The Department of Labor is examining if Wells Fargo pushed retirement-planning customers into pricier accounts and toward buying more expensive investment funds, generating more fees for itself, The Wall Street Journal reported. The bank has pressed employees to move clients into more expensive individual retirement accounts...
Fiserv, the global provider of financial services technology, announced Wednesday (April 25) the launch of FinKit for Open Banking, which is aimed at helping financial institutions meet and keep pace with new regulations coming thanks to the open banking initiative. In a press release, Fiserv...
Wells Fargo, the embattled bank, is gearing up to ask the Office of the Comptroller of the Currency for an extension to a deadline to meet an enforcement action that has to do with anti-money laundering controls at the bank. The Wall Street Journal, citing...
In a “coordinated action” with the Office of the Comptroller of the Currency (OCC), the Bureau of Consumer Financial Protection Bureau (CFPB) announced a settlement with Wells Fargo on Friday (April 20): The CFPB assessed a $1 billion penalty against the bank, but the bureau credited...
A perfect storm of regulatory changes and card brand rule changes has left many merchants wondering to whom, exactly, they are beholden and what, exactly, they must do to comply. To add complication to complexity, changes that many see as regional, such as the second...
Watch out for falling … oh, wait, rising interest rates. Federal Reserve Bank of New York President William Dudley said on Wednesday (April 18) that smaller banks, notably community banks, may see rising risk in the face of rising rates. Dudley, reported Reuters, stated that...
As regulators seek to impose a $1 billion penalty on Wells Fargo over mortgage fees and car insurance, the bank said on Friday (April 13) that its first-quarter earnings are subject to change, The Financial Times reported. “The CFPB [Consumer Financial Protection Bureau] and OCC [Office of...
A Bank of England official warned on Monday (April 9) that the U.K.’s financial system is under cyberattack almost constantly, prompting regulators to soon roll out new standards for cybersecurity for financial firms. City A.M. reported Sam Woods, a deputy governor of the Bank of England and the...
The Consumer Finance Protection Bureau is seeking to impose fines – for a record amount – on Wells Fargo tied to the banking giant’s practices in the auto insurance and mortgage lending realms. The fines, with an eye on abuses in those practices, could top...
