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Wells Fargo Account Fraud Scandal
The Wells Fargo cross-selling scandal is a controversy brought about by the creation of millions of fraudulent savings and checking accounts on behalf of Wells Fargo clients without their consent. News of the fraud became widely known in late 2016 after various regulatory bodies, including the Consumer Financial Protection Bureau (CFPB), fined the company a combined US$185 million as a result of the illegal activity. The company faces additional civil and criminal suits reaching an estimated $2.7 billion by the end of 2018. The creation of these fake accounts continues to have legal, financial, and reputational ramifications for Wells Fargo and former bank executives as recently as November 2022. Wells Fargo clients began to notice the fraud after being charged unanticipated fees and receiving unexpected credit or debit cards or lines of credit. Initial reports blamed individual Wells Fargo branch workers and managers for the problem, as well as sales incentives associated with ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wells Fargo Logo (2020)
Wells most commonly refers to: * Wells, Somerset, a cathedral city in Somerset, England * Well, an excavation or structure created in the ground * Wells (name) Wells may also refer to: Places Canada *Wells, British Columbia England * Wells (Priory Road) railway station was a railway station in Wells, Somerset * Wells (Tucker Street) railway station was a railway station in Wells, Somerset * Wells (UK Parliament constituency), the UK parliamentary constituency in which the city of Wells, Somerset, is located * Wells-next-the-Sea, town and port in Norfolk ** Wells-on-Sea railway station was a railway station in Wells-next-the-Sea Scotland * Wells, Roxburghshire, a Scottish feudal barony United States *Wells, California, former name of Keene, California * Wells, Indiana *Wells, Kansas *Wells, Maine *Wells, Minnesota * Wells, Mississippi *Wells, Nevada *Wells, New York, a town ** Wells (CDP), New York, a census-designated place in the town *Wells, Texas *Wells, Vermont, a New En ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Senate Banking Committee
The United States Senate Committee on Banking, Housing, and Urban Affairs (formerly the Committee on Banking and Currency), also known as the Senate Banking Committee, has jurisdiction over matters related to banks and banking, price controls, deposit insurance, export promotion and controls, federal monetary policy, financial aid to commerce and industry, issuance of redemption of notes, currency and coinage, public and private housing, urban development, mass transit and government contracts. The current chair of the committee is Democrat Sherrod Brown of Ohio, and the Ranking Member is Republican Pat Toomey of Pennsylvania. History The committee is one of twenty standing committees in the United States Senate. The committee was formally established as the "Committee on Banking and Currency" in 1913, when Senator Robert L. Owen of Oklahoma sponsored the Federal Reserve Act. Senator Owen served as the committee's inaugural chairman. Jurisdiction In accordance of Rule XXV of t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Chiang (California Politician)
John Chiang (born July 31, 1962) is an American politician who served as the 33rd Treasurer of California from 2015 to 2019. A member of the Democratic Party, he previously served as the 31st Controller of California from 2007 to 2015 and on the California State Board of Equalization from 1997 to 2007. On May 17, 2016, Chiang announced his campaign for Governor of California in the 2018 election. He did not qualify for the general election, placing fifth in the non-partisan primary. Early life and education Chiang was born to Taiwanese parents who immigrated to the United States. Chiang's father, Chiang Mu-dong (江牧東), a Pingtung County native of Hakka descent from Neipu, relocated to the United States in 1950 to pursue graduate studies at Cleveland State University, after graduating with a degree in chemical engineering from National Taiwan University. Chiang's mother, Shen Yin-hsiang (沈吟香), was a Tainan native, who studied abroad in Japan before immigrating to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Elizabeth Ashburn Duke
Elizabeth "Betsy" Ashburn Duke (born July 23, 1952) is an American bank executive who served as a member of the Federal Reserve Board of Governors from 2008 to 2013. Duke was confirmed by the Senate to fill an unexpired term ending January 31, 2012. She was the seventh woman to be appointed to the board. In July 2013 she announced her resignation from the board. On 1 January 2018, she became the Chair of the Board of Directors of Wells Fargo, having served as Vice-Chair from 12 October 2016. Early life and education Elizabeth Duke was born in Portsmouth, Virginia, and grew up in Virginia Beach, Virginia. She first studied physics at North Carolina State University before transferring to the University of North Carolina at Chapel Hill, where she graduated with a bachelor of fine arts in drama in 1974. She later graduated with an M.B.A. from Old Dominion University. After graduating, she worked as a part-time teller at First and Merchants National Bank in Virginia Beach because s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
House Financial Services Committee
The United States House Committee on Financial Services, also referred to as the House Banking Committee and previously known as the Committee on Banking and Currency, is the committee of the United States House of Representatives that oversees the entire financial services industry, including the securities, insurance, banking and housing industries. The Financial Services Committee also oversees the work of the Federal Reserve, the United States Department of the Treasury, the U.S. Securities and Exchange Commission and other financial services regulators. The House Committee on Financial Services is considered to be one of the House's most powerful committees. It is currently chaired by Democrat Maxine Waters from California. Waters was elected as chair of the committee, and assumed office on January 3, 2019. The Ranking Member is Republican Patrick McHenry from North Carolina, he has served as the Ranking Member since January 3, 2019. Jurisdiction Under the rules of the 1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Maxine Waters
