Rep. Katie Porter, D-Calif., wants details about refunding "hundreds of millions of dollars" in fees improperly charged on checking accounts. Wells has acknowledged the potential problem but hasn't estimated how much it owes. ... Read full article
Banks’ third-party technology providers may face increased scrutiny; Rep. Porter wants more data about "confusing" checking account fees. ... Read full article
New American Customer Satisfaction Index data shows consumers slightly favored banks, which are benefiting from investments in technology. ... Read full article
Avid Modjtabai, who runs Wells Fargo's payments and technology innovation unit, is leaving the firm as new Chief Executive Officer Charlie Scharf continues to shake up top management. ... Read full article
A lawsuit filed by a New Jersey branch employee who was fired in 2016 includes detailed allegations about the pressure that front-line workers faced to meet monthly sales targets. The case is scheduled to go to trial in February. ... Read full article
The remote deposit capture tech at the center of the dispute is used by 6,500 institutions. That may mean other institutions will have to pay licensing fees to USAA. ... Read full article
The FDIC and the Fed have yet to sign on to the plan; this year’s managing director class includes fewer overall, but a higher percentage are women. ... Read full article
Allen Parker, who led Wells Fargo during its six-month search for a new chief executive, will leave the bank next year. ... Read full article
Tech giant takes will work with Citi; the bank reportedly asked IT providers to return some of the money it paid them in 2018. ... Read full article
The two previously worked at BNY Mellon in similar roles, Scharf as CEO and Daley as head of public affairs; Michael Johnson’s demotion follows the bank’s massive data breach in July. ... Read full article
Chief Executive Officer Charlie Scharf plans to name Bill Daley, the former White House chief of staff, to a senior post to improve relations with authorities in Washington, according to people with knowledge of the plan. ... Read full article
Top officials at Bank of America and Wells Fargo said that commercial loan demand is weak, even as U.S. consumers show strength. Their comments echo recent findings by the Federal Reserve. ... Read full article
If elected president, Sen. Elizabeth Warren would charge large banks a fee to help pay for her Medicare-for-all plan. ... Read full article
CEO tells employees he wants them to be 'impatient' in fixing the bank’s woes; the new independent body would police banks’ compliance with AML regulations. ... Read full article
Rep. Ayanna Pressley, D-Mass., has proposed requiring annual testimony by the heads of the U.S. "global systemically important" banks. ... Read full article
The new CEO is the first outsider to head the scandal-ridden bank in decades; Facebook CEO faces the House Financial Services Committee on Wednesday to discuss Libra. ... Read full article
The legislation, sponsored by Rep. Cindy Axne of Iowa, aims to hold public companies accountable for moving jobs overseas. It won unanimous support from House Democrats but attracted only two votes from Republicans. ... Read full article
They’ve long used their marketing muscle to wrest deposit share from smaller competitors. Now, amid growing concerns that the economy is weakening, they could be benefiting from consumers’ flight to safety. ... Read full article
While demand is strong and loan performance generally remains solid, the prevalence of longer loan terms has sparked concern that losses will eventually spike. ... Read full article
Third quarter profits at JPM, Wells Fargo and Citigroup got a boost from consumer banking; the company tells Fed it will remain a passive investor. ... Read full article
