Chair Powell: Wells Fargo asset cap will remain in place
Federal Reserve Chair Jerome Powell said Wells Fargo’s asset cap will remain in place until the bank has “comprehensively” fixed its governance and compliance deficiencies.
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ArticleElizabeth Warren urges Fed break up ‘ungovernable’ Wells Fargo
Sen. Elizabeth Warren has called for federal banking regulators to break up Wells Fargo, saying “every new report of scandal and ongoing noncompliance” proves the bank is “ungovernable.”