Fifth Third Bank said it’s facing enforcement action from the Consumer Financial Protection Bureau (CFPB) over alleged openings of unauthorized accounts. The CFPB said it plans to file enforcement action over the generation of fake accounts allegedly done by employees of Fifth Third. There was...
Wells Fargo agreed to pay $3 billion as a settlement with regulators over a scandal involving the creation of fake accounts, according to a report by The Wall Street Journal. The bank is finalizing settlements with both the Justice Department and the Securities and Exchange...
At a Wednesday (Feb. 5) hearing before the House Financial Services Committee, representatives from several consumer groups said “rent-a-bank” schemes harm consumers through predatory lending. The hearing was titled “Rent-a-Bank Schemes and New Debt Traps: Assessing Efforts to Evade State Consumer Protections and Interest Rate...
As business loan performance drops off, U.S. banks are anticipated to rein in criteria this year, a Federal Reserve (Fed) survey showed on Monday (Feb. 3). The Fed’s quarterly survey of senior loan officers from 74 domestic banks and 22 U.S. branches and agencies of foreign...
A fine for embattled banking institution Danske Bank could be much lower lower than expected in the U.S. because the institution does not have a banking license in the country, according to a report by Reuters. Danske Bank was involved in a much publicized money-laundering...
Europe’s main banking regulator, an arm of the ECB, is trying to make it easier for the continent’s financial lenders to merge. The logic is that the move will help jump-start a lagging economy. The regulator is in charge of covering the largest eurozone banks,...
Wells Fargo’s woes, which began in earnest in 2016 when a scandal involving millions of fake accounts created to boost numbers came to light, are continuing and don’t show any signs of abating any time soon, according to a report by Reuters. The financial institution...
Former Wells Fargo CEO John Stumpf has been banned from ever working in the banking industry again by the U.S. government, according to a report by CNBC. He will also have to pay $17.5 million for his role in a scandal at Wells Fargo involving...
China is finalizing its first rules for online-only banks, striving to reduce financial jeopardy and lure pivotal participants, Reuters reported on Monday (Jan. 13), citing three sources. The new rules would also cover foreign financial institutions already doing business in China — Citigroup, HSBC and...
