Abuse beyond Wells, Digital Banker of the Year, Mulvaney's board play: Top stories of the week

06/08/18

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; and more from this week's most-read stories.

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Mulvaney's defense of CFPB board upheaval: I'm trying to fix leaks

06/08/18

The acting director cited the size of advisory boards and some members’ reticence among reasons for his decision.

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USAA sues Wells Fargo over remote-deposit patents

06/08/18

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.

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Finastra launches cloud platform to help banks link to fintechs

06/08/18

The London company unveiled FusionFabric.cloud at Money 20/20 Europe this week.

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Four companies driving the bank tech discussion, with only one a FAANG

06/08/18

Facebook, Apple, Amazon, Netflix and Google garner so much attention that they have their own collective shorthand, FAANG. But it was a mostly different set of companies, including Starbucks and Acorns, that were top of mind this week for their financial services moves.

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After reg relief, are Dems a party of Warren or a party of compromise?

06/08/18

Months after a group of Democrats helped propel Dodd-Frank reforms forward, the opposition party’s identity crisis on banking policy is still on full display.

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BofA to hire 10,000 workers from low-, moderate-income neighborhoods

06/08/18

In a new initiative announced Friday, Bank of America said that it will work with several nonprofits to source a pipeline of local talent in its markets.

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New bank lobbying group excludes Goldman and Morgan Stanley

06/08/18

The firms were initially slated to be included in a newly merged trade association, but they were blocked after some executives objected to adding more Wall Street banks.

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Firestorm over faulty accounts is just beginning

06/08/18

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.

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OCC says it's just Wells; Church looks at payday lending

06/08/18

The agency found no “systemic issues” in its review of other banks’ sales practices; some churches say the lenders are needed, others see the devil.

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