Maxine Moore Waters (née Carr; born August 15, 1938) is an American politician serving as the U.S. representative for since 1991. The district, numbered as the 29th district from 1991 to 1993 and as the 35th district from 1993 to 2013, includes much of southern Los Angeles, as well as portions of Gardena, Inglewood and Torrance. A member of the Democratic Party, Waters is in her 15th House term. She is the most senior of the 12 black women serving in Congress, and chaired the Congressional Black Caucus from 1997 to 1999. She is the second-most senior member of the California congressional delegation, after Nancy Pelosi. She chairs the House Financial Services Committee. Before becoming a U.S. representative, Waters served in the California State Assembly, to which she was first elected in 1976. As an assemblywoman, she advocated divestment from South Africa's apartheid regime. In Congress, she was an outspoken opponent of the Iraq War and has sharply criticized Presiden ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Securities And Exchange Commission
The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market manipulation. In addition to the Securities Exchange Act of 1934, which created it, the SEC enforces the Securities Act of 1933, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Sarbanes–Oxley Act of 2002, and other statutes. The SEC was created by Section 4 of the Securities Exchange Act of 1934 (now codified as and commonly referred to as the Exchange Act or the 1934 Act). Overview The SEC has a three-part mission: to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. To achieve its mandate, the SEC enforces the statutory requirement that public companies and other regulated companies submit quarterly and annual re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Preet Bharara
Preetinder Singh Bharara (; born October 13, 1968) is an Indian-born American lawyer, author, podcaster and former federal prosecutor who served as the United States Attorney for the Southern District of New York from 2009 to 2017. He is currently a partner at the law firm Wilmer Cutler Pickering Hale and Dorr. He served as an Assistant U.S. Attorney for five years prior to leading the Southern District. According to ''The New York Times'', Bharara was one of the "nation's most aggressive and outspoken prosecutors of public corruption and Wall Street crime" during his tenure.Benjamin Weiser & William K. RashbaumWith Preet Bharara’s Dismissal, Storied Office Loses Its Top Fighter ''The New York Times'' (March 10, 2017). Born in Firozpur, India, his family immigrated to New Jersey in 1970. Bharara graduated from Harvard College in 1990 and attended Columbia Law School before joining Gibson, Dunn & Crutcher as a litigation associate in 1993. Three years later he moved to Shereff ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Patrick Toomey
Patrick Joseph Toomey Jr. (born November 17, 1961) is an American businessman and politician serving as the junior United States senator for Pennsylvania since 2011. A member of the Republican Party, he served three terms as the U.S. representative for , from 1999 to 2005. Of mixed Irish Catholic and Azorean descent, Toomey graduated from Harvard College. A former Wall Street banker, Toomey narrowly lost the Republican primary for United States Senate in 2004. From 2005 to 2009, he served as president of the Club for Growth. Toomey won the Republican primary for the 2010 U.S. Senate election in Pennsylvania, and was elected to the seat after defeating the Democratic nominee, former U.S. Navy three-star admiral and congressman Joe Sestak, in the general election. He was reelected to the Senate in 2016, defeating Democratic nominee Katie McGinty. On October 5, 2020, Toomey announced that he would not run for reelection to a third Senate term in 2022. On February 13, 2021, To ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Richard Shelby
Richard Craig Shelby (born May 6, 1934) is an American lawyer and politician serving as the senior United States senator from Alabama. First elected to the U.S. Senate in 1986 as a Democrat who later switched to the Republican Party in 1994, he chaired the Senate Appropriations Committee from 2018 to 2021. He previously chaired the Senate Intelligence Committee, the Senate Banking Committee, and the Senate Rules Committee. He is the longest-serving U.S. senator from Alabama, surpassing John Sparkman's record in March 2019. Born in Birmingham, Alabama, Shelby received his law degree from the Birmingham School of Law in 1961. He went on to serve as city prosecutor from 1963 to 1971. During this period he worked as a U.S. magistrate for the Northern District of Alabama (1966–1970) and Special Assistant Attorney General of Alabama (1969–1971). He won a seat in the Alabama Senate in 1970. In 1978, he was elected from the 7th district to the United States House of Representat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arbitration
Arbitration is a form of alternative dispute resolution (ADR) that resolves disputes outside the judiciary courts. The dispute will be decided by one or more persons (the 'arbitrators', 'arbiters' or 'arbitral tribunal'), which renders the 'arbitration award'. An arbitration decision or award is legally binding on both sides and enforceable in the courts, unless all parties stipulate that the arbitration process and decision are non-binding. Arbitration is often used for the resolution of commercial disputes, particularly in the context of international commercial transactions. In certain countries such as the United States, arbitration is also frequently employed in consumer and employment matters, where arbitration may be mandated by the terms of employment or commercial contracts and may include a waiver of the right to bring a class action claim. Mandatory consumer and employment arbitration should be distinguished from consensual arbitration, particularly commercial ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Efficiency Ratio
The efficiency ratio indicates the expenses as a percentage of revenue (''expenses'' / ''revenue''), with a few variations – it is essentially how much a corporation or individual spends to make a dollar; entities are supposed to attempt minimizing efficiency ratios (reducing expenses and increasing earnings). The concept typically applies to banks. It relates to operating leverage, which measures the ratio between fixed costs and variable costs. Efficiency means the extent to which cash is generated over time and relative to other enterprises. ''Efficiency ratios'' for a given year may therefore be used to determine whether an enterprise has generated enough cash in relation to other years and in relation to other institutions (Koen and Oberholster, 1999). For measuring efficiency can be used receivable collection period ratio. Formula : Efficiency = If expenses are and revenue is (perhaps net of interest revenue/expense) the efficiency ratio is 0.75 or 75% (60/80) – mea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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