1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The House Financial Services Committee plans to hold a hearing Sept. 29 on Wells Fargo’s creation of more than 1.5 million unauthorized consumer deposit accounts and 500,000-plus credit card accounts.Wells Fargo will pay some $185 million in fines – $100 million of it imposed by CFPB, the largest amount the bureau has ever assessed – due to this activity, also being looked at by the FBI and Justice Department.John Stumpf, Wells Fargo’s chairman and CEO, faced hours of intense grilling and criticism during a Senate Banking hearing earlier this week. The San Francisco Fed announced Thursday that Stumpf has resigned from an advisory panel to the Federal Reserve.The bank’s scandal invoked numerous comments from speakers throughout NAFCU’s Congressional Caucus this week, with lawmakers stepping up to the podium to discuss the good relationship credit unions have with their members and their support for the member-owned cooperatives. continue reading »
DG FISMA, Legal & General Group, ARC Pensions Law, Sackers, Pensions Management Institute, RWC Partners, OssiamDG FISMA – Jonathan Hill has resigned as European commissioner for financial stability in the wake of the UK’s decision to leave the European Union. Hill said he had agreed his departure as commissioner for financial stability, financial services and the Capital Markets Union with Jean-Claude Juncker, president of the European Commission, in discussions several weeks ago. Valdis Dombrovskis, a Commission vice-president for the euro, has assumed responsibility for Hill’s portfolio.Legal & General Group – Sir John Kingman has been appointed group chairman. He succeeds Rudy Markham, who has served as interim chairman since John Stewart’s retirement from the board on 1 June. Kingman has had an extensive Whitehall career, culminating as second permanent secretary of HM Treasury. He was also chief executive at UK Financial Investments, with responsibility for managing the government’s shareholdings in Lloyds Bank, Royal Bank of Scotland and Northern Rock.RWC Partners – Peter Clarke is to join the board as a non-executive director. Clarke serves on the boards of Lombard Odier and AXA UK, and he is chairman of Lancashire Holdings. He has had a career spanning more than 30 years, including six years as chief executive at Man GLG. ARC Pensions Law – The pensions law firm has appointed Anna Copestake as a senior associate, joining from Sackers. Kevin Le Grand has been appointed as a consultant. Le Grand, who is president of the Pensions Management Institute, has been working part-time as a consultant since October and now joins on a permanent basis.Ossiam – Johann Nicolle joined the smart-beta fund manager and Natixis Global Asset Management affiliate as portfolio manager and quantitative analyst in April.