The Federal Reserve Board on Tuesday announced a $41 million penalty and consent cease and desist order against the U.S. operations of Deutsche Bank AG for anti-money laundering deficiencies. The actions were taken by the Board to address unsafe and unsound practices at the firm’s domestic banking operations. The Board identified failures by Deutsche Bank’s …
Month: May 2017
Court of Appeals hands Wells Fargo victory over Los Angeles in fair housing lawsuit
Wells Fargo may be facing a lawsuit from the city of Philadelphia over alleged discriminatory lending practices against minority borrowers, but a federal Court of Appeals just handed the bank a victory in a similar lawsuit brought by the city of Los Angeles back in 2013. Four years ago, the city of Los Angeles sued Wells …
House Dems Investigating Trump Loans for Russian Connections
A reminder that The Guardian reported that Deutsche Bank examined Trump’s account for Russia links in February’s article: The scandal-hit bank that loaned hundreds of millions of dollars to Donald Trump has conducted a close internal examination of the US president’s personal account to gauge whether there are any suspicious connections to Russia, the Guardian has …
TRUMP’S “AMERICA FIRST“ INFRASTRUCTURE PLAN: LET SAUDI ARABIA AND BLACKSTONE TAKE CARE OF IT
THROUGHOUT THE PRESIDENTIAL campaign, Donald Trump blasted his rival for taking money from Saudi Arabia, which, he regularly charged, has a horrific human rights record and was behind the attack on September 11. “You talk about women and women’s rights? So these are people that push gays off buildings. These are people that kill women …
Court rules Wells Fargo subject to penalty on foreign tax credits
NEW YORK (AP) — A federal court has ruled that Wells Fargo is liable for a negligence penalty in a tax case that involved foreign tax credits, but the bank prevailed in another part of the case that could mute any payment. The case involves Structured Trust Advantaged Repackaged Securities, or STARS. Wells Fargo said …
Could Wells Fargo’s scandal boost mortgage discrimination lawsuits? L.A., other cities hope so
A recent Supreme Court decision that will allow mortgage discrimination cases against Wells Fargo and other banks to proceed is more than just another bad headline for the San Francisco financial giant. As those cases progress, they represent yet another way that the bank’s practice of opening unauthorized accounts for customers could come back to …
Wells Fargo scandal may force New York City to find new bank
City rules may require New York to yank its deposits from Wells Fargo, one of 20 banks approved to hold the city’s cash. A commission is set to meet next week to decide which banks are approved for city deposits for the next year — and advocates point to the city’s own rules to argue …
Amid Divestment Protests, More Cities Explore Public Banks
Despite the momentousness of the occasion — CNBC characterized it as serving Wells Fargo its “walking papers” — it was a surprisingly quiet vote, with little fanfare or any more than the usual audience, according to Bass. “We did not get our advocacy community rallied up for this particular vote,” she says. They’re saving that …
Petition urges Berkeley to cut ties with Wells Fargo
BERKELEY — A petition on change.org urges the city to cease doing business with San Francisco-based Wells Fargo bank. The petition was launched in apparent anticipation of the council’s taking up of the matter on May 30. Wells Fargo & Company was reported last year to have opened more than 1.5 million accounts for clients without …
$142M Wells Fargo Deal Moves Forward Despite Objections
SAN FRANCISCO (CN) – A federal judge said Thursday he will likely approve a $142-million Wells Fargo settlement, despite objections that the deal lets the bank off easy for opening millions of unauthorized accounts. The class action settlement in Jabbari v. Wells Fargo would release the bank from liability for opening an estimated 3.5 million …