Wells Fargo's fake-accounts scandal; big banks' small loans; layoff tracker

Here's the second chapter of our series on what went wrong during?Wells Fargo's fake-accounts scandal of a decade ago.

Chapter 2: "Rainbows and butterflies." The scandal's roots stretch back more than a decade. In a corporate environment that doesn't welcome bad news, problems fester.

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Small-dollar consumer loans gain steam at large banks: In a reversal from five years ago, six of the eight biggest U.S. banks by branch count now offer the loans, which observers see as safer alternatives to payday loans.

Visa response to rising 'friendly' fraud could pressure banks: Economic woes have driven more consumers to disavow legitimate card purchases via "friendly" fraud, but new card-network guidelines could help merchants fight back — and leave more issuers on the hook.

CFPB will cut credit card late fees to $8: Consumer Financial Protection Bureau Director Rohit Chopra plans to propose a rule to set late fees at reasonable levels and no longer peg late fees to inflation.

Provident in Massachusetts pushing past crypto woes: The bank, which is beleaguered by digital-asset portfolio forced loan charge-offs that led to a loss in the third quarter and for the full year, climbed to a net income of $2.7 million for the fourth quarter.

A new feature: Banking, credit union and fintech industry layoffs: 2023: As companies downsize and restructure, American Banker is tracking these decisions to help our readers understand how their industries are adapting.