Two U.S. regulators have proposed Wells Fargo & Co pay $1 billion in penalties to resolve probes into auto insurance and mortgage lending abuses at the third largest U.S. bank, overshadowing its first quarter results. The San Francisco-based lender, which reported a quarterly profit, said it may have to restate Read More
The Securities and Exchange Commission took aim at two compliance officers at a broker-dealer, alleging that they aided and abetted the brokerage’s failure to file reports on suspicious transactions. Aegis Capital Corp. failed to file reports on hundreds of transactions that were potentially related to the market manipulation of low-priced Read More
The Securities and Exchange Commission announced its Largest-ever Dodd-Frank whistleblower awards, with two whistleblowers sharing nearly $50 million award and a third whistleblower receiving more than $33 million. The previous high was $30 million, which the securities regulator awarded in 2014. “These awards demonstrate that whistleblowers can provide the SEC Read More
Every quarter, the Consumer Financial Protection Bureau formally requests its operating funds from the Federal Reserve. Last quarter, former director Richard Cordray asked for $217.1 million. Cordray, an appointee of President Barack Obama, needed just $86.6 million the quarter before that. And Wednesday, President Donald Trump’s acting CFPB director, Mick Read More
