Libor. Money laundering. Discriminatory lending.
It is hard to keep track of this summer's banking scandals. Fortunately, ProPublica is here to help.
The nonprofit investigative website on Tuesday unveiled a scorecard of bank scandals, tracking the industry problems that have surfaced in recent months. ProPublica has identified seven: Libor fixing by Barclays and other banks; lax money-laundering controls at HSBC; big losses at JPMorgan Chase's (JPM) chief investment office; discriminatory lending by Wells Fargo (WFC); misleading customers on credit card payment protection plans at Capital One (COF); wrongful foreclosure on military customers, also by Capital One (COF); and doing business with Iran, by Standard Chartered and ING Bank.
For each scandal, ProPublica's scorecard summarizes how the banks got into hot water and how, in the cases of some banks, they've gotten out by settling with regulators. The website also created a handy visual guide to each case, noting if penalties or fines have been levied, if an investigation is still ongoing and if an executive has been fired or has resigned.
American Banker called it a season of slipups back in July, and other news organizations are keeping track of the banking industry's mounting scandal count this summer. New York Magazine on Wednesday also unveiled a slideshow about "Wall Street's Summer of Scandal."
ProPublica says it will continue updating its scorecard, and Wednesday brought two potential additions, as news surfaced that Regions Financial (RF) is facing a grand jury investigation over its ties to an executive recruiting firm, and regulators are looking into Royal Bank of Scotland's dealings with Iran. For bankers, it appears that Labor Day can't come quickly enough.