Content area
Full Text
TOP NEWS IN BANKING & FINANCIAL SERVICES
* After their stock trades in 2020 drew flak over ethics concerns, Federal Reserve regional presidents Robert Kaplan of Dallas and Eric Rosengren of Boston decided to sell all their personal stock holdings by Sept. 30, place the proceeds in passive investments, and vowed not to trade stocks while serving as Fed presidents, CNBC reported, citing statements from the two officials on Sept. 9. Criticisms abounded as Kaplan recently disclosed his 2020 trades in stocks like Apple Inc., Amazon.com Inc. and Delta Airlines, the news outlet noted.
* The Office of the Comptroller of the Currency assessed a $250 million civil money penalty against Sioux Falls, S.D.-based Wells Fargo Bank NA based on the bank's unsafe or unsound practices related to deficiencies in its home lending loss mitigation program and violations of the 2018 compliance consent order. In a statement, Wells Fargo & Co. CEO Charlie Scharf acknowledged the enforcement action, saying the company will address "significant, longstanding deficiencies."
➤ US fintech funding grows nearly 70% in Q2
Fintech companies in the U.S. attracted nearly $7.5 billion in venture capital funding in...