Matthew Raphaelson, Kenneth Zimmerman and Tracy Kidd, all of whom were senior executives in the company’s consumer banking unit, have agreed to pay six-figure fines in connection with Wells Fargo’s unauthorized account scandal.
Banks reported decent loan growth in the spring and early summer as businesses rushed to draw down credit lines and tap the Paycheck Protection Program. But demand has been muted since, and bankers can only guess when it will pick back up.
Banks are augmenting their use of masks, distance markers and the like with apps to notify employees of exposure to infected individuals and technology meant to make branch visits safer.
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.
In her steady advance up the payments industry career ladder, Colleen Taylor has pursued a consistent theme of taking on challenging roles at pivotal moments, which has propelled her trajectory.
How Bank of America plans to stay ahead of the pack in digital banking; Wells Fargo gets top marks for COVID-19 safety; PPP lenders nearing $10B asset mark fear regulatory ordeal; and more from this week’s most-read stories.
The central bank said it had miscalculated the loss rates for certain public welfare investments, which led to incorrect capital requirements for the two companies.
