Golden parachute? Ex-Wells Fargo exec sues Fed over pay
Jim Richards, who served as the bank’s head of anti-money-laundering compliance, says the Federal Reserve is wrongfully denying him compensation that was designed to keep him employed at Wells Fargo.
ConnectOne receives FDIC approval for Long Island deal
New Jersey-based ConnectOne Bancorp received FDIC approval for its merger with First of Long Island Corp; lending-services fintech Oportun makes changes to its board of directors; Associated Banc-Corp’s Steven Zandpour will succeed David Stein as head of consumer and business banking; and more in this week’s banking news roundup.
Dallas bank targets acquisitions in Texas, growth in Florida
While Vista Bank is focusing on organic growth in Florida, it’s positioning itself as a Texas buyer.
McKernan tapped for Treasury post, CFPB future unclear
The Trump administration says it will nominate Jonathan McKernan to serve as Treasury under secretary for domestic finance. McKernan has already been nominated as the next director of the Consumer Financial Protection Bureau.
Deutsche Bank contractor allegedly brought girlfriend into data center
The man who blew the whistle over the incident says the bank fired him in retaliation for reporting what he called a “significant security breach.”
Preserving the separation: The case for keeping banks and big business apart
Ending the separation of banking and commerce would open the door to dangerous concentrations of power and influence, and would threaten financial and economic stability as well as access to credit for consumers and Main Street businesses.
Tariffs, uncertainty may squeeze Wall Street bonus pay
Incentive pay for investment bankers at major firms is expected to fall this year by 13% from 2021 levels, according to a consulting firm’s report. But stock traders may reap the rewards of market volatility.
State regulators urge OCC to rescind preemption rules
The Conference of State Bank Supervisors says the OCC’s 2011 preemption rules are out of step with Supreme Court rulings and unfairly disadvantage the state banking system.
SEC, Ripple settlement agreement drops fine to $50 million
The 2020 case, in which the Securities and Exchange Commission tried to hold Ripple accountable to securities law, offers little clarity for the regulation of crypto tokens.
Blaming consumers for ‘mortgage fraud’ won’t solve our housing crisis
When supposed “fraud” becomes the headline, real solutions get pushed to the margins. In the case of housing, the real crisis is about housing affordability and supply.