A deferred-prosecution agreement with the Justice Department spares the bank a potential criminal conviction — provided it cooperates with continuing probes and abides by other conditions.
Wells Fargo & Co. is poised to pay roughly $3 billion to settle federal investigations into a range of consumer abuses that were rampant at the bank for years, according to a person with direct knowledge of the matter.
Goldman Sachs pledged in late 2019 to stop financing projects in coal and Arctic oil exploration. Activist groups and Democratic senators say other large institutions should do the same given the economic and environmental risks from climate change.
Wells Fargo appears to be outpacing its rivals in the API race; CFPB's unexpected showdown with Citizens; Varo gets vital FDIC OK for bank charter; and more from this week's most-read stories.
Five Republican senators want to cut off deposit insurance for banks that have stopped offering financial services to firms that operate detention facilities and private prisons on behalf of the federal government.
Wells is thought to be the first big U.S. bank to allow harassment victims to go to court instead of arbitration. An investment firm that advocates for progressive causes claimed credit for the policy change.
