- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
U.S. Senator Bob Menendez (D-N.J.), is among the concerned senators urging the Comptroller of the Currency to quickly act upon regulatory recommendations that emerged after last year’s fake accounts scandal at Wells Fargo.
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A $1 billion fine may set the stage for even harsher enforcement actions against Wells Fargo and their big bank brethren, despite the deregulatory zeal taking hold at the Federal Reserve and other agencies.
Citigroup will pay $135.6 million in fines levied by two banking regulators for repeated failures to remediate deficiencies in risk management, data governance, and internal controls.
The Treasury Department’s Office of the Comptroller of the Currency proposed a rule that would extend requirements for recovery plans to all banks with at least $100 billion in assets.
