Wells Fargo’s board of directors is “considering whether to claw back pay from former retail-banking head Carrie Tolstedt as well as from Chief Executive John Stumpf.” This deliberation comes in the wake of the bank’s recent scandal (read our post about it here). “The board wants to take action before Mr. Stumpf returns to Capitol Hill;… Continue reading Wells Fargo Board Actively Considering Executive Clawbacks
Wells Fargo has agreed to pay more than $4 million in fines and rebates to settle charges of illegal student loan practices as part of a deal announced on Monday (Aug. 22nd). They did not admit or deny any wrongdoing. Wells Fargo will pay a penalty of $3.6 million to Consumer Financial Protection Bureau (CFPB). An additional… Continue reading Wells Fargo Agrees to Pay $4 Million to Settle Charges of Illegal Student-Loan Practices
“A federal appeals court on Monday reversed a lower court order that Bank of America Corp. pay a $1.27 billion penalty in connection with mortgages sold by its Countrywide unit., a major blow to the government which had won the high-profile financial crisis case at trial.” http://www.wsj.com/articles/appeals-court-throws-out-1-27-billion-penalty-against-bank-of-america-1464018896
The annual “stress test” that big banks undergo may be getting stricter. The tests came about after the financial crisis of 2008 in order to allow the Federal Reserve to check the health of banks and prevent a recurrence of the crisis. The Federal Reserve is discussing increasing the amount of capital banks must have… Continue reading Annual Stress Test Getting Stricter for Big Banks
If President Obama gets his way it won’t be just the executives at Fannie Mae and Freddie Mac that will pay higher taxes. A report from the Federal Finance Housing Committee reveals that more than 2,000 non-executive senior managers at the two firms were paid over $200,000 in 2011. This report is sure to draw… Continue reading Fannie and Freddie Employees Rake in the Big Bucks!
Here is a very recent case out of the Southern District of NY where the Bankruptcy Court rightly decided that the Movant in a lift stay action could not win since it was not a “party in interest.” Specifically, the Court cited the definition of the term creditor: ” Section 101(10) of the Bankruptcy Code… Continue reading Lift Stay Denied Because US Bank Cannot Prove Ownership