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Jamie Dimon's worst fears for the banking industry realized with Capital One data hack

Jamie Dimon’s worst fears for the banking industry realized with Capital One data hack

Move over Equifax..

At just the two biggest U.S. banks — J.P. Morgan Chase and Bank of America — cybersecurity budgets have swollen to a combined $1.4 billion a year.

The industry has been employing everything from low-tech reminders about passwords posted in offices to sophisticated data analytics and risk-management programs to stay ahead of criminals.

“The threat of cyber security may very…

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Diary of a Deutsche Bank stock trader: The day I lost my job

Diary of a Deutsche Bank stock trader: The day I lost my job

On July 8, Deutsche Bank presented the full details of its latest strategic plan to become a leaner, more profitable organisation. These included18,000 jobs cuts across its global workforce and the closure of its equities business.

The bank wasted no time in firing staff. Deutsche’s chief executive Christian Sewing said of the cuts at the time: “Let me really emphasise that this is the bitter…

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CFPB claims debt collection firm Forster & Garbus robo-sued thousands on behalf of Citibank, Discover, others

CFPB claims debt collection firm Forster & Garbus robo-sued thousands on behalf of Citibank, Discover, others

Move over robo-signing…

During the foreclosure crisis, a number of lenders, servicers, law firms, and others engaged in a practice where employees basically rubber-stamped thousands of foreclosure cases without reviewing any of the relevant details.

That practice came to be known as robo-signing.

Now, a new lawsuit from the Consumer Financial Protection Bureau sheds light on a similar practice…

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Countrywide founder Angelo Mozilo says ‘for some unknown reason, I got blamed’ for subprime crisis

Countrywide founder Angelo Mozilo says ‘for some unknown reason, I got blamed’ for subprime crisis

lol!!

Angelo Mozilo is done being the villain.

Speaking at an exclusive hedge fund conference in Las Vegas this week, the disgraced former head of Countrywide Financial said he doesn’t understand — and doesn’t care to understand — why he is still being held responsible for the 2008 financial meltdown, driven by a collapse in shoddy subprime loans, many of them sold by Countrywide.

Read on.

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New York launches its own CFPB

New York launches its own CFPB

Awesome…

Following through on a pledge made more than a year ago, the New York Department of Financial Services is launching its own version of the Consumer Financial Protection Bureau, seeking to fill the consumer protection gaps that are beginning to appear as the Trump administration puts more of its stamp on the CFPB.

Back in January 2018, Mick Mulvaney, then the acting director of the CFPB, 

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City of Los Angeles to replace Wells Fargo as main banking partner following scandal, stricter rules By: Oscar Flores, FOX 11

City of Los Angeles to replace Wells Fargo as main banking partner following scandal, stricter rules By: Oscar Flores, FOX 11

LOS ANGELES, Calif. (FOX 11) – The city of Los Angeles is set to replace Wells Fargo as its main banking partner following the bank’s fake accounts scandal and stricter rules enacted in the aftermath.

The information was made public on Monday after a City Council committee approved a report outlining Bank of America and JPMorgan Chase as the top contenders to replace Wells Fargo.

Union Bank was…

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Wells Fargo accused of misleading homeowners in mortgage crisis aftermat

Wells Fargo accused of misleading homeowners in mortgage crisis aftermat

Wells Fargo is being accused of misleading homeowners who were seeking to lower their home payments in the aftermath of the mortgage crisis.

A class-action lawsuit filed in White Plains federal bankruptcy court says the scandal-ridden bank mishandled loan modification trials it was required by law to entertain following the 2008 mortgage meltdown.

According to the suit, the bank told certain…

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Federal regulators expressed 'no confidence' in Wells Fargo CEO

Federal regulators expressed ‘no confidence’ in Wells Fargo CEO

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…

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Bye Felicia! Wells Fargo CEO Tim Sloan abruptly steps down

Bye Felicia! Wells Fargo CEO Tim Sloan abruptly steps down

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…

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Supreme Court makes it harder for borrowers to fight foreclosures in non-judicial states

Supreme Court makes it harder for borrowers to fight foreclosures in non-judicial states

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 &…

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Citibank to pay $25 million for violating the Fair Housing Act

Citibank to pay $25 million for violating the Fair Housing Act

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.”

Th…

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Wells Fargo CEO Sloan received $1 million raise, bank says a day after critical hearing

Wells Fargo CEO Sloan received $1 million raise, bank says a day after critical hearing

Interesting…

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…

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Congress grills Wells Fargo CEO Tim Sloan

Congress grills Wells Fargo CEO Tim Sloan

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…

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Wells Fargo faces class action lawsuit on loan officer compensation rules

Wells Fargo faces class action lawsuit on loan officer compensation rules

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…

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U.S. Banks Win $21 Billion Trump Tax Windfall Then Cut Staff, Loaned Less

U.S. Banks Win $21 Billion Trump Tax Windfall Then Cut Staff, Loaned Less

Profits and payouts surge, but it’s a mixed picture for staff

The ‘full economic impact will take many years to observe’

Major U.S. banks shaved about $21 billion from their tax bills last year — almost double the IRS’s annual budget — as the industry benefited more than many others from the Republican tax overhaul.

By year-end, most of the nation’s largest lenders met or exceeded…

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U.S. regulator drops fine against Citi over fair-lending claims - sources

U.S. regulator drops fine against Citi over fair-lending claims – sources

Sad…

WASHINGTON (Reuters) – A top U.S. bank regulator has decided not to fine Citigroup for discriminating against minority mortgage borrowers, dropping the public rebuke that some officials had sought, two people familiar with the matter told Reuters.

The decision is sure to be watched by consumer advocates who have questioned whether the Office of the Comptroller of the Currency (OCC) will…

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TRUMP’S CFPB FINES A MAN $1 FOR SWINDLING VETERANS, ORDERS HIM NOT TO DO IT AGAIN

TRUMP’S CFPB FINES A MAN $1 FOR SWINDLING VETERANS, ORDERS HIM NOT TO DO IT AGAIN

This is certainly missed in the media…

THE CONSUMER FINANCIAL PROTECTION BUREAU penalized a man $1 this week, for illegally exchanging veterans’ pensions for high-interest “cash advances.” Mark Corbett claimed in sworn statements to the bureau that he had an inability to pay any fine of greater value, and the bureau accepted $1 as payment for making illegal, high-cost loans to former members of…