Staying On Top of Vendor Management News: Week of Mar 5

• Wells Fargo is in trouble again
• SEC hits Ameriprise with enforcement action
• CFPB requests public input on complaint reporting
• How financial crimes are detected

Industry News for the Week of March 5

Mulvaney remarks are a big shift in posture at CFPB: Read here

Wells Fargo in trouble again: Read here

Whistleblowers at Wells Fargo alerted the Justice Dept. late last year to more sales problems, this time in its wealth-management unit, The Wall Street Journal reported. Particular products were being pushed to customers without regard for their suitability, the Journal said, citing the informants — echoing issues unearthed at the bank's consumer division. Questionable sales practices there, including the creation of customer accounts without permission, affected as many as 3.5 million people and resulted in regulatory penalties of $185 million last year. This year, the Federal Reserve took the unprecedented step of capping the bank's assets until it rectified those and related issues. Wells Fargo now has been told by the government to conduct an independent probe of its wealth-management unit, the Journal said.

SEC hits Ameriprise with enforcement action: Read here

CFPB requests public input on complaint reporting: Read here

An important reminder of the urgent nature of disaster recovery planning: Read here

Op-ed on the need for regulatory reform – the Senate bill is only a start: Read here

Bryan Cave on how to interpret interim director Mulvaney’s work at the CFPB: Read here

Interesting article on how financial crimes are detected: Read here

Interesting concept on the idea of joint negotiating but hopefully also helps them get appropriate SLA and due diligence and reps and warranties into the contracts: Read here

Bankers lost a former colleague, ally, and friend with the resignation of National Economic Council Director Cohn – his departure will leave a big dent: Read here

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