Monthly Archives: April 2018

CFPB considers ending public access to bank complaints

Mulvaney is dismantling CFPB piece by piece and getting rid up transparency…

The WSJ’s Yuka Hayashi reports that CFPB Acting Director Mick Mulvaney addressed his intention of eliminating access to the database on Tuesday during an address at the American Bankers Association’s conference, saying it contains information the government hasn’t fully vetted.

“I don’t see anything in here that says I have to run a Yelp for financial services sponsored by the federal government,” Mulvaney told an audience at the conference while holding up a copy of the Dodd-Frank Act, according to the report.

Read on.

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Sean Hannity linked to property empire aided by foreclosures, HUD: report

Fox News host who said Trump’s fixer ‘knows real estate’ has a portfolio that includes support from Department of Housing and Urban Development, a fact he did not mention when interviewing secretary Ben Carson last year

When Sean Hannity was named in court this week as a client of Donald Trump’s embattled legal fixer Michael Cohen, the Fox News host insisted their discussions had been limited to the subject of buying property.

“I’ve said many times on my radio show: I hate the stock market, I prefer real estate. Michael knows real estate,” Hannity said on television, a few hours after the dramatic hearing in Manhattan, where Cohen is under criminal investigation.

Read on.

Wells Fargo fired whistleblower for complaints about incentives to mislead: lawsuit

The former head of beleaguered San Francisco-based bank Wells Fargo’s foreign exchange group claims he was fired weeks before he was to tell federal regulators about incentives that encouraged employees to “make false and misleading representations to customers, to engage in abusive sales practices, and to enrich themselves at the expense of clients.”

That’s according to the legal firm representing him in a lawsuit filed Thursday in San Francisco County Superior Court.

Wells Fargo declined to comment.

Simon Fowles alleges that he was terminated after years of making complaints to his managers and high-level executives about goings-on in the foreign exchange sales department. He had told bank management he planned to tell the U.S. Office of Controller of the Currency about the incentives, and was sacked “just weeks before” he was scheduled to talk to the regulators, his law firm said.

Fowles claims he had warned management of “significant risks of illegal activity, mail and wire fraud, unlawful profiteering, and regulatory violations he believed would result from the compensation plan used by Wells Fargo to compensate members of the FX (foreign exchange) sales team,” according to the San Francisco law firm of attorney Daniel Feder.

Read on.

Wells Fargo Sales Push Extended to Wealth Unit, Ex-Workers Say

  • Pay structure said to place lender’s interests over clients’
  • Disclosures come amid multiple probes of bank’s retail unit

Credit card and savings customers may not be the only ones who were misled by Wells Fargo & Co.

Some clients of the bank’s wealth-management division were steered into investments that maximized revenue for the bank and compensation for its employees, according to several people familiar with the unit and documents reviewed by Bloomberg. Those investments weren’t always in the best interests of clients, the people said. They included estates, trusts and loans, according to one of the people and the documents.

Wealth advisers as recently as 2016 were given ambitious quotas and could earn extra pay by steering clients into loans and accounts with recurring fees, said the people, who included one current and five former Wells Fargo advisers. To hit certain goals, some advisers plugged data into financial planning software that they knew would recommend portfolios their clients already owned, two of the people said.

Read on.