- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Joe Mont2019-05-17T15:19:00
Back in January, Wells Fargo issued a comprehensive Business Standards Report, “Learning from the past, transforming the future.”
The document details the many changes the banking giant has made to address causes of past issues and provides updates on the company’s businesses, practices, and progress.
“Following Wells Fargo’s September 2016 regulatory settlements related to retail banking sales practices, we made our top priority the restoration of the trust we lost,” the report says. “We began with self-reflection—reviewing what happened so we could fully understand where things broke down, learn from our mistakes, make things right for customers who were harmed, and begin to rebuild trust. The report addresses actions Wells Fargo has taken—and continues to take—to improve its culture, revamp its organizational structure, and strengthen risk management and controls.”
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An asset cap imposed on Wells Fargo in response to systemic failures at the bank in recent years has been temporarily modified to reduce limitations on its ability to distribute loans amid the coronavirus pandemic.
Two more settlements reached by Wells Fargo with regulators in the span of a week impart yet more “what not to do” ethics and compliance lessons.
The Department of Justice and Securities and Exchange Commission on Friday assessed total civil and criminal penalties of $3 billion against Wells Fargo & Co. and its subsidiary, Wells Fargo Bank, in the aftermath of its fake account scandal.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued an alert to financial institutions about their obligations to report deepfakes, warning artificial intelligence has given bad actors additional tools in their arsenal.
A nationwide rental outlet affiliated with Rent-a-Center and its chief executive have been sued by the Consumer Financial Protection Bureau for allegedly deceiving five million consumers about the terms of credit agreements.
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
