Wells Fargo CEO Tim Sloan said that the megabank has worked to address past issues and is equally committed to preventing new problems from arising, despite reports suggesting otherwise.
The lab works with more than 200 data scientists to create access to affordable credit and help financial firms match products to customers, the company says.
The enforcement action from the OCC comes on the heels of a CFPB consent order that said USAA reopened customers' accounts without consent and neglected stop-payment requests.
The Federal Reserve’s top regulator, who assumed the chairmanship of the international board in November, said the FSB should explain the rationale behind its financial benchmarks while establishing new ones to combat emerging threats.
At least 14 suits have been filed this year alone accusing banks of operating websites that violate the Americans with Disabilities Act. Some banks prefer settlements to investments in technological overhauls, but experts say that strategy could be costlier in the long run.
In a lengthy report released Wednesday, the bank pledged to protect whistleblowers, better handle customer complaints and re-examine its lending practices.