Community benefits agreements (CBAs) are a way for banks to spell out, in writing, how they will satisfy CRA requirements when they merge. The agreements are between banks and community groups.
Wells Fargo triples its philanthropy in DC and launches a community advisory council to guide its giving there in a new initiative developed with NCRC.
Quicken Loans overtakes Wells Fargo as the largest loan originator.
At this point it’s hard to imagine what more Wells Fargo can do (or how much more it can spend) to make amends.
Wells Fargo could face a $1 billion fine from the CFPB, the largest in history, but is that enough? Join Stacy Cowley, Kerri Miller, and NCRC’s John Taylor. Also discussed, Mick Mulvaney’s CFPB, breaking up the big banks, and El Chapo’s drug cartel.
Wells Fargo & Co. Chief Executive Officer Tim Sloan said last year that a wholesale makeover of his board would be “crazy.” Well, now it’s happening.