The saga continues for Wells Fargo, as plaintiff lawyers in its fraudulent case up the fictitious accounts opened number. Lawyers for the plaintiff side are projecting that Wells Fargo employees opened up approximately 3.5 million accounts without customer consent. In this $142 million settlement lawsuit,...
The fallout from last year’s Wells Fargo scandal continues. Most recently, Wells’ CEO Tim Sloan looked to persuade investors to not expel board members at the lender’s upcoming annual meeting. “It would be a shame if any one of our directors didn’t receive an overwhelming...
In the continuing faceoff between the Trump administration and the Consumer Financial Protection Bureau (CFPB), the American Banker stated that President Donald Trump “deeply impressed” a group of community bankers at a Thursday meeting. That impression apparently came amid a give-and-take session where the president...
Guo Shuqing, the former head stock market regulator in China, has been appointed as chairman of the China Banking Regulatory Commission, replacing Shang Fulin, who was forced to retire after reaching the mandatory retirement age of 65. According to a report in The New York Times,...
Bank of New York (BNY) Mellon Corp. was unable to process payment instructions sent over the Swift Network from clients for a 19-hour stretch earlier this week. According to reports, the outage began around 2:30 pm on Sunday (Dec. 4) and was not resolved until...
The parade of political appointees for the incoming Trump administration continues, and as noted in reference to the financial industry, one possible appointment looms large. Bloomberg reported that President-elect Donald Trump may be putting a new position in place: A Federal Reserve vice chairman whose primary purview...
The more things change, the more they may stay the same … when it comes to interest rates. Two words came from the Fed chair last week that show that — election shocker notwithstanding — monetary policy will stay the course. Those two words were...
January 2018 may be a ways off, but PSD2 is going to change the way banks share customer information and APIs. And while some industry observers think it’s the worst thing that ever happened to banks, Token CEO Steve Kirsch says that it’s a blessing in...
The extent of cybersecurity attacks on financial institutions is much greater than reports show, especially in the U.K. Data from Britain’s Financial Conduct Authority (FCA) show that U.K. banks conceal many cyberattacks to keep their reputations intact and to avoid punishment. Shlomo Touboul, Chief Executive...
