According to the Reuters report, which cited unnamed sources, acting CFPB Director Mick Mulvaney is seeking a settlement with Wells over claims related to force-placed auto insurance and improper mortgage fees.
Policies to shore up banks’ corporate cultures have remained a low priority even though some regulators want to attack the issue head on. Strengthening a firm’s ethical values may best be left to a bank’s internal brass.
UBS agreed to pay $230 million to resolve a New York state probe into the Swiss bank's marketing and sales of residential mortgage-backed securities before the financial crisis, boosting the state's recoveries in the investigation to almost $4 billion.
Canada's financial consumer watchdog will strengthen its supervisory and enforcement teams, modernize its supervision approach to monitor banks more proactively, and enhance consumer information after reviewing bank sales practices.