News Topic: Risk management

Sen. Elizabeth Warren, D-Mass., asked Wells Fargo's chief executive to address recent reports that the bank's efforts to compensate customers for unnecessary fees is falling short. ... Read full article

The Fed determined that Jacob Goldstein, who was also president of NBRS Financial Bank, improperly signed off on loans without telling the board that he would benefit from them. The bank failed in 2014. ... Read full article

The one-notch downgrade, announced Wednesday, came in response to the Fed's unprecedented decision to halt asset growth at the embattled bank. ... Read full article

Wells has tapped Sarah Dahlgren for a newly created position overseeing regulatory relations as the megabank tries try to remove the cloud of its phony-accounts scandal. ... Read full article

Some bankers spread the religion of this year's feel-good World Economic Forum, but others were more circumspect. The list of potential threats remains lengthy — including trade wars and the bursting of the bitcoin bubble — and all pose risks to banks ... Read full article

Financial firms have mostly shrugged off the government's budget woes, but Washington's gridlock might pose a bigger risk than they think. ... Read full article

The wave of sexual harassment claims have forced a very public reckoning in certain industries, but financial services firms had largely escaped the spotlight. The departure of a Bank of America executive could signal that the industry has problems lurking ... Read full article

Wells may have settled with former employee Claudia Ponce de Leon because it wanted to avoid the "massive exposure" of a jury trial, an expert says. It is unclear how the agreement will affect Wells’ other cases. ... Read full article

Attorney General Jeff Sessions did not keep the rest of Washington apprised of his plan to rescind an Obama-era memo on pot. Now Fincen and other federal banking agencies are dealing with the backlash from that decision. ... Read full article

The San Francisco bank said that Michael Loughlin's departure is unrelated to the sales scandal that has dogged the company for the last 16 months. ... Read full article

The disclosure of a key part of Wells Fargo's exam rating is fueling speculation that further regulatory action may soon be taken against the megabank and raising renewed questions about its regulator's oversight. ... Read full article

The McLean, Va., company said that the personnel moves were unrelated to either its financial performance or its risk performance. ... Read full article

Examiners focus too much on how many suspicious activity reports banks file and too little on the true riskiness of their activities, according to lawmakers and industry representatives. ... Read full article

The proposal lays out principles in three critical areas: the effectiveness of senior management, handling of the firm’s business line and the independent risk management structures within a banking organization. ... Read full article

After a six-month transition period, Mark Midkiff will succeed Bill Hartmann later this year. ... Read full article

Fannie Mae's serious delinquency rate climbed to a high not seen since March 2017, but remained lower than it was 12 months prior. ... Read full article

Maria Zuber, who oversees research administration and policy at MIT, has been appointed to the board's enterprise risk and corporate governance committees. ... Read full article

The central bank should take new steps to ensure that examiners do not become too cozy with the big banks they supervise, a government watchdog said. ... Read full article