News Topic: Wells Fargo

New York State regulators may bring an enforcement action against the German bank as early as this month; Wells Fargo’s decision to stop making loans to the dealers has more to do with credit quality than asset limits. ... Read full article

The chiefs of some of the biggest U.S. banks called on their workers to fight racism after an unarmed black man died as a result of a white police officer kneeling on his neck, prompting nationwide protests. ... Read full article

Even after the Fed eased some limitations in April to promote emergency lending, the bank has had to make some “tough choices” to heed the $1.95 trillion growth ceiling set by regulators in the aftermath of its phony-accounts scandal. ... Read full article

The SBA and Treasury Department release more guidance on PPP loan forgiveness; Santander Consumer reaches $550M settlement with state AGs; how Wells Fargo's tech chief is managing coronavirus response; and more from this week's most-read stories. ... Read full article

Saul Van Beurden's team is tasked with keeping systems running during the pandemic, including driving equipment to homebound workers. Yet the bank must continue making upgrades demanded by regulators, investing in new technology and recruiting top ... Read full article

U.S. Bancorp, Wells Fargo, WSFS and others were already deeply engaged in digital transformations before the coronavirus crisis led them to pivot — quickly. ... Read full article

Mortgage lenders impose steep pricing adjustments for cash-out refinancing; bankers fear massive borrower fraud in the Paycheck Protection Program; some worry the coronavirus is giving banks an excuse to spy on employees; and more from this week's ... Read full article

Prosecutors charge two Rhode Island men with trying to rip off the program; the bank says it has received “inquiries” from state and federal officials on its offering of small business loans. ... Read full article

Banking regulators restored the scandal-plagued bank's score three years after assigning it the lowest possible rating under the Community Reinvestment Act. ... Read full article

These tech-obsessed consumers still crave human interaction. Banks' challenge: Designing products and services that meet their needs. ... Read full article

There were few fireworks at Wells Fargo’s first annual meeting under new CEO Charlie Scharf; billionaire investor and entrepreneur Mark Cuban pitches Fed-backed overdraft protection; as hotels sit empty, loan delinquencies pile up; and more from this ... Read full article

Wells Fargo will temporarily stop accepting applications for home equity lines of credit, following a similar move by rival JPMorgan Chase. ... Read full article

Submissions total about $17.8 billion in requested funding for the second round of the Paycheck Protection Program, with an average loan size of $81,000. ... Read full article

Unlike recent affairs that were marred by protests, this year's meeting — held online because of the coronavirus outbreak — went smoothly as investors overwhelmingly approved the bank's slate of directors and executive compensation plan. ... Read full article

Lester Owens, who is scheduled to join the bank in July, will report to Chief Operating Officer Scott Powell. He will be charged with implementing a more unified structure across the 260,000-person company. ... Read full article

Use of banks' mobile apps and websites has risen about a third since the coronavirus crisis began, according to J.D. Power. ... Read full article

Ben Soccorsy, head of digital payments in Wells Fargo’s virtual channels group, explains how the bank's 15 data-sharing agreements with fintechs and aggregators and tools like Control Tower give customers visibility into and control over their ... Read full article

Bank of America and U.S. Bancorp were also named in a lawsuit filed in Sunday in which the banks are accused of prioritizing large loans distributed through the Paycheck Protection Program in order to maximize fees. ... Read full article