Wells Fargo Freed From Asset Cap Imposed After Fake-Accounts Scandal
Federal regulators moved to lift an unprecedented punishment that had handcuffed growth at Wells Fargo WFC 1.24%increase; green up pointing triangle, a milestone in the bank's efforts to repair its tarnished reputation after its fake-accounts scandal erupted nearly a decade ago.
The Federal Reserve Board of Governors voted to remove the restriction that had capped the bank's assets at around $2 trillion. It was the most severe rebuke handed down after the bank's disclosure it had opened millions of unauthorized customer accounts. The 2018 order had pointed to 'widespread consumer abuses and compliance breakdowns.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CBS News
17 minutes ago
- CBS News
Hadiya Pendleton's parents hold annual "Party 4 Peace" honoring slain honor student
More than 12 years after 15-year-old honor student Hadiya Pendleton was shot and killed in Chicago, her parents remain as passionate as ever about preventing gun violence, holding an annual event to honor the life of their daughter and other families who have lost loved ones to shootings. Hadiya was shot and killed just days after she marched in former President Obama's second inauguration parade. Her death sparked a national conversation about gun violence in Chicago that resonated all the way to the White House. For the past 12 years, her parents have held an annual "Party 4 Peace" on the South Side. Saturday afternoon, Nate Pendleton and Cleopatra Cowley found peace in the park now named after their daughter. "It means something. It's highly impactful," Cleopatra said. "She was a majorette at King High School. She was a very bright person. Sometimes you could forget that you're talking to a child," Nate said. Nate and Cleopatra lost their daughter in January 2013. Hadiya was shot and killed in Harsh Park about a half mile away from her school. It's a different park than the one now bearing her name. "Hadiya was 15 when she died. She got shot in the park. Since then, we've just been trying to make something better happen," Nate said. A year after Hadiya's murder, her parents started the nonprofit Hadiya's Promise – committing to prevent gun violence and to support families like their own. "It is very important to us that people feel like there's a place that they're safe," Cleopatra said said. The first Saturday of every June, Hadiya Pendleton Park in the Grand Boulevard neighborhood is peaceful – and bright orange – at the annual Party 4 Peace. Orange was Hadiya's favorite color, and since 2015 the "Wear Orange" movement has honored her life and all those affected by gun violence. "My goal is to share with others what I've experienced. Like, hey, let's have a conversation about it, because it's very often where we feel like we're by ourselves," Cleopatra said. Cleopatra and Nate are not alone, but surrounded by their daughter's friends and their growing family. "The family keeps expanding," Cleopatra said. In the park named after their daughter, Hadiya's parents are at peace and feel her presence. "She's here. She's here right now," Nate said. "That's what brought all these people out. So her essence is here." The man previously convicted of Hadiya is awaiting a new trial. Micheail Ward's new trial date has not been set, but he's due back in court on Wednesday.
New York Times
17 minutes ago
- New York Times
Gina Ortiz Jones, a Progressive, Is Elected San Antonio's Mayor
Gina Ortiz Jones, a Filipino American who served as under secretary of the Air Force during the Biden administration, won a runoff election on Saturday to become the mayor of San Antonio, making her the first openly gay leader of the seventh-largest city in the country. Ms. Jones, 44, defeated Rolando Pablos, 57, a Mexican immigrant and former Texas secretary of state known for his close ties to Gov. Greg Abbott, a conservative Republican. 'San Antonio showed up and showed out,' Ms. Jones told a group of supporters Saturday night, and then referring to voters she added. 'We reminded them that our city is about compassion and it's about leading with everybody in mind.' 'So I look forward to being a mayor for all.' The election was a test of Latino sentiment after the dramatic shift of Hispanic voters toward Donald J. Trump in 2024. Kamala Harris handily won San Antonio, a Latino-majority city and Democratic stronghold, but Mr. Trump made significant gains in the city on his way to a 14-percentage-point victory in Texas. On Saturday night, Mr. Pablos conceded. 'We tried. It was a very tough race.' Though technically nonpartisan, Mr. Pablos did not downplay his ties to Republican leaders in Texas, nor did Ms. Jones shy from her longstanding Democratic connections. Heading into Saturday, she was seen as the front-runner, having earned the largest portion of the voting bloc in a crowded, 27-candidate election in May. Then, she won 27 percent of the vote to Mr. Pablos's 17 percent. She was also closely aligned with the politics of the outgoing mayor, Ron Nirenberg, who was first elected in 2017 and is term limited after four consecutive wins. Want all of The Times? Subscribe.
Yahoo
21 minutes ago
- Yahoo
LA immigration protests live updates: Trump deploys 2,000 National Guard members
The Trump administration is deploying the California National Guard in response to protests in Los Angeles that begin Friday evening over immigration enforcement operations that have resulted in some clashes between demonstrators and authorities, the White House said in a statement. President Donald Trump signed a memorandum "deploying 2,000 National Guardsmen to address the lawlessness" in California as demonstrations opposing Immigration and Customs Enforcement operations continue in the state, White House Press Secretary Karoline Leavitt said in a statement Saturday evening. Earlier Saturday, California Gov. Gavin Newsom said the federal government was moving to "take over the California National Guard," calling the move "purposefully inflammatory" and saying it will "only escalate tensions."Jun 7, 11:07 PMHegseth says National Guard being mobilized immediately, active-duty Marines on 'high alert' Defense Secretary Pete Hegseth said the Defense Department is "mobilizing the National Guard IMMEDIATELY to support federal law enforcement in Los Angeles."Hegseth said if violence continues, "active duty Marines at Camp Pendleton will also be mobilized — they are on high alert." Jun 7, 11:07 PMTrump memo deploying National Guard calls LA protests 'rebellion' The memo that President Donald Trump signed Saturday night directing the National Guard to California said that the current protests "constitute a form of rebellion against the authority of the Government of the United States."Trump utilized his authority under "10 U.S.C. 12406 to temporarily protect ICE and other United States Government personnel," according to the presidential memorandum also said that the 2,000 service members could be deployed for 60 days or "at the discretion" of the defense memo adds that the secretary of defense "may employ any other members of the regular Armed Forces as necessary to augment and support the protection of Federal functions and property in any number determined appropriate in his discretion."-ABC News' Michelle Stoddart Click here to read the rest of the blog.
