Readers react to the Consumer Financial Protection Bureau pulling back from investigating the Equifax breach, opine on the Federal Reserve's tough enforcement against Wells Fargo, weigh in on gender pay issues and more.
S&P lowers the bank’s rating to A-minus following Federal Reserve sanctions on growth; 13 are arrested after alleging defrauding banks of $530 million over seven years.
The SEC and CFTC ask Congress to expand federal oversight of cryptocurrency trading; the recent wild swings in financial markets may boost first quarter trading revenue.
The continuing cycle of scandal has forced big banks to get crafty in how they influence debate in Washington. The latest action against Wells ensures more backroom dealing.
The Federal Reserve’s order restricting Wells Fargo puts other bank boards on notice that they could be singled out for failure to perform, but also makes it easier for them to avoid that fate.
Shares drop nearly twice as much as other bank stocks and the broader market; agency denies it’s looking to end the investigation into last year’s data breach.
If the Fed order is lifted quickly — a big if — then the impact on Wells should be minimal. But if it lingers past 2018, then the bank could find itself on the losing end of the battle for customers and top talent.
Bank stocks tumbled on Monday amid a wider sell-off as investors' concerns mounted that wage growth could lead to inflation, higher borrowing costs for businesses and a slowdown in Fed rate hikes.
