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Wells Fargo

Financial Regulatory Developments Focus - February 2018 #2

by Shearman & Sterling LLP on

In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

US Board of Governors of the Federal Reserve System Issues Cease-and-Desist Order Against Large US Financial Institution

by Shearman & Sterling LLP on

The US Board of Governors of the Federal Reserve System issued a cease-and-desist order against a large US financial institution. The order requires the institution to utilize its resources to ensure compliance with consent...more

The Long Road Back to Redemption: Wells Fargo’s Path to Remediation (Part II of II)

by Michael Volkov on

Wells Fargo’s ability to grow its business is on hold for a year while it designs and implements a remediation program to address deficiencies in its board governance, risk management and compliance program. ...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The UK’s Serious Fraud Office unveiled new charges against Barclays Bank yesterday over a $3 billion loan it made to Qatar in 2008 for the purpose of “allowing the firm to directly or indirectly acquire shares in Barclays...more

Federal Reserve Hits Wells Fargo with Unprecedented Enforcement Action (Part I of II)

by Michael Volkov on

In an extraordinary action, with significant ramifications for the financial industry, the Federal Reserve recently announced a series of enforcement actions against Wells Fargo....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

As we hold our breaths at the opening bell to see if last week’s volatility continues, we consider the impact of computer-driven index funds on that market rollercoaster....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Former GE CEO Jeff Immelt’s retirement was short lived. The Jack Welch protégé will be bringing his C-suite skills to Athenahealth, the electronic medical records software provider that’s been under considerable pressure...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Markets proved that last Friday’s 600-point Dow drop wasn’t an isolated incident, as all major US indices were down nearly 4% (at least) in a nasty Monday of trading....more

Bank Corporate Governance—Fed lowers Boom on Wells’ Directors

by Sullivan & Worcester on

On February 2, 2018, the Fed announced that it issued a consent Cease and Desist order with Wells Fargo—the bank holding company. The Fed’s press release noted that Wells is replacing 4 directors within this year (out of 17...more

Memo: Wells Fargo, Put a Compliance Professional on your Board

by Thomas Fox on

After almost two years, you might think that Wells Fargo, its senior management and Board of Directors would have gotten the message from its regulators to take its compliance obligations seriously, remediate and put ethics...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

A look at the big-time Wells Fargo/Fed settlement of last Friday night, which saw the Fed blasting the bank’s board for oversight failures, forcing Wells to replace a full fourth of its 16-member Board, and instituting a rare...more

Tenth Circuit Joins The Fray Regarding Whether Foreclosures Are Debt Collection Activity

The Tenth Circuit has weighed in on whether a non-judicial foreclosure is debt collection activity. In doing so, the Tenth Circuit has joined a split in the circuits on the issue. With the Tenth Circuit’s decision the...more

Southern District Of New York Magistrate Judge Recommends Denial Of Class Certification In Action Against RMBS Trustee

by Shearman & Sterling LLP on

In a January 10, 2018 ruling unsealed on January 19, Magistrate Judge Sarah Netburn of the United States District Court for the Southern District of New York recommended denial of Royal Park Investments’ request for class...more

Real Property, Financial Services, & Title Insurance Update: Week Ending January 12, 2018

by Carlton Fields on

REAL PROPERTY UPDATE - Standing/Foreclosure: pursuant to Florida Rule of Procedure 1.260, the assignee of a note during pendency of a foreclosure acquires standing of original plaintiff lender - Spicer v Ocwen Loan...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

A look at Amazon’s newest concept—Amazon Go—a convenience store that opens in Seattle today complete with “shelves of food” found at other stores (including Whole Foods) but with nary a cashier in sight....more

Regulators Slap Banks, MSBs and Card Club with AML Violation Penalties

by Michael Volkov on

Financial institutions face enormous pressures with respect to anti-money laundering compliance. These burdens are about to grow with implementation of customer due diligence rules. In 2017, federal and state regulators...more

An Oil and Gas Case to Expect From Louisiana, and Another From Texas

by Gray Reed & McGraw on

Anyone seeking stability in the law governing E&P activities in Louisiana will view the lower court decision as a grave error that must be corrected. Virtually every mortgage provides safeguards to protect collateral and...more

Louisiana Supreme Court Grants Writs from Second Circuit Decision Finding Holder of Mortgage Encumbering a Mineral Lease...

by Liskow & Lewis on

On Friday, December 15, the Louisiana Supreme Court granted three separate writ applications filed by each of the defendants in Gloria’s Ranch, L.L.C. v. Tauren Exploration, Inc. These applications sought review of the...more

The Ten Arbitration Trends Of 2017

2017 was a big year in arbitration law. We went from a country that seemed on the verge of banning arbitration in most consumer and employee contracts to a country whose federal policy embraces arbitration in nearly every...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Bitcoin futures started trading yesterday for the first time prompting concerns about the volatility of the cryptocurrency that prompted several exchange outages due to 10%+ swings in its price as well as heavy website...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Here’s the inside scoop on “Sheltered Harbor,” a “doomsday project” from US banks that they hope will “prevent a run on the financial system should one of them suffer a debilitating cyberattack.” The gargantuan voluntary...more

Real Property, Financial Services, & Title Insurance Update: Weeks Ending November 17 & 24, 2017

by Carlton Fields on

REAL PROPERTY UPDATE - Receiver/Barton Doctrine: individual could not bring negligence action against discharged receiver of commercial property until individual first obtained leave to do so from the court that appointed...more

More Compliance Lessons from Wells Fargo-FOREX Trades

by Thomas Fox on

At some point, you must ask just how corrupt is an organization? What does the tone from top which says to make your numbers at all cost, translate to in operationalization? Unfortunately, we have seen yet another dramatic...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Wells Fargo is again in federal regulators’ crosshairs. The OCC has dubbed the bank a repeat offender and is weighing a “formal enforcement action” over “improprieties in its auto-insurance and mortgage operations”....more

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