Crime and misconduct

Brooklyn federal financial-crime unit steps on Manhattan turf

12/08/20

Brooklyn-based federal prosecutors will staff a new task force to investigate and charge corporations and individuals who use the U.S. banking system to launder money, setting up a bigger role in white-collar cases that have historically been dominated by their Manhattan counterparts.

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JPMorgan fined $250 million for problems in advisory business

11/24/20

The Office of the Comptroller of the Currency says JPMorgan Chase’s fiduciary unit lacked sufficient controls to manage risk and avoid conflicts of interest.

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Berkshire Hathaway sells another piece of its Wells Fargo stake

11/16/20

Warren Buffett's company has been pulling back from the scandal-ridden bank as it prepares to unveil strategic changes.

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SEC charges ex-Wells Fargo execs with misleading investors

11/13/20

Former CEO John Stumpf agreed to pay a $2.5 million penalty to settle civil charges tied to the bank’s fake-accounts scandal. Former community bank head Carrie Tolstedt did not agree to a settlement and is now facing a lawsuit that alleges she committed fraud.

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NCUA issues lifetime ban for embezzlement

10/30/20

The National Credit Union Administration issued a prohibition order against a former employee of Members Exchange Credit Union in Mississippi.

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USAA's regulatory troubles now include OCC fine, CRA downgrade

10/14/20

The $85 million penalty and the bank's "needs to improve" rating on its Community Reinvestment Act exam were tied to alleged violations of the Military Lending Act and Servicemembers Civil Relief Act.

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Wells Fargo faces growing pressure to slash costs

10/14/20

CEO Charlie Scharf disappointed investors by failing to provide either a detailed road map for long-term expense reductions or say when he might release such a plan.

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Wells Fargo profit slumps on severance and remediation charges

10/14/20

The company posted a surprise increase in third-quarter expenses as it set aside almost $1 billion for customer remediation and $718 million in restructuring charges.

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Court case reveals new details of fake-account allegations at Fifth Third

10/01/20

The bank has contends that the misconduct was widespread, but a whistleblower letter unearthed by the Consumer Financial Protection Bureau points to Chicago as a hotbed of customer abuse. "We are becoming a 'predatory' financial institution," the 2010 letter said.

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‘Solid reputation’: Why regulators long deferred to Wells Fargo on sales abuses

09/30/20

A new watchdog report finds that prior to 2015, the Office of the Comptroller of the Currency missed numerous opportunities to address misconduct at the San Francisco bank.

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