Wells Fargo creates unit to satisfy regulatory demands; U.S. Bank employee fired after blowing whistle on sales scheme, lawsuit says; what BBVA's new U.S. CEO has on tap; and more from this week’s most-read stories.
A sharp disagreement between foreign and U.S. regulators is emerging on how far banking supervisors should go in asking financial institutions to stress test their loan and investment portfolios for any risks associated with climate change.
It is designed exclusively to address concerns of regulators who have complained about the bank's lack of progress in recovering from a series of scandals.
The central bank said that while financial markets' desire for higher yields raises the potential for losses, capital and liquidity safeguards temper any concerns about a looming crash.
As the central bank board proceeds with reforms easing the post-crisis regulatory regime, the Obama-appointed governor has not shied from opposing the agency’s course.
Concerns about job losses and political blowback still loom, but the two banks made it through a second day of public hearings hosted by the Fed relatively unscathed and with significant local support.
The announcement comes after several news reports that Stephen Moore would not back down from his anticipated nomination to serve on the Fed despite growing concerns from Republican senators.
