Daily Archives: March 4, 2017

Portland Mayor Ted Wheeler will consider dropping Wells Fargo as city’s bank

Portland Mayor Ted Wheeler says the city will seek alternatives to depositing city money at Wells Fargo in an effort to stop providing financial support to a bank that is financing the controversial Dakota Access Pipeline.

He made the announcement Tuesday day on Twitter.

The city will choose its next bank using criteria that will include socially responsible business practices, Wheeler wrote.

Read on.

BofA CEO Moynihan Wants Changes to the Volcker Rule

Bank of America (BAC) CEO Brain Moynihan believes it is the right time to introduce changes to the Volcker rule of the Dodd-Frank Act. Moynihan was speaking with Handelsblatt Global, a German language business newspaper published in Dusseldorf.

The Volcker rule is a federal regulation that keeps banks from conducting some investment activities using their own accounts. It also limits the banks’ ownership of and their relationships with hedge funds.

Read on.

U.S. Justice Department targets executives in Wells Fargo probe

Now that is a joke..

A U.S. Justice Department probe into a phony accounts scandal at Wells Fargo & Co is asking whether executives hid details from the company board and regulators as the problem grew over years, sources familiar with the review said.

The move carries into the Trump era an investigation started under the Obama administration, and could result in criminal charges against bank employees involved.

The Justice Department this week was due to interview federal bank examiners in Charlotte, North Carolina, and ask whether low-level employees broke the law by opening accounts without customer knowledge and if company executives took part in a conspiracy. A grand jury convened in the Northern District of California has also sent subpoenas to witnesses, including former Wells Fargo employees, the sources said.

Read on.

Justice is Not Being Served – Once Again, What a Surprise!!

Last week I wrote about my concerns regarding Mary Jo White, the former SEC chair who was leaving her post, to return to her former law firm. Ms. White’s performance while SEC chair was abysmal. However my main concern is not her performance, rather it is the continual revolving door that exists in D.C.
I commented, “The latest in the revolving door soap opera is Mary Jo White, whose work as chair of the Securities and Exchange Commission under former President Obama was a bitter disappointment to those who hoped she would actually enforce banking laws. Ms. White is rejoining the corporate defense team at Debevoise & Plimpton, marking her sixth trip through the revolving door between various government jobs and her former law firm. The law firm represents many major financial institutions under federal investigation, and Ms. White will be assisting these clients to “manage their legal exposure.”
Her replacement, President Trump’s pick for chairman of the Securities and Exchange Commission, corporate attorney, Walter J. (Jay) Clayton, a law partner at Sullivan & Cromwell has worked extensively with Goldman Sachs and has stated he wants to promote growth by scaling back regulations.

Kentucky AG Beshear reaches $2.8M settlement with national mortgage recording company

Kentucky Attorney General Andy Beshear said Tuesday that the state treasury will reap $2.8 million from a settlement his office has made with a national mortgage recording company.

Beshear also said the settlement will offer Kentucky homeowners some of the best mortgage protections in the country.

He is recommending that lawmakers use the $2.8 million to help right the company’s wrongs and to support affordable housing, legal aid foreclosure work and the budgets of local county clerks.

Read on.