All Wells Fargo articles – Page 3

  • Blog post

    Wells Fargo elects new board member


    Wells Fargo & Company has elected Wayne Hewett to its board of directors. Additionally, Karen Peetz has decided that she will not stand for re-election and will retire as a director at the company’s 2019 Annual Meeting of Shareholders.

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    Blog post

    Wells Fargo to pay $575M in 50-state settlement


    Wells Fargo reached a $575 million settlement to resolve civil claims with all 50 state Attorneys General and the District of Columbia that the bank violated state consumer protection laws.

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    Wells Fargo hit with $2B penalty for misrepresenting quality of loans used in RMBS


    The Department of Justice on Aug. 1 announced that Wells Fargo and several of its affiliates will pay a $2.09 billion civil penalty based on the bank’s alleged origination and sale of residential mortgage loans that it knew contained misstated income information and did not meet the quality that Wells ...

  • Blog post

    Wells Fargo charm offensive


    New Wells Fargo ads in prominent business newspapers are an effort to let the world know the bank is cleaning up its act—but, without follow-through, it may not be enough.

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    Report: Wells Fargo employees may have altered customer documents


    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 names chief risk officer


    Financial services firm Wells Fargo & Co. has appointed Amanda Norton as chief risk officer. Mike Loughlin, who announced plans to retire, will continue to serve as Wells Fargo’s chief risk officer until Norton’s employment with the company begins this summer, ensuring a smooth transition.

  • Article

    What Wells Fargo’s woes could mean for near future of bank regulation


    A $1 billion fine may set the stage for even harsher enforcement actions against Wells Fargo and their big bank brethren, despite the deregulatory zeal taking hold at the Federal Reserve and other agencies.

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    Blog post

    Wells Fargo fined $1B by OCC, CFPB


    The Office of the Comptroller of the Currency, in a coordinated action with the Consumer Financial Protection Bureau, assessed a total civil money penalty of $1 billion against Wells Fargo Bank for engaging in abusive lending practices concerning its auto loans.

  • Blog post

    Does your board have a compliance expert?


    The Federal Reserve Bank this month assessed a penalty against Wells Fargo for the bank’s widespread customer abuse from its fraudulent accounts scandal, other regulatory violations, and lack of response by the bank’s doard of directors to these problems and other risk management issues.

  • Blog post

    Fed drops hammer on Wells Fargo, board for past misdeeds


    On her last day as Federal Reserve Chairman, Janet Yellen escalated the regulatory attack on the embattled Wells Fargo, restricting the growth of the firm until it “sufficiently improves its governance and controls.”

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    OCC chides Senate critics, defends supervisory reforms


    The Comptroller of the Currency is fighting back against accusations by Senate Democrats, that his agency was slow to adapt  to lessons learned from last year’s problematic behavior at Wells Fargo.

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    Congress wants action on Wells Fargo regulatory plan


    U.S. Senator Bob Menendez (D-N.J.), is among the concerned senators urging the Comptroller of the Currency to quickly act upon regulatory recommendations that emerged after last year’s fake accounts scandal at Wells Fargo.

  • Blog post

    Wells Fargo still suffering financially from scandals


    Wells Fargo is one of the poster children over what can happen when compliance is not taken seriously or perhaps not at all in an organization.

  • Blog post

    Banks form industry consortium to transform third-party risk management


    A consortium of leading financial institutions—including American Express, Bank of America, JPMorgan Chase, and Wells Fargo—announced the formation of TruSight, a company designed to combine best practices and simplify the process of conducting third-party risk assessments of suppliers and partners across the financial services industry.

  • Blog post

    Wells Fargo Securities names co-heads of Investment Banking Coverage


    Wells Fargo Securities, the investment banking and capital markets business of Wells Fargo & Company, has named John Hudson and Kristin Lesher as the new co-heads of Investment Banking Coverage, effective immediately.

  • Blog post

    Bill would break up Wells Fargo and other megabanks for misdeeds


    Rep. Maxine Waters has unveiled the Megabank Accountability and Consequences Act, legislation demanding that federal banking regulators initiate proceedings to wind down big banks that repeatedly violate consumer protection laws.

  • Blog post

    Report: CFPB’s Wells Fargo fine was just 1 percent of potential penalty


    The latest attack on the CFPB by Republican critics comes in an investigative report alleging that the Bureau fined Wells Fargo, following illegal account openings, a mere 1 percent of the penalty it was authorized to issue.

  • Blog post

    New scandals; new lexicon for unethical conduct


    In the FCPA world, the most dreaded question during an enforcement action is “where else?”—as in, where else are you engaging in bribery and corruption? After Wells Fargo, the lexicon may well expand to “what else?”—as in what other conduct is your company engaging in that is unethical?

  • Blog post

    SeaWorld, Mueller, and Congress


    In case you missed it this week, Mueller sidles up to a new lawyer involved in Paul Manafort's probe, politicians are eyeing a particular bribery-related trial, and SeaWorld get's a criminal investigation

  • Blog post

    Wells Fargo boosts number of unauthorized accounts to 3.5M


    A review commissioned by Wells Fargo has increased the number of falsified accounts at the bank from 2.1 million to nearly 3.5 million. Last year, the CFPB fined the bank for the “widespread illegal practice of secretly opening unauthorized deposit and credit card accounts.”