Wells Fargo has terminated over 100 employees who it believes fraudulently collected coronavirus relief funds from the U.S. government, making it the second major bank to reveal such impropriety by its workers.
Citigroup executives faced tough questions from investors on Tuesday about penalties handed down by U.S. regulators last week, despite the bank reporting an otherwise resilient quarter in the face of economic uncertainty.
Wells Fargo is under investigation by the U.S. Department of Labor over efforts to increase diversity, with the regulator's probe centering on whether the bank is incentivizing managers to engage in discrimination.
Three former Wells Fargo community banking executives have agreed to cooperate with federal regulators in a probe and pay fines relating to allegations of sales practices misconduct, deepening troubles for the firm.
The world’s largest banks are better equipped to handle the current crisis than the rest of the sector as a result of regulation and restructuring imposed after the 2008 financial crisis, Moody’s said Thursday.
U.S. lawmakers aim to improve online security and resolve a chokepoint in banking through digital IDs, submitting a bill backed by a coalition representing finance and technology companies such as JPMorgan Chase, Wells Fargo and Mastercard.
Wells Fargo agreed to pay over $2 million to settle regulatory claims that it failed to supervise advisors who steered customers out of variable annuities into investment products and caused them to pay high fees.
The U.S. Financial Industry Regulatory Authority fined Wells Fargo over its alleged failure to supervise two brokers who cost customers millions by pushing them to invest large proportions of their net worth in risky energy securities.
Wells Fargo will have to face a lawsuit by the city of Oakland accusing the bank of engaging in predatory lending to minority customers, leading to foreclosures, depressed property values and lost tax revenue.
A U.S. federal judge is allowing a set of Navient investors to pursue a stock inflation lawsuit as a class action against the student loan servicing company and a slew of major banks that served as underwriters for Navient’s debt offerings.
A U.S. Federal Reserve official defended the central bank’s loan program meant to help midsize businesses on Friday as U.S. congressional oversight committee members scrutinized how long it took for the program to become operational, how effective the program has been and whether changes to the program are warranted.
Capital One is facing an $80 million fine from the U.S. Office of the Comptroller of the Currency, and requirements to fix certain cloud-based cybersecurity issues, after faulty practices resulted in a 2019 data breach, the regulator said Thursday.
Democrats in the House and Senate banking committees unveiled legislation on Wednesday that would make unprecedented changes to the mission of the U.S. Federal Reserve, creating a mandate to reduce racial disparity across the economy.
U.S. legislative proposals aimed at providing relief to student borrowers would strain earnings of private student lenders and push some lenders out of the student loan market entirely, the American Bankers Association warned Tuesday.
Funding for a trial program that would allow the U.S. Postal Service to experiment with offering banking services passed the House of Representatives on Friday, even as financial industry groups and Republican lawmakers rallied against the proposal.
Scandal-ridden Wells Fargo may find itself in hot water again after a pair of U.S. senators fired off a letter to the bank’s CEO on Thursday requesting information on reports that the bank placed borrowers in mortgage forbearance programs without their consent.
Mobile banking platform Varo Money received approval from U.S. regulators for a national bank charter, becoming the first fintech to receive that designation as the sector fights for greater legitimacy.
The U.S. Virgin Islands is asking six U.S. financial institutions about any accounts they handled for Jeffrey Epstein or related entities as the territory continues to seek more information about the late sex offender’s finances as part of a civil lawsuit.
Nuveen, a major player in the municipal-bond market, is facing an antitrust suit filed Monday by smaller competitor Preston Hollow Capital, months after the conclusion of a similar case in a Delaware court.
A French regulator is pressuring the country's largest insurers to separate their chairman of the board and chief executive roles in order to reduce the level of power and influence one person wields over the company.