Two former workers of Wells Fargo have filed a $2.6 billion lawsuit on behalf of employees who suffered because they chose not to engage in unethical practices. Meanwhile, the Wells Fargo board has hired Shearman & Sterling to advise them on clawbacks on executives’ salaries.
A spokesperson for the San Francisco Federal Reserve has confirmed that Wells Fargo CEO John Stumpf has stepped down from the Federal Reserve Advisory Council effective Thursday (Sept. 22). The move comes about 48 hours after Stumpf was required to appear before the Senate Banking Committee to...
Nutritional supplement marketer NutraClick has settled charges of unfair billing of consumers and must change its billing practices, the Federal Trade Commission said on Thursday (Sept. 22). Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all...
The FinTech industry is undoubtedly a competitive one — never mind the cross-country rivalry. As digital currencies, like bitcoin, expand their reach and more people pay using their smartphone, there are concerns that the U.S. may fall behind to other leading countries, specifically the U.K, which...
Money Data Limited, a subsidiary of Tencent, announced on Wednesday (Sept. 21) it has selected Thomson Reuters Risk solutions to comply with the Hong Kong Monetary Authority’s (HKMA) Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) licensing requirements in its application to obtain...
There was no reason to believe that John Stumpf’s appearance on Capitol Hill yesterday (Sept. 20) would be anything but grueling. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins...
CFO Lending, a U.K. payday lender, was told by the U.K.’s markets regulator that it has to return to customers $44.4 million because of practices that were deemed to be unfair. Get the Full Story Complete the form to unlock this article and enjoy unlimited free...
The probe into Exxon’s accounting practices may be facing an uphill battle. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required. yesSubscribe to our daily newsletter, PYMNTS Today. By...
In a move that may add insult to injury, the online lending sector may have to gird for more regulation amid the stings of rather souring headlines that have come out of the sector for months. Get the Full Story Complete the form to unlock...
