Wells Fargo

Little-known Office for Management and Budget official Kathy Kraninger would succeed acting director Mick Mulvaney, her OMB boss; Wells Fargo still faces the big chill from several big cities and states.

Wells Fargo on the receiving end of USAA's long-standing intellectual property threat; millions are mad about Erica, Bank of America's virtual assistant; relief may be in reach for bankers fed up with SARs; and more from this week's most-read stories.

The agency has provided new information about changes large and midsize banks are making in the wake of the Wells Fargo scandal, but Senate Democrats continue to press for more details.

The settlement applies to customers who had accounts opened without their consent over a 15-year period beginning in May 2002.

Competition for deposits is heating up as summer approaches, and banks are responding in all sorts of ways — from launching digital-only platforms to raising CD rates to reviving debit rewards. But rising interest rates could weaken demand for loans, especially mortgages.

Everyone agrees good corporate governance involves a board that is just the “right” size and has a “good mix” of knowledgeable insiders and independent watchdogs. But setting bright-line rules for banks as varied as M&T, Wells Fargo and Eastern Bank is hard.

In his inaugural hearing as comptroller of the currency, Joseph Otting defended his decision not to publicly rebuke banks for Wells Fargo-like problems.

The simplified pricing of fintechs like Square and Stripe has finally caught up with banks' more complex fees, prompting Wells Fargo to restructure its billing for small businesses. Other banks will also face consequences—particularly community banks that depend on local merchants.

The changes are designed to remove the complex set of fees that could vary from one mercant to another.

USAA's lawsuit accusing Wells of infringing on its remote-deposit patents is new territory: bank-on-bank fights over intellectual property.