News Topic: Wells Fargo

Wells Fargo on the receiving end of USAA's long-standing intellectual property threat; millions are mad about Erica, Bank of America's virtual assistant; relief may be in reach for bankers fed up with SARs; and more from this week's ... Read full article

The agency has provided new information about changes large and midsize banks are making in the wake of the Wells Fargo scandal, but Senate Democrats continue to press for more details. ... Read full article

The settlement applies to customers who had accounts opened without their consent over a 15-year period beginning in May 2002. ... Read full article

Competition for deposits is heating up as summer approaches, and banks are responding in all sorts of ways — from launching digital-only platforms to raising CD rates to reviving debit rewards. But rising interest rates could weaken demand for loans, ... Read full article

In his inaugural hearing as comptroller of the currency, Joseph Otting defended his decision not to publicly rebuke banks for Wells Fargo-like problems. ... Read full article

Everyone agrees good corporate governance involves a board that is just the “right” size and has a “good mix” of knowledgeable insiders and independent watchdogs. But setting bright-line rules for banks as varied as M&T, Wells Fargo and Eastern Bank is ... Read full article

The simplified pricing of fintechs like Square and Stripe has finally caught up with banks' more complex fees, prompting Wells Fargo to restructure its billing for small businesses. Other banks will also face consequences—particularly community banks ... Read full article

The changes are designed to remove the complex set of fees that could vary from one mercant to another. ... Read full article

USAA's lawsuit accusing Wells of infringing on its remote-deposit patents is new territory: bank-on-bank fights over intellectual property. ... Read full article

Wells Fargo & Co. customers hoping to use their credit cards to buy Bitcoin will have to look elsewhere. ... Read full article

The OCC finds that Wells Fargo was not alone in its sales abuse practices (though it's not naming names); Fifth Third's Tim Spence is our Digital Banker of the Year; the CFPB acting director wipes out the agency's Consumer Advisory Board; ... Read full article

When asked if other banks were being sued, USAA said the lawsuit names only Wells Fargo because the bank is one of the biggest adopters of remote mobile deposit capture and has failed to license the technology. ... Read full article

Institutions that have been opening consumer accounts without consent need to prepare for the fallout, even if the OCC has said it won't name names. ... Read full article

U.S. banks reduced their holdings of state and local government bonds for the first time since 2009 after the federal government slashed corporate tax rates, according to figures released by the Federal Reserve Thursday. ... Read full article

The firm graded bank and credit card apps on customer satisfaction, appearance, navigability, and availability and clarity of information. ... Read full article

The city wanted to sever its relationship with the bank, but it ran into a big obstacle. ... Read full article

The OCC finds widespread problems in bank retail sales practices; Ripple and Swift competition for payments pits technology against convention. ... Read full article

An inquiry into the sales practices of more than 40 banks launched in the wake of the Wells scandal found several systemic issues and hundreds of problems at individual institutions. The OCC completed the review in December but is not making the results ... Read full article