Wells Fargo

Wells Fargo freed from sanctions over treatment of service members

07/24/18

The OCC has terminated a 22-month-old consent order that stemmed from allegations that the bank unlawfully repossessed cars of members of the U.S. military.

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LendingClub's new CLO, Capital One vs. Plaid, CEO's backdoor ploy: Top stories of the week

07/20/18

The online lender hires Ronnie Momen from GreenSky as its chief lending officer; aggregators back Capital One in dispute with Plaid; bank CEO who gave mortgage to Paul Manafort uses fire-and-hire maneuver to reap windfall at taxpayer expense; and more from this week's most-read stories.

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CFPB nominee stands strong; Wells Fargo’s latest issue

07/20/18

Kathy Kraninger emerges “unscathed” in testy Senate confirmation hearing; the bank is reportedly refunding money it charged customers for add-on services.

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Wells Fargo should have seen add-on-product trouble coming

07/19/18

The bank had numerous warnings that there could be severe regulatory consequences related to deceptively advertised add-on products. It is paying the price for failing to do more in response.

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Some banks may owe more in state taxes after Supreme Court ruling

07/18/18

The recent decision involved sales taxes, but Wells Fargo recorded a net expense of $481 million under the assumption that it will also lead to higher state income taxes. Other banks may have to follow suit.

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What 2Q says about the outlook for consumer credit

07/16/18

Bank of America’s consumer loans grew a lot. But its rivals? Not so much. The mixed results raise questions about whether BofA’s performance is a leading or trailing indicator, and if credit quality is going to be more of a problem industrywide.

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Wells Fargo’s latest sore spot: Wealth management

07/13/18

The unit’s profits plunged in the second quarter as the company contended with the fallout from overcharging wealth management clients. Was it a one-off or the beginning of a long-term problem?

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Wells Fargo mortgage fees drop by a third as interest rates rise

07/13/18

Mortgage fees at the nation’s biggest home lender declined by a third in the three months ended June 30 to the lowest in more than five years.

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Walmart may shift to CapOne; banks unhappy with Brexit

07/13/18

The change in store card branding would be a big blow to Synchrony; “equivalence” with EU rules “falls far short” of U.S. banks’ hopes.

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Flagstar snags Regions exec to oversee growing branch network

07/10/18

Flagstar Bank, which is in the process of buying more than 50 branches from Wells Fargo, has hired Ryan Goldberg as a director of retail banking.

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