Friday, December 16, 2011

Morning roundup: Wells fined $2 million after improper sales to elderly

Here's a look at what's news in banking and finance this morning:

  • Wells Fargo was fined $2 million after the Financial Industry Regulatory Authority determined one of the bank's salesmen improperly sold derivative products to elderly people. Bloomberg has the story.
  • Both credit card defaults and late payments were down in November for Bank of America credit card customers, the Associated Press reports.
  • Bank failures have cost the Federal Deposit Insurance Fund about $88 billion in the last few years, while federal regulators largely work in secret, Bloomberg says. Industry leaders are calling for more transparency.
  • Chase is the first bank to simplify its credit card disclosure agreement using a template prepared by the Pew Charitable Trusts and endorsed by some lawmakers, the New York Times reports. Bank Watch wrote about the agreement last month.