Corruption, Crime and Compliance - Deep Dive Into Wells Fargo’s $30 Million OFAC Settlement
Episode 269 -- A Deep Dive into Wells Fargo's OFAC Settlement for $30 Million
Daily Compliance News: October 16, 2020-the Wells Fargo Corruption Continues edition
Daily Compliance News: September 24, 2020-the Wells Fargo CEO steps in it edition
Compliance into the Weeds: Wells WAC-O Spending
Episode 127 -- Deep Dive into the OCC Enforcement Action Against Wells Fargo CEO and Senior Executives
Daily Compliance News: August 5, 2019, the Wells Fargo sick of being taken advantage of edition
Compliance into the Weeds: Episode 117-Wells Fargo Update
Day 1 of One Month to Better Investigations and Reporting-Introduction to Investigations and Internal Reporting
Unfair and Unbalanced-Episode 18
Day 10 Of One Month to Better Compliance through HR-Sales Incentives and Compliance
FCPA Compliance Report-Episode 284, Mike Scher
This Week in FCPA-Epiode 23, the Wells Fargo edition
Bill on Bankruptcy: Sigmund Freud, Marx Brothers, Bernie Madoff
Last week, former Wells Fargo employees filed a class action lawsuit against Wells Fargo and its health plan fiduciaries alleging that Wells Fargo’s self-funded health plan violated ERISA by paying its pharmacy benefits...more
Good Sunday morning from Seattle . . . Our weekly Online Travel Update for the week ending Friday, July 12, 2024, is below. Marriott and its launch of a new small and medium sized business travel platform garnered most of the...more
The New York County Supreme Court recently held that in the event of foreclosure, a receiver can be appointed, regardless of necessity, when the parties have contracted for such appointment. 24 West 57 APF LLC (“Defendant”)...more
Historically, the banking and finance industry has operated without much union interference. However, under the current guidance of Jennifer Abruzzo, General Counsel of the National Labor Relations Board (“Board”), the tides...more
This post is part of a series of articles we are doing on 2023 data protection litigation trends. While the California Consumer Privacy Act (CCPA) is most known for its onerous privacy compliance obligations, the law also...more
For the past few years, following the machinations of mass arbitrations has been like watching a tennis match. First one side hits a volley, then another returns, and on-and-on with the opposing sides continually stuck in...more
Union organizing efforts are not limited to historical union strongholds such as manufacturing, construction, and the public sector. Even though unions currently represent only about 1.3% of the financial services industry,...more
A recent enforcement action against two affiliated wealth management businesses raises concerns over whether and how other registered investment advisers will be subject to sanctions for issues that arise in the ordinary...more
Like many of you, we are seeing a significant increase in commercial real estate (“CRE”) loan workouts. The magnitude of the swell in distressed CRE loans remains unclear, although one thing is certain: appreciating the...more
The public and private focus on corporate governance continued apace in the first half of 2023. In recent months, there were notable developments in jurisprudence potentially impacting corporate diversity initiatives and in...more
Key Points - On March 30, 2023, OFAC announced a settlement agreement with Wells Fargo for 124 apparent violations of three different sanctions programs (Iran, Syria and Sudan), all related to a legacy Wachovia Bank...more
On March 30, 2023, Wells Fargo agreed to remit $30,000,000 to settle its penalty liability across multiple sanctions programs with U.S. Department of the Treasury’s Office of Foreign Asset Controls. Across several years,...more
Wells Fargo has settled with OFAC for $30 million for sanctions violations that occurred for seven years, from 2008 to 2015. The violations stemmed from its acquisition of Wachovia Bank, which had a trade relationship with a...more
Wells Fargo added to its Grand Slam of Enforcement with its recent settlement of OFAC violations and paid $30 million to settle the matter. Wells Fargo’s violations occurred during a seven-year period, 2008 to 2015, and...more
Not that I am a glutton for punishment, but I always find enforcement actions to supply a number of valuable lessons learned. There are always instructive nuggets of information, opportunities missed, and root causes that...more
On March 30, federal regulators announced that Wells Fargo Bank had entered into settlements in which it agreed to pay $97.8 million in fines for enabling sanctions violations between 2010 and 2015. In two separate...more
In our lifetime (however long or short), there is no way any company will ever match Wells Fargo for its record of misconduct, criminal and civil enforcement, and regulatory fines and penalties. No one, no way....more
In a typical lender-borrower relationship, the lender owes the borrower no fiduciary duty. However, this general rule is set aside when the lender knowingly undertakes to act on behalf of and for the benefit of another. Such...more
If there ever is an example of a rotten corporate culture, Wells Fargo sits at the head of the class. Since Wells Fargo’s sales pressure scandal, Wells Fargo has continued to suffer from a string of scandals and misconduct. ...more
Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more
As labor unions continue to target banks and credit unions – employers that, as mentioned in our previous blog, unions historically avoided – employers in the financial industry must be aware of labor law developments....more
Some were surprised by the recent move by the Department of Justice in focusing on the importance of incentives and disincentives as an important factor in an effective ethics and compliance program. Others, however, had been...more
On August 16, 2022, the United States Court of Appeals for the D.C. Circuit issued its ruling in Estate of Jeremy Isadore Levine, et al. v. Wells Fargo Bank, N.A., No. 21-7036, –F.4th– (D.C. Circuit August 16, 2022), a case...more
It is hard to write yet another posting about Wells Fargo’s misconduct. Wells Fargo’s troubles continue unabated. I am not exaggerating — I promise. Every few months, we hear about another problem, another enforcement...more
The latest legal buzzword, ESG, represents the environmental, social and governance factors that many corporations are now required to consider and disclose alongside traditional financial information such as operating...more