Wells Fargo's legal and regulatory struggles expanded to previously untarnished businesses Thursday as the company revealed new allegations of improper sales practices. The Federal Reserve vowed to keep unprecedented sanctions in place for a "significant period."
Wells Fargo, which has been told by the Fed that it needs to improve its governance and controls, on Thursday received an important thumbs-up from its outside auditor and also named the four senior directors who will retire next month.
LendingClub, Marlette and others are looking at additional changes to both their securitization and whole-loan-sale programs that could further broaden their investor bases.
The Consumer Financial Protection Bureau issued a request for information Thursday on the bureau’s public reporting of consumer complaints, which has long vexed the financial services industry.
Two civil rights groups in Texas allege that Capital One's TV ads featuring black celebrities encourage minority customers to deposit money and use debit cards, while its branch closings in their neighborhoods cut them off from loans and other services.
Democrats used a hearing with Fed Chair Jerome Powell to lay the groundwork for an intraparty debate over the merits of the Senate’s regulatory relief bill.
Sen. Elizabeth Warren, D-Mass., and two colleagues are seeking more information from securities regulators about whether Wall Street firms are covering up signs of sexual harassment.
The legislation carves out protections for smaller banks to offer abusive loans to borrowers under the "qualified mortgage" standard, as long as they hold those loans in portfolio.
The interim head of the Consumer Financial Protection Bureau said the agency may allow prudential regulators to take the lead on more supervisory matters to cut down on duplication.
