Shareholders slam Wells Fargo over scandals

by Ryan Smith 24 Apr 2018 Wells Fargo shareholders slammed the bank Tuesday at its annual shareholder meeting for the bank’s continuing record of scandals and abuses. However, shareholders’ concerns didn’t keep them from reelecting all the bank’s directors and approving CEO Tim Cook’s compensation package. Demonstrators also gathered outside the meeting in Des Moines, …

Read More

CFPB considers ending public access to bank complaints

Mulvaney is dismantling CFPB piece by piece and getting rid up transparency… The WSJ’s Yuka Hayashi reports that CFPB Acting Director Mick Mulvaney addressed his intention of eliminating access to the database on Tuesday during an address at the American Bankers Association’s conference, saying it contains information the government hasn’t fully vetted. “I don’t see anything in here that …

Read More

Wells Fargo fired whistleblower for complaints about incentives to mislead: lawsuit

The former head of beleaguered San Francisco-based bank Wells Fargo’s foreign exchange group claims he was fired weeks before he was to tell federal regulators about incentives that encouraged employees to “make false and misleading representations to customers, to engage in abusive sales practices, and to enrich themselves at the expense of clients.” That’s according …

Read More

Citadel’s success illustrates the importance of adding non-prime to your toolbox

by Ryan Smith12 Apr 2018 Most Read Upcoming mortgage Regulatory and Legislative Changes? Subprime lending is back, but don’t call it thatUnlike the risky subprime mortgages before the financial crisis, these new products have stricter regulations and are under a different name. Citadel Servicing Corp. just keeps breaking records – and its success is a …

Read More