financial institutions

  • Wells Fargo wins in securities lending suit

    Wells Fargo & Co. is off the hook in a suit brought by Blue Cross Blue Shield of Minnesota and other institutional investors claiming the bank misrepresented the safety of its securities lending program.

  • Protecting against UDAAP violations

    In this article, we suggest ways in which financial institutions can protect themselves against unfair, deceptive or abusive acts and practices (UDAAP) violations through a combination of efforts, including employee compliance training, programs for receipt and analysis of consumer complaints, and increased consideration of financial products from the perspective of...

  • 4 ways for financial institutions to avoid liability for vendor actions

    In its first enforcement actions, the Consumer Financial Protection Bureau (CFPB) caught the financial industry’s attention with restitution awards and refunds for consumers totaling $425 million and civil penalties exceeding $46 million.

  • Financial institutions post-Dodd-Frank: The new fiduciary?

    Typically, a fiduciary relationship arises when one party places special confidence and trust in another, who then becomes obligated to act with due regard for the interests of the first party. While the law varies slightly from state to state, courts have been reluctant to impose fiduciary duties on banks...

  • HSBC chief compliance officer steps down

    It’s a rough time to be a bank executive—but even worse when the bank you work for is associated with money laundering by Mexican drug cartels and has ties to banks that may help fund terrorist groups, including Al Qaeda.

  • "Knowing" your Latin American customer

    The Inter-American Development Bank noted that money laundering in the Latin American region was ”possibly the highest in the world…somewhere between 2.5 and 6.3 percent of the regional gross domestic product."

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