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Wells Fargo was hit with more scandal. But does anyone care?

A man uses a Wells Fargo ATM inside a branch in New York.
A man uses a Wells Fargo & Co. automated teller machine (ATM) inside a bank branch in New York, U.S., on Tuesday, July 12, 2016. Wells Fargo & Co. is scheduled to release earnings figures on July 15. Photographer: Eric Thayer/Bloomberg
Eric Thayer/Bloomberg
Earlier this month, Wells Fargo disclosed that it had mistakenly foreclosed on hundreds of homes over a five-year period. And yet, where was the outrage?

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CEO Calk conspired with Manafort to defraud his own bank: Prosecutors

Paul Manafort and Steve Calk
Steve Calk, the head of The Federal Savings Bank, was a "co-conspirator" in an effort to defraud the Chicago bank, a prosecutor said at the trial of former Trump campaign chair Paul Manafort. Could Calk be charged with a crime?

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How worried should banks be about the FBI's ATM attack warning?

survey of bankers on ATM crime
Banks — especially smaller ones — are being told to brace themselves for a wave of ATM raids by cybercrooks. Industry officials are uncertain what information the red alert is based on, but experts say swift, sophisticated thefts are very doable.

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Capital One mends fences with one aggregator, deepens relationship with another

Capital One branch
The consent order between the Federal Reserve and Capital One required the bank to submit progress reports on its efforts to improve its risk management functions.
Michael Nagle/Bloomberg
Capital One's dispute with Plaid raised questions about the ability of banks and aggregators to work together. But the end of that fight, and Capital One's deal with Finicity, show common ground can be reached — eventually.

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U.S. Bancorp promotes Jodi Richard to chief risk officer

U.S. Bancorp named Jodi Richard as its new vice chairman and chief risk officer.
The Minneapolis company said Wednesday that Richard, a senior executive in its risk management office, will succeed Bill Parker in October.

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OCC's fintech charter is a mistake

Comptroller of the Currency Joseph Otting
Former OCC chief Joseph Otting's CRA proposal was finalized in 2020. However, acting Comptroller Michael Hsu rescinded that in favor of the joint proposal.
Andrew Harrer/Bloomberg
The agency's move to offer a national charter for fintech firms will undermine state authority and give certain firms an unfair advantage.

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CFPB path to unwinding payday rule riddled with legal land mines

Acting CFPB Director Mick Mulvaney
Mick Mulvaney, acting director of the Consumer Financial Protection Bureau (CFPB), speaks during a Senate Banking, Housing & Urban Affairs Committee hearing in Washington, D.C., U.S., on Thursday, April 12, 2018. Senator Elizabeth Warren clashed with Mulvaney, accusing the former GOP congressman of putting politics ahead of protecting consumers. Photographer: Toya Sarno Jordan/Bloomberg
Toya Jordan Sarno/Bloomberg
The bureau is expected to choose an option that could trigger court challenges after a judge yet again refused to halt the rule's compliance date.

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WSFS broke the mold with its latest deal. Other banks should take note

AB-081018-REFRESHING.jpeg
Merger announcements typically follow a tried-and-true formula of cutting costs to boost profit. WSFS, however, plans to reinvest $32 million in new tech initiatives after buying Beneficial.

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How next FHFA chief can reform Fannie, Freddie without Congress' help

Signage in front of the Fannie Mae and Freddie Mac headquarters.
The regulator of the government-sponsored enterprises has substantial authority to intervene as a legislative stalemate continues.

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Why community banks should negotiate shorter fintech contracts

Eduardo “Eddy” Arriola, CEO and Chairman of Apollo Bank
Legacy tech vendors have traditionally offered decade long contracts. But given constant change in the industry, small banks today should push for three-year deals, a bank CEO says.

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Crime and misconduct ATMs Career moves Wells Fargo Capital One U.S. Bancorp
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