Enforcement actions

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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The high cost of giving banks too much slack

10/14/20

Examiners are skilled at spotting trouble but often do too little to correct it, as the latest revelations about Citi once again show. Prompt supervisory intervention is essential to protecting the integrity of the financial system.

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OCC fines Morgan Stanley $60 million for 2016 data breach

10/08/20

The regulator found that the financial services company failed to take precautions in disposing of hardware that contained sensitive customer information.

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CFPB announces nationwide crackdown on abusive debt collectors

09/29/20

Through Operation Corrupt Collector, the bureau is coordinating with over 50 other state and federal agencies to target firms for wrongdoing and inform consumers of their rights

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CFPB missed opportunity to call out lending discrimination, critics say

09/24/20

The agency’s report on mortgage data submitted by lenders identified persistent disparities between white borrowers and minorities in denial rates and pricing. Some observers say the bureau should have been more explicit as the nation wrestles with systemic racism.

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Results-driven Fraser just the ticket for fixing Citi, associates say

09/21/20

Jane Fraser, who is poised to become the first woman to lead a major U.S. bank, possesses turnaround experience and strong interpersonal skills that make her well suited for mending fences with regulators and investors, according to present and former colleagues.

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Wells Fargo provides few updates on growth, cost-cutting plans

09/14/20

The company's outgoing CFO discussed ways the asset cap is stunting growth, but provided no updates at an industry conference on when the restriction might be lifted or the types of jobs it will cut.

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Banks, consumer groups both got what they wanted in ‘mini-CFPB’ bill

08/31/20

The California plan to create a new, tougher state regulatory agency is at the finish line after lawmakers agreed to key exemptions for banks while maintaining strong enforcement measures for payday lenders and other firms.

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TD Bank will pay $122M to settle CFPB charges of overdraft abuse

08/20/20

The bank has agreed to pay $97 million in customer restitution and a $25 million fine to settle allegations by the Consumer Financial Protection Bureau that it deceptively charged overdraft fees for certain ATM and debit card transactions.

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California’s ‘mini-CFPB’ plan is back in play. Banks aren’t happy.

08/14/20

A proposal to expand consumer protections in the state was added to a budget bill after being dropped in June. Financial institutions say the measure conflicts with federal law and are working behind the scenes to stop it.

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