BankThink

Receiving Wide Coverage ...More trouble for Wells: The California Department of Justice has launched a criminal investigation into Wells Fargo to determine if bank employees engaged in criminal identity theft and false impersonation to open accounts for customers without their permission. "There is probable cause to believe that employees of Wells Fargo Bank unlawfully accessed the bank's computer system to obtain the PII [personally identifiable information] of customers," the state's affidavit said. "The bank's employees then used the unlawfully obtained customers' PII to commit false impersonation and identity theft by opening unauthorized accounts, credit cards, and various other products that resulted in the accumulation of fees and charges for Wells Fargo."

The fact that the number of cybersecurity incidents affecting companies is rising at an alarming rate year over year hardly raises eyebrows anymore.

It’s a bit premature to celebrate the recent court decision finding the CFPB’s structure to be unconstitutional, according to a veteran credit union attorney who suggests the final outcome on this is far from decided.

Rather than addressing a pressing need like an economic crisis, a fintech charter would place the federal government in the business of choosing winners and losers in a market, with the potential to distort the banking system.

A strong and dynamic risk detection system requires focusing on the most important blind spots not satisfactorily explained by existing tools, rather than focusing on the "answers" produced by those tools.

Breaking News This Morning ...Morgan Stanley beats estimates: Morgan Stanley reported a third quarter profit of $1.6 billion, or 81 cents a share, up 57% from $1.02 billion, or 48 cents a share, in the year ago period. That easily beat the median Street forecast of 63 cents. Revenue rose 15% to $8.91 billion from $7.77 billion, also beating analysts' estimates of $8.17 billion. As with its peers on Wall Street, which reported earlier, the bank's results were helped by a rebound in securities trading. Return on equity jumped to 8.7%, up from 5.6% a year ago. Wall Street Journal, Financial Times

In a world that is moving faster than ever before, consumers complete transactions at the register with a simple tap of a phone and transfer money across accounts in seconds.

Recent moves by the Consumer Financial Protection Bureau, including a plan to regulate payday lending, take away what limited credit options consumers have.

Many have linked the gender gap in financial services to the difficulties in balancing work pressures with family demands. To help address this, paid family leave should be compulsory in the industry.

Breaking News This Morning ...Goldman's earnings soar: Goldman Sachs's third quarter earnings jumped 47% versus the year-ago period as trading revenue rose 17%. The bank earned $2.09 billion, or $4.88 a share, easily beating analysts' estimates of $3.82 a share. A year earlier it earned $1.43 billion, or $2.90 a share. Revenue rose 19% to $8.17 billion from $6.86 billion, well above Street forecasts of $7.42 billion. Return on equity climbed to 11.2%, up from 7% in the year-earlier quarter and the first time the ratio exceeded 10% since early 2015. Wall Street Journal, Financial Times