October 29, 2016

Supreme Court to Decide if Miami Can Sue Banks Under Fair Housing Act

Banks and discriminatory mortgage lending

The Journal of the American Bar Association reports on the city of Miami’s efforts to hold big banks accountable for the widespread harm caused by their destructive minority-targeted lending practices. As the Journal notes, “The mortgage-lending practices of the nation’s largest banks and their effects on inner-city neighborhoods will be the backdrop in a U.S….

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October 27, 2016

Big Bank Sales Practices Under Federal Review

Bank Investigations

According to a report in the Los Angeles Times, federal bank regulators are starting to investigate executive compensation policies and sales practices at several of the country’s largest and even mid-size banks, making good on promises made in the aftermath of the exposure of the huge unauthorized accounts fraud at Wells Fargo & Co. The…

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October 27, 2016

Senators Seek Increased “Claw Back” Rules in Light of Wells Fargo Fraud Scandal

Bank Misconduct

As reported by the Los Angeles Times, in the wake of the recent extreme Wells Fargo fraud and misconduct scandal, federal banking regulators are considering new rules that would force banks and other financial institutions to provide a greater proportion of executive compensation over multiple years rather than upfront. These expanded rules would also significantly…

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October 24, 2016

Wells Fargo Fraud Just The “Tip of the Iceberg” in Bank Culture

Businessman is writing a deposit slip.

According to University of North Florida management professors, the abuses occurring at Wells Fargo that recently resulted in mass firings, millions of dollars in fines and uncounted bad publicity are widespread and likely commonplace at major national banks. Based on an extensive five-year study of “sales culture” now prevalent in the banking industry, doctors Paul…

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October 14, 2016

U.S. Department of Justice Opens Investigation Into Wells Fargo Bank’s Fake Accounts Scandal

Bank

As reported by CNN, the U.S. Department of Justice has issued subpoenas to Wells Fargo over the opening of millions of fake accounts at the bank. It is not clear at this point whether the investigation, which is still in its early stages, will lead to formal charges against the bank or any of its…

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October 11, 2016

Religious Investors File Shareholder Resolution Against Wells Fargo Seeking Greater Accountability

Bank Accountability

CNBC and Reuters report that an investment group of nuns and other religious affiliates have filed a shareholder resolution calling on Wells Fargo to report on the “root causes” of the fake accounts scandal that led to a $185 million penalty against the bank. The group further requested that the Bank’s report discuss improved controls…

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October 10, 2016

Black Families Rejected for Home Loans at Drastically Higher Rates Than Whites in Chattanooga

Bank discrimination racism

As reported by the Chattanooga Times Free Press, a new study has revealed that black families in Chattanooga are awarded home loans at a tiny fraction of the rate loans are awarded to white families. “Chattanooga Organized for Action found in its report that from 2011-2014, predominantly black neighborhoods were lending deserts — barring families…

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October 1, 2016

Supreme Court Faces Volatile, if Not Blockbuster, Docket for 2016

United States Supreme Court Building

The New York Times has published a story reviewing the various cases on-calendar for the U.S. Supreme Court’s 2016-2017 calendar. Quoting Elizabeth B. Wydra, of the Constitutional Accountability Center, the paper notes, “This term features important cases about racial bias in the criminal justice system, voting rights and redistricting, immigration and detention, and accountability for…

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