The deal resolves a complaint filed by a customer who had requested the bank use only email to communicate with her during a mortgage modification process, the Minnesota Department of Human Rights said.
The San Francisco-based bank said it will limit the dollar volume of its subprime auto originations to 10 percent over its overall auto loan originations, which last year totaled $29.9 billion, the New York Times reported Sunday.
A prevailing view by critics of post-financial crisis regulations is that they have sent a wave of higher compliance costs crashing down on banks, with community banks being impacted more than their larger peers.
When it comes to cybersecurity, Bank of America CEO Brian Moynihan has said his staff has a blank check for whatever is needed to protect the nation’s No. 2 bank by assets. For Cathy Bessant, the bank’s Charlotte-based head of technology and operations, it’s a sign of great support from her boss, but also great responsibility.
The chief executive of the bank with East Coast headquarters in Charlotte received a bonus of 18,061 in restricted shares as part of his 2014 compensation, Wells Fargo said in a securities filing Thursday.
The San Francisco-based lender said the amount it could lose related to litigation beyond what it has set aside for such costs could be as much as $1.1 billion as of Dec. 31, up from $950 million three months earlier, according to its annual report Wednesday.
Skimming, the use of equipment to steal bank account information from people as they use ATMs and pay at gas pumps, is increasing in the Charlotte metropolitan area, according to the Secret Service, which says it is the most common type of cybercrime in the region.
Ally Financial's new Charlotte-based CEO says that while the Detroit auto lender is considering making more loans to people with nonprime credit ratings, he's not interested in ramping up lending to the riskiest of borrowers.