Former Wells Fargo board members defend scandal response in House hearing

Betsy Duke and James Quigley said they were shocked and troubled when they first learned of the bank’s misconduct, but both told the panel they had done all they could to steer the bank in the right direction. 

By Anna Hrushka • March 11, 2020

Wells Fargo's long, winding path to recovery

March 11, 2020

Explore the Trendline➔

The Banking Dive Outlook on 2022

Some narratives in 2022, such as office returns, will seem like a logical progression from the year before. Others, such as the regulatory sphere and shift toward smaller M&A, may mark a big shift from the previous 12 months.

By Banking Dive staff

Maxine Waters calls for DOJ probe into former Wells Fargo CEO's 'false statements'

Tim Sloan, who led the scandal-plagued bank from October 2016 to March 2019, resigned shortly after testifying at a House hearing over the bank’s widespread consumer abuses.

By Anna Hrushka • March 11, 2020

Wells Fargo CEO: 'Broken' culture led to consumer abuse scandals

Scharf told lawmakers Wells Fargo’s structure was "problematic," and company leadership failed its stakeholders. "Our culture was broken, and we did not have the appropriate controls in place across the company," he said.

By Anna Hrushka • March 10, 2020

Fifth Third charged with opening fake accounts

The alleged practice by the large Midwestern bank resembles the incentive scheme that recently cost Wells Fargo a $3 billion fine.

By Robert Freedman • March 10, 2020

Wells Fargo board members Duke, Quigley resign following House report

Resignations come ahead of Wednesday’s House Financial Services Committee hearing, where the board members are expected to testify regarding their previous response to a series of consumer abuse scandals.

By Anna Hrushka • March 9, 2020

Fed approves rule to simplify stress capital buffer for large banks

While the Fed argued banks are in a stronger financial position than when Dodd-Frank was enacted, Gov. Brainard dissented, saying the rule will encourage the kind of behavior that contributed to the 2008 financial crisis.

By Kate Patrick Macri • March 6, 2020

House report slams Wells Fargo, regulators' failure to rein in 'reckless' bank

The report claims regulators knew about "serious, enterprise-wide deficiencies" without taking public enforcement action, and the bank’s board "failed to ensure management could competently address the company’s risk management deficiencies."

By Anna Hrushka • March 5, 2020

Treasury hits former U.S. Bank risk officer with $450K penalty

Protections put in place by Michael LaFontaine fell short, FinCEN said. In response, the bank expressed confidence in its measures.  

By Robert Freedman • March 5, 2020

Wells Fargo to launch accounts that limit overdraft fees

Wells Fargo’s announcement about the new accounts comes ahead of the bank’s back-to-back hearings in front of the House Financial Services Committee.

By Anna Hrushka • March 4, 2020

Stock trading app Robinhood suffers system outage during market rebound

The outage came as the market rebounded from its worst week since the 2007-08 financial crisis, amid the coronavirus outbreak.

By Anna Hrushka • March 3, 2020

Fed announces rate cut as US banks respond to coronavirus threat

As regulators convene to discuss COVID-19's economic impact, U.S. banks are implementing precautions such as travel restrictions and virtual events.

By Anna Hrushka • Updated March 3, 2020

FDIC, Fed, Treasury IGs and OCC probe AmEx sales tactics

Investigators are looking into whether payment network employees misled or cowed Costco small-business cardholders into signing up with AmEx when the retailer ended its partnership with the company.

By Dan Ennis • Updated Jan. 8, 2021

SEC fines Wells Fargo $35M over investment advice, compliance failures

The bank advised investors to hold single-inverse exchange-traded funds for months or even years, essentially ensuring they would incur losses while the bank would profit, the regulator said.

By Kate Patrick Macri • March 2, 2020

Spike in fintech M&A shows industry is maturing

Fintechs are growing, accumulating users and establishing themselves in the financial services space. And it’s attracting attention. 

By Anna Hrushka • Feb. 28, 2020

Vote on pot banking bill is months away, Sen. Gardner says

Gardner said the SAFE Banking Act would bring nearly $2 billion of cash from Colorado’s state-legal cannabis industry into the financial system.

By Anna Hrushka • Feb. 27, 2020

Consumer data-sharing debate highlights bank, fintech divide

Screen scraping and APIs were among the topics discussed at the CFPB's symposium on Consumer Access to Financial Records on Wednesday.

By Anna Hrushka • Feb. 27, 2020

Financial services industry stands to lose $1T in climate change-related costs

The report comes as major banks such as JPMorgan Chase and Goldman Sachs, as well as asset management firm BlackRock, announced their own commitments to combat climate change.

By Anna Hrushka • Feb. 25, 2020

Democrats slam Wells Fargo settlement as bank faces 3 congressional hearings

Last week’s settlement may have closed the book on several criminal and civil investigations, but the ramifications of Wells Fargo’s fake-accounts scandal are far from over as it once again becomes the subject of several hearings.

By Anna Hrushka • Feb. 25, 2020

LendingClub, Radius execs talk regulation, tech integration ahead of merger

In a wide-ranging interview, executives said they don’t foresee any pushback from regulators or any significant post-merger complications associated with integrating the two companies’ platforms or IT.

By Anna Hrushka • Feb. 24, 2020

JPMorgan Chase reportedly launching UK digital bank

JPMorgan would have its fair share of digital bank competitors in the U.K., including Monzo, Starling, Revolut, as well as fellow U.S. bank Goldman Sachs's Marcus. 

By Anna Hrushka • Feb. 24, 2020

CRA overhaul plan finds few supporters on any side

Banks, low-income advocates, the Federal Reserve and some members of Congress suggest the OCC slow down in its effort to overhaul the 40-year-old law intended to get more bank credit into underserved areas.     

By Robert Freedman • Feb. 24, 2020

Wells Fargo to pay $3B to settle fake accounts scandal

The settlement with the Justice Department and the Securities and Exchange Commission comes about a month after the OCC fined former Wells CEO John Stumpf $17.5 million and banned him for life.

By Anna Hrushka • Feb. 21, 2020

Citibank 'Impact Fund' to capitalize companies who drive ESG value

Citi will invest in U.S.-based companies — up to $10 million each — that address and combat issues across workforce development, financial capability, physical and social infrastructure and sustainability.

By Hillary Richard • Feb. 21, 2020

LendingClub's Radius deal paves the way for more fintech purchases, experts say

Industry experts say the deal could be a tipping point, ushering in more fintech-bank purchases. But it won't come without its complexities. 

By Anna Hrushka • Feb. 21, 2020