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.
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.
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.