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  • Wells Fargo fails fair lending test due to "discriminatory and illegal" credit practices

    Late last year, as the fallout from the fake account scandal at Wells Fargo was still in full force, rumors began to circulate that the bank could be facing another regulatory smackdown due to reportedly failing to meet its requirements under the Community Reinvestment Act. And Tuesday, the other shoe dropped, as the bank disclosed that it did indeed fail to meet its CRA requirements.

Republicans eye Frank’s chair

Republicans are eyeing the powerful chairmanship of the House financial services committee held by Barney Frank, the Massachusetts Democrat, as one of the biggest spoils of victory in November’s midterm congressional elections. Mr Frank, whose sharp tongue makes him one of the Democrats’ most formidable congressmen, pushed through Wall Street reform against Republican opposition and will have a key role in determining US housing policy should his party retain its majority in the House. Polls show control of the House of Representatives is too close to call while the Democrats are expected to retain control of the Senate, albeit with a reduced majority.

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