Author: James Rufus Koren

Regulator found 20,000 bad accounts at major banks. We still don't know which ones

During Wednesday’s hearing, Otting discussed a few specific goals, including easing or streamlining banks’ reporting requirements for anti-money laundering laws and giving banks a clearer set of goals under the Community Reinvestment Act, a law consumer advocates see as a bulwark against redlining and other discriminatory lending practices.

Wells Fargo not the only bank to have created unauthorized accounts — but regulator won't identify others

Hubbard said some banks showed they did not have proper controls in place while running short-term promotions, leading to cases where banks could not prove customers had authorized new accounts. In some cases, banks could not prove customers had given consent because of poor documentation, incomplete records or “technology issues,” Read More