Wells Fargo's SEC settlement and the perils of M&A
American Banker
In-depth analysis, perspective and commentary on key issues affecting the banking industry.
Wells Fargo-SEC settlement on advisory fees underscores M&A challenges: The bank is paying $75 million in penalties and restitution in connection with SEC allegations that its investment advisory arm overcharged customers it inherited in its Wachovia acquisition in 2008. The settlement is said to show the importance of conducting extensive compliance checks in a rapidly consolidating industry.
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In Farmington State Bank, some see poster child for charter stripping: The small community bank was bought up by crypto-focused investors and quickly repositioned to service tech innovators. Is this problematic or perfectly legitimate?
Powell says Fed has "long way to go" in reaching inflation goal: In his highly anticipated speech in Jackson Hole, the Federal Reserve chair acknowledged the progress made in cooling down inflation, but said the central bank would not hesitate to raise rates further if needed.
Affirm's debit card growth sparks more consumer borrowing: Half of the transactions on the buy now/pay later lender's new plastic card become interest-bearing loans.
Jan. 6 subpoena highlights tension between data privacy and compliance: House Republicans' accusation that government agencies are being weaponized against political conservatives underlines a longstanding challenge for banks: Balancing customers' data privacy and stopping financial crime.
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