Latest news with #Regulators
Wall Street Journal
5 days ago
- Business
- Wall Street Journal
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.'
Wall Street Journal
5 days ago
- Business
- Wall Street Journal
Wells Fargo Freed From Asset Cap Imposed After Fake-Account 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.'
Reuters
5 days ago
- Business
- Reuters
EU antitrust regulators escalate Visa, Mastercard probe, documents show
BRUSSELS, June 3 (Reuters) - EU antitrust regulators are asking retailers and payments companies whether a standardized summary of fees by Visa (V.N), opens new tab and Mastercard (MA.N), opens new tab and more transparency on the charges would address their concerns, according to documents seen by Reuters. The latest questionnaires sent on Tuesday, which came nearly two months after the last batch, suggest that EU regulators have escalated their preliminary investigation into Visa and Mastercard. The two companies, which charge scheme fees for services related to participation in their card system and process about two-thirds of card payments in the euro zone, have long faced complaints from merchants and payments companies. The new questionnaires focus primarily on a simpler and more transparent fee structure and how Visa and Mastercard should handle fines levied on retailers and payments companies. Visa and Mastercard did not immediately respond to requests for comment. Respondents were asked whether a standardized summary of fees categorized by type by Mastercard and Visa, including descriptions and services covered, and drafted in plain and intelligible language would be a suitable solution. The 11-page questionnaires asked if changes to contracts including terms and conditions, services and fees should be based on objective, transparent, general and non-discriminatory criteria. Regulators wanted to know if a requirement for card schemes to invoice fines separately would help retailers and payments companies to identify the reason for the levies and to challenge them when appropriate as well as the process for contesting them. The deadline for replies is June 18.
BBC News
13-05-2025
- Business
- BBC News
Gordon on Compensation Scams
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