Both Democrats and Republicans devoted considerable time at a House Financial Services Committee hearing last week to lamenting how the accounting standard will hurt small lenders.
Although higher corporate debt could hurt the economy, Federal Reserve Chair Jerome Powell argued changes made since the last crisis will guard against a meltdown.
Sens. Sherrod Brown, D-Ohio, and Chris Van Hollen, D-Md., called on the bank to explain a report that the private wealth management division quashed anti-money-laundering reports prepared by compliance staff.
Teresa Tanner, one of American Banker’s Most Powerful Women in Banking, is stepping down as the bank’s chief administrative officer to focus on larger societal issues, such as helping women advance in the workplace and creating economic opportunities for minorities and people with disabilities.
Banks would be better able to comply with anti-money-laundering laws if all 50 states collected information on the owners of new corporations and published it in a national database, Comptroller Joseph Otting said Monday.
The Bay Area is a booming market with a limited number of smaller banks. The high premium Presidio is receiving from Heritage Commerce might spark more M&A activity.
A Wells Fargo customer was interrogated, fingerprinted and mistakenly arrested for check forgery after a series of mistakes on the bank's part. He was cleared, and Wells says it made an error, but they are now fighting in civil court.
