- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jaclyn Jaeger2021-09-10T16:38:00
Wells Fargo Bank has been ordered to pay $250 million related to deficiencies in its home lending loss mitigation program in addition to violations of a 2018 consent order, the Office of the Comptroller of the Currency announced.
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The Office of the Comptroller of the Currency could require large banks to take substantial actions to address persistent weaknesses, including restricting their growth or forcing them to divest from risky ventures.
Wells Fargo agreed to pay $1 billion to settle a class-action lawsuit filed by shareholders who claimed the bank overstated its progress in complying with regulatory orders related to its 2016 fake accounts scandal.
Wells Fargo disclosed in a regulatory filing it has entered resolution discussions with a U.S. authority or authorities regarding potential sanctions violations it voluntarily self-disclosed to the Treasury Department’s Office of Foreign Assets Control.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
