Wells Fargo Targeted for ‘Alarming Pattern’ of Zelle Fraud
From today’s New York Times: Fraud on Zelle, the instant-payments system owned by seven of the nation’s biggest banks, has been rising in the past year, leaving hundreds of thousands…
How Wells Fargo and Federal Reserve Struck Deal to Hold Board Accountable
From today’s New York Times: On a Thursday evening in mid-January, a group of top Wells Fargo executives sat down for dinner in an upscale surf-and-turf restaurant near the White…
SEC takes harder line against fraud
The Securities and Exchange Commission signaled it was taking a harder line on Wall Street’s rampant problem with fraud by extracting its first admission of wrongdoing from Philip Falcone, CEO…
Justice Department to sue BofA over alleged Countrywide mortgage fraud
The news this week for Bank of American keeps getting worse. Today the Justice Department announced it was filing a lawsuit against the bank. The suit alleges that Countrywide Financial,…
BofA posts slight profit, but still struggles to find financial footing
The nation’s second largest bank continued its struggle to find stability in the wake of the Great Recession. Bank of America announced a slight $340 million profit in the third…
SEC permits fraud by big banks, taxpayers call for real oversight
A recent New York Times investigation of Securities and Exchange Commission (SEC) cases involving fraud by some of the nation’s biggest banks discovered dozens of instances over the last decade…