The funds the bank promised to spend on consumer relief will instead be used to make new home loans, according to a report by the monitor of its 2017 settlement with the U.S. Justice Department.
Flaws in testing may be real source of Wells Fargo’s tech failure; BB&T-SunTrust deal throws talent and deposits up for grabs, threatens banking’s middle tier; what JPMorgan Chase’s JPM Coin means for Ripple and Swift; and more from this week’s most-read stories.
The enforcement action from the OCC comes on the heels of a CFPB consent order that said USAA reopened customers’ accounts without consent and neglected stop-payment requests.
Former FHFA Director Mel Watt attempted to coerce an agency employee to engage in a romantic relationship with him, according to an inspector general report.
John Asbury, president and CEO of Union Bancshares, wants to make Virginia something it hasn’t been in decades: home to a regional bank powerhouse. He discusses how striking the right balance between acquisitions and strategic hiring works toward that goal.
Jury told of 2008 interest during trial of former bank executives
Risky debt market is dominated by contracts that have investor protections ripped out
The Small Business Administration should consider partnering with fintechs, which have the capacity to approve loans quickly, to help avoid the kind of application backlog the agency faced after the last government shutdown.
The JPM Coin will be used to expedite payments transfers for its corporate clients; customers of Spain’s largest retail bank will be able to withdraw cash without entering a PIN.