Juneteenth, OCC targeting ex-Wells execs, deposit glut: Top stories of the week

June 19, 2020 3:43 PM

Fifth Third, Truist among banks closing early to observe Juneteenth

As protesters continue to take to the streets to express outrage over racial injustice and inequality, banks — for the first time — will commemorate the date that marks the end of slavery in the U.S.

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Inside OCC's effort to extract $37.5M from former Wells Fargo execs

Newly released documents highlight the challenges that Carrie Tolstedt and four co-defendants are likely to confront as they face civil charges involving sales misconduct at the bank.

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Banks at a loss what to do with glut of deposits

A record amount of funds have flowed into banks since the coronavirus hit, but a low-rate environment and tepid loan demand are complicating efforts to put that money to work.

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Wells Fargo hires another JPMorgan alum to head wealth management

Barry Sommers, a former head of wealth management at the New York bank, is the latest high-level hire by Wells CEO Charlie Scharf.

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JPMorgan, PNC, Comerica are latest to declare 'Juneteenth' a holiday

They join an ever-expanding list of companies choosing to close offices early Friday to observe the day that commemorates the end of slavery.

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The calm before the storm of bankruptcies

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Lawmakers shouldn't let themselves be misled by a slower pace in personal bankruptcy filings so far this year.

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Why serial acquirer Stephen Gordon is starting a bank from scratch

The last bank where he was CEO, Opus Bank, ran into trouble largely because it made too many acquisitions in too short a time span. This time around, Gordon will take a more methodical approach.

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An 'overwhelming' moment: Behind BofA's $1B racial justice commitment

From hiring to health care, Vice Chair Anne Finucane shares details about Bank of America's pledge to address vital needs in minority communities.

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Big banks cling to branch expansion plans despite coronavirus shock

Executives argue the rollouts will largely focus on new markets and work in tandem with digital banking efforts.

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Federal housing agencies extend foreclosure moratorium to Aug. 31

Senate Banking Committee Hearing Examining House Regulators

Mark Calabria, director of the Federal Housing Finance Agency (FHFA), speaks during a Senate Banking, Housing and Urban Affairs Committee hearing in Washington, D.C., U.S., on Tuesday, June 9, 2020. The oversight hearing is to examine housing regulators. Photographer: Astrid Riecken/The Washington Post/Bloomberg

Astrid Riecken/Bloomberg

The FHFA and FHA both announced for the second time that they were delaying the freeze to protect borrowers and renters during the coronavirus pandemic.

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