That’s probably why Sloan said peace out to his job..
At least three of Washington’s most powerful regulators had expressed “no confidence” in Wells Fargo’s CEO, Tim Sloan, in the weeks leading up to his abrupt resignation Thursday, The Post has learned.
There was a “regulatory push” led by the Federal Reserve, Office of the Comptroller of the Currency, and Federal Deposit Insurance Corp. — three of the bank’s principal regulators — to oust Sloan from his perch at the bank in recent weeks, according to a person briefed on the matter.
“There were multiple regulators voicing no confidence,” the person said of the OCC, the Fed and the FDIC.
Bryan Hubbard, a spokesman for the OCC, declined to comment but directed The Post to an open consent order it has with the bank, from April 2018, allowing it to “provide additional guidance” on senior executive officers and board members.
Wells Fargo announced Thursday that the embattled Sloan is relinquishing his post as CEO and president of the megabank and stepping down immediately.
According to the bank, Sloan is retiring as CEO, president, and board member on June 30, 2019, but his retirement is taking immediate effect.
The bank said that C. Allen Parker, who currently serves as the bank’s general counsel, will now take over as interim CEO, president, and member of the board.
Law firms, mortgage lenders and servicers were just awarded more protection in serving non-judicial foreclosures, according to a recent Supreme Court ruling.
The ruling is a victory for the mortgage industry in its fight to retrieve property from delinquent homeowners. One attorney claims the ruling may eliminate thousands of similar homeowner lawsuits.
In the case of the Obduskey v. McCarthy & Holthus decision from earlier today, the homeowner tried to fight his non-judicial foreclosure in Colorado.
Each state differs in foreclosure requirements, but generally fit into two category: foreclosures that get to be decided by the courts or foreclosures that are not — a non-judicial foreclosure. Colorado is a non-judicial foreclosure state.
Here we go again…
Citibank will pay out a fine of $25 million for violating the Fair Housing Act, the Office of the Comptroller of the Currency announced Tuesday.
According to the OCC, an investigation showed that Citibank did not equally offer certain mortgage discounts to all Citi customers, thereby “adversely” affecting some customers based on their “race, color, national origin, or sex.”
The OCC stated that Citibank had “certain control weaknesses” in a lending program called “Relationship Loan Pricing,” which offered mortgage discounts to Citi customers.
In the program, Citi customers could receive a credit to their closing costs or an interest rate reduction if they used Citi as their lender. The program was piloted in August 2011 and rolled out widely in February 2012.
Wells Fargo WFC, +0.54% Chief Executive Timothy Sloan received total compensation of $18.4 million in 2018, according to the bank’s proxy statement released Wednesday, an increase of $1 million. Though his performance share award was $1 million less, he received a $2 million annual incentive due to what the bank called his “continued leadership on the Company’s top priority of rebuilding trust, and his performance against his 2018 individual qualitative performance objectives.”
Wells Fargo CEO Tim Sloan appeared before the House Financial Services Committee on Tuesday to address questions regarding the bank’s overhaul after a series of scandals rocked the big bank in recent years.
In a tense four-hour hearing, Sloan was grilled about the steps he has taken during his two-year tenure as CEO to improve the bank’s culture, enhance its cybersecurity measures and pay restitution to the millions of customers it has wronged since numerous misdeeds were brought to light.
United States District Court Judge Beth Labson Freeman granted class action status to a lawsuit where a loan officer is seeking backpay from Wells Fargo. (Ruling found here.)
Plaintiff James Kang worked as an home mortgage consultant in Wells Fargo’s Palo Alto, California, branch from October 2000 through May 2015, with a short break in employment in 2011.
According to his lawsuit, LOs at Wells Fargo are paid advances on commissions at a rate of approximately $12 per hour, but those advances are “clawed back” from commissions earned. Kang said this violates labor laws. He also claims that Wells Fargo does not pay for pre-approved time off, as advertised, and doesn’t pay LOs to attend meetings and training seminars.
“Kang asserts claims on behalf of himself and other California-based HMCs for: (1) failure to pay minimum wages; (2) failure to pay overtime wages; (3) failure to pay vacation time; (4) failure to pay all wages owed every pay period; (5) failure to pay all wages due at separation; and (6) violation of California’s Unfair Competition Act.”