Wells Fargo Board Actively Considering Executive Clawbacks

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

Soaring Student Debt Prompts Calls for Relief

The Wall Street Journal posted an interesting article yesterday about how the soaring student debt has prompted lobbying from numerous private sectors. The concern is not surprising: student debt has tripled over the last ten years to more than $1.3 trillion. For some perspective, the federal government’s loan portfolio (topping $1 trillion) “is big enough… Continue reading Soaring Student Debt Prompts Calls for Relief

Wells Fargo Agrees to Pay $4 Million to Settle Charges of Illegal Student-Loan Practices

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

Regulators Propose Massive Overhaul of Debt-Collection Industry

The Consumer Financial Protection Bureau released a new proposal today that states that debt-collectors would no longer be allowed to call consumers multiple times a day and that consumers would have more ability to dispute their bills. Furthermore the new rules would require that “collectors […] have more documentation to prove a debt is owed, and… Continue reading Regulators Propose Massive Overhaul of Debt-Collection Industry

Appeals Court Throws Out $1.27 Billion Penalty Against Bank of America

“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