Current Industry News

US government fines Wells Fargo $3 billion for its ‘staggering’ fake-accounts scandal

New York (CNN Business)Wells Fargo was hit with a $3 billion fine Friday by federal authorities outraged by the millions of fake accounts created at the troubled bank over many years.  The settlement with the Justice Department and Securities and Exchange Commission, years in the making, resolves Wells Fargo’s criminal and civil liabilities for the fake-accounts scandal that erupted nearly four years ago.

Consumer Financial Protection Bureau Issues Supplemental Notice of Proposed Rulemaking on Time-Barred Debt Disclosures

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today issued a Supplemental Notice of Proposed Rulemaking (Supplemental NPRM) regarding the collection of time-barred debt. The Bureau proposes to prohibit collectors from using non-litigation means (such as calls) to collect on time-barred debt unless collectors disclose to consumers during the initial contact and on any required validation notice that the debt is time-barred. Consumer research conducted by the Bureau found that a time-barred debt disclosure helps consumers understand that they cannot be sued if they do not pay. That can help consumers make better informed decisions whether to pay the debt or not.

LendingClub’s Radius deal paves the way for more fintech purchases, experts say

LendingClub wanted a quicker route to becoming a bank, so it opened up its wallet and decided to buy one.    The online credit marketplace announced Tuesday it is buying Boston-based Radius Bank in a cash-and-stock transaction valued at $185 million. The fintech, which had been mulling various paths to a banking charter for the last year, says acquiring the online bank will provide greater regulatory clarity and cheaper funding for its loans

It’s Spring Training Time for Auditors

Resource Management Services, Inc. announces it’s program for Spring Training for auditors and compliance oversight professionals with the Oversight Without Travel Series.  Launched to date are the Call Monitoring course (approximately 1.5 hours) and the Compliance Management Systems course (approximately 4 hours).  Expect to see Financial Auditing and Bank Accounts in the very near future.  Web-based, self-paced courses, without travel – get 50% off your spring training in now with code “Spring”.  Save even more with the two-course bundle.  Get ready for the audit season now with our Spring training special. Check it out at rms-training.thinkific.com

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