Enforcement

UBS Group sold tens of billions of dollars' worth of residential mortgage-backed securities by "knowingly and repeatedly" making false and fraudulent statements to investors about the loans backing those trusts, the U.S. Justice Department said in a civil suit filed Thursday.

The report by the Consumer Federation of America said the regulatory agency has "ample legal authority" to enforce the Military Lending Act despite the bureau's plans not to examine firms for compliance.

Hope Hardison, Wells Fargo's chief administrative officer since 2015, and David Julian, its chief auditor since 2012, have both been removed from the bank's operating committee and begun leaves of absence in the latest fallout from the bank's phony-accounts scandal.

The consumer bureau’s interim chief told an industry conference that “regulation by enforcement is done.”

The agency alleges that some customers made payments to the e-commerce group even though their accounts had already been sold to third-party debt buyers.