Bankruptcy Blogs

Wells Fargo Fiasco Lays Bare a Broken Identity System

10/20/16

The Wells Fargo scandal is an example of what happens when a system requires you to effectively hand over the keys to your identity to strangers as if you were giving them your car keys. Moreover, it is a call to banks to restore trust and become leaders in fixing the ID problem once and for all.

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Women in Banking: Warren vs. White; Men on Work-Life Balance

10/20/16

Mary Mack is beginning damage control as she overhauls Wells' sales culture; Dorothy Savarese talks diversity of bank sizes as she becomes chairman of the ABA; and Elizabeth Warren implores the president to demote Mary Jo White. Also, industry manbassadors talk work-life balance and the importance of flexibility for women as Visa's CEO resigns to devote more time to family. And a couple of small activist firms are taking on gender bias at the world's largest companies.

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Your Bank's Diversity Efforts Aren't Working. These Will

10/20/16

Rather than continuing to invest in inclusion initiatives that fail to drive diversity, banks should embrace these three programs instead.

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Morning Scan: California Probes Wells; Amex Raises Outlook

10/20/16

Receiving Wide Coverage ...

More trouble for Wells: The California Department of Justice has launched a criminal investigation into Wells Fargo to determine if bank employees engaged in criminal identity theft and false impersonation to open accounts for customers without their permission. "There is probable cause to believe that employees of Wells Fargo Bank unlawfully accessed the bank's computer system to obtain the PII [personally identifiable information] of customers," the state's affidavit said. "The bank's employees...

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The Case Against a Federal Fintech Charter

10/19/16

Rather than addressing a pressing need like an economic crisis, a fintech charter would place the federal government in the business of choosing winners and losers in a market, with the potential to distort the banking system.

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Accepting What You Don't Know Is Crucial to Detecting Risk

10/19/16

A strong and dynamic risk detection system requires focusing on the most important blind spots not satisfactorily explained by existing tools, rather than focusing on the "answers" produced by those tools.

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Morning Scan: S&P Negative on Wells; Morgan Stanley Profit Jumps 57%

10/19/16

Breaking News This Morning ...

Morgan Stanley beats estimates: Morgan Stanley reported a third quarter profit of $1.6 billion, or 81 cents a share, up 57% from $1.02 billion, or 48 cents a share, in the year ago period. That easily beat the median Street forecast of 63 cents. Revenue rose 15% to $8.91 billion from $7.77 billion, also beating analysts' estimates of $8.17 billion. As with its peers on Wall Street, which reported earlier, the...

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Consumers Need Protection from the CFPB

10/18/16

Recent moves by the Consumer Financial Protection Bureau, including a plan to regulate payday lending, take away what limited credit options consumers have.

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To Advance Women in Banking, Mandate Paid Family Leave

10/18/16

Many have linked the gender gap in financial services to the difficulties in balancing work pressures with family demands. To help address this, paid family leave should be compulsory in the industry.

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