Bank Watch roundup: Wells makes itself at home in Washington

05/30/2014 7:00 AM

05/30/2014 7:18 AM

WELLS FARGO MAKES ITSELF AT HOME IN WASHINGTON: As it assumes the mantle of being the country's most profitable bank, Wells Fargo has also become more entrenched in Washington, Politico says. The bank has hired officials away from regulatory agencies and brought on a spokesperson just for D.C. issues.

WELLS FARGO MUST FACE LAWSUIT FROM CITY OF LOS ANGELES: The bank tried unsuccessfully to get the lawsuit, which claims Wells targeted minorities in the city for "predatory loans," thrown out, Bloomberg reports. Los Angeles has also sued Bank of America and Citigroup with similar claims.

BANK OF AMERICA SELLING SOME BRANCHES IN TENNESSEE: Continuing the drumbeat of branch sales, a baker's dozen of them are being bought by First Tennessee Bank, the Tennessean reports.

WELLS SETTLES SECURITIES LAWSUIT: The bank will bay $62.5 million to end a case where institutional investors say Wells marketed securities as safe when they were in fact risky, Reuters reports.

SOUTH CAROLINA RANKS POORLY FOR 'AFFORDABLE BANKING': Defined by rates on checking accounts, minimum balances and deposit account fees, says GoBankingRates.com.

JUSTICE DEPARTMENT SEEKING $10 BILLION FROM BNP PARIBAS: That's the latest price tag on settling a criminal probe into whether the bank ignored sanctions on countries like Iran, the Wall Street Journal reports.

MILLENIALS NOT BUYING LIFE INSURANCE: Sales are declining across the insurance industry as the Millenial generation shies away from buying life insurance, Bloomberg reports. One reason is delayed household formation, meaning nobody relying on a person's income.

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