Crime and misconduct

The 57 charges involve $175 million allegedly stolen from the small-business loan program. Defendants are accused of lying on their applications and using funds to buy cars, jewelry and other luxury items.

The bank discovered the actions, all of which were tied to the SBA's Economic Injury Disaster Loan program, after noticing that suspicious amounts of money had been deposited into checking accounts owned by bank employees, according to a person with knowledge of the matter.

The bank said the conduct includes “instances of customers misusing Paycheck Protection Program Loans, unemployment benefits and other government programs.”

The National Credit Union Administration issued one prohibition notice for August.

Mary Mack is expected to say that other employees were scared of Carrie Tolstedt, according to the bank’s regulators. Tolstedt, one of five former Wells executives facing civil charges in connection with the bank’s phony-accounts scandal, could be fined as much as $25 million.

The executive shuffle at the company continues as Credit Suisse America’s Paula Dominick is hired to replace Mike Roemer as chief compliance officer. It also hired or promoted four line-of-business chief risk officers and an enterprise testing leader.

The regulation allows banks to add employees with past convictions for trivial crimes after the industry complained the prior rules were too severe.

Newly released documents highlight the challenges that Carrie Tolstedt and four co-defendants are likely to confront as they face civil charges involving sales misconduct at the bank.

Prior to the outbreak, members were banned from covering their faces inside branches for security reasons. Now institutions must devise ways to keep everyone healthy and safe.

The lender will pay $65 million in restitution and forgive nearly $500 million in auto debt to settle charges that it steered subprime borrowers into risky loans.

The agency said Wednesday that as long as small businesses return funds they received through the Paycheck Protection Program, no action would be taken.

Cybyer criminals have become more aggressive as employees are working from home. Credit unions should take these steps to ensure they block those efforts.

Many businesses are turning to the popular videoconferencing platform to stay connected to employees, but institutions need to think about measures they can take to utilize it safely.

The former CEO at The Federal Savings Bank, who faces a bribery charge in connection with loans to President Trump's onetime campaign chief, is seeking to keep evidence from his phone out of the upcoming trial.

Brian Smith, who spent the past decade with Regions Financial, will head the bank's government relations and public policy team.

Bank’s earnings fall 69% in the first quarter; this week’s earnings reports could determine whether banks will need to suspend dividends.

Last month's enforcement actions included the former CEO of Western Heritage Federal Credit Union in Alliance, Neb.

The industry still grapples with stopping corrupt employees — the failure of CBS Employee FCU last year highlights that — and now that could become even harder with the pandemic.

The chair of the House Financial Services Committee, Maxine Waters, contends that Tim Sloan knowingly made misleading and inaccurate comments during a hearing before her panel last year.

Investors worry the drop in crude prices could spark a rash of defaults; the bank denies it opened accounts without customer permission to meet sales quotas.