Several former high-level Wells Fargo executives are under criminal investigation in connection with the bank's fake-account scandal and could be indicted as soon as this month.
Banks had the highest turnover of chief compliance officers among the 100 largest financial services firms in the world, according to a recent study. Recruiters say that’s a function of changing job demands, high pressure and poaching by fintechs — plus old-fashioned demographics.
After declining to support the proposal drafted by the OCC and FDIC, the Federal Reserve could issue its own framework or just keep the current CRA regime.
The current climate is akin to the Wild West, with little protection for the consumer, and new regulations are needed if the technology is to continue to expand in a safe and sustainable way, argues Mitek's Stephen Ritter.
The case before the court deals mainly with a statutory clause limiting the president’s ability to fire a CFPB director. But briefs filed with the court say striking that provision does not fully solve the bureau’s constitutional problems.
The bank is leaning on its direct API relationships with the major data aggregators rather than letting third parties ask customers for usernames and passwords to access account information.
