- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
Still responding to the Wells Fargo scandal, Senate Democrats are urging tougher clawback rules and grilling KPMG over its “failure to identify illegal activity when it audited the bank’s financial statements.” Joe Mont reports.
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JPMorgan Chase, Wells Fargo Bank, Bank of America, and the company behind online money transfer app Zelle were sued by the Consumer Financial Protection Bureau for allegedly failing to safeguard Zelle’s network and causing customers to lose $870 million, the CFPB alleged.
Regulations are sure to be rolled back under President Donald Trump, but the question is which regulations, and how much? Is your organization as prepared to respond when regulations are loosened as it was when they were tightened?
A Wells Fargo subsidiary will pay nearly $3 million to settle allegations that it failed to properly supervise an employee attempting to sell unsuitable investment products to retail investors–the fifth time it has been penalized for similar supervisory failings since 2020.
