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Wells Fargo has long been the envy of the banking industry for its ability to sell multiple products to the same customer, but regulators on Thursday said those practices went too far in some instances.

The largest U.S. bank by market capitalization will pay $185 million in penalties and $5 million to customers that regulators say were pushed into fee-generating accounts they never requested.

The Consumer Financial Protection Bureau will receive $100 million of the total penalties - the largest fine ever levied by the federal agency.

A public option, but for banking. That’s what Reps. Rashida Tlaib and Alexandria Ocasio-Cortez are proposing in a new bill unveiled on Friday.

would foster the creation of public banks across the country by providing them a pathway to getting started, establishing an infrastructure for liquidity and credit facilities for them via the Federal Reserve, and setting up federal guidelines for them to be regulated.

which theoretically would be more motivated to do public good and invest in their communities than private institutions, which are out for profit.

Big banks brace for oil loans to implode

Firms on Wall Street helped bankroll America's energy boom, financing very expensive drilling projects that ended up flooding the world with oil.

Now that the oil glut has caused prices to crash below $30 a barrel, turmoil is rippling through the energy industry and souring many of those loans. Dozens of oil companies have gone bankrupt and the ones that haven't are feeling enough financial stress to slash spending and cut tens of thousands of jobs.

Private lenders are pushing to break up the government’s near monopoly in the $100 billion-a-year student-loan market.

The banking industry’s main lobbying group, the Consumer Bankers Association, is pressing for the government to instate caps on how much individual graduate students and parents of undergraduates can borrow from the government to cover tuition. That would force many families to turn to private lenders to cover portions of their bills. While that could mean lower interest rates for some, it could constrain funding to households with blemished credit histories.

At stake is potentially billions of dollars in new business for private lenders, a group currently dominated by SLM Corp. , better known as Sallie Mae, Wells Fargo & Co., and Discover Financial Services .

The Trump administration had signaled its intent to replace Cordray with an acting director, using the Federal Vacancies Act

By formally naming a deputy director on Friday, he strengthened the CFPB’s hand in any ensuing legal battle for control of the agency.

Though Mulvaney wouldn’t have run day-to-day operations of the agency, his appointment as acting director would allow him to hire someone to oversee daily work and to set the agency’s broader agenda.

President Joe Biden’s Justice Department is defending its use of an anti-riot statute that critics say is racist — a tool the Trump-era DOJ made aggressive use of to pursue some of those accused of violence in connection with last year’s racial justice protests.

“Constitutional statutory analysis begins with the statute’s plain language, not its provenance,” the brief prosecutors filed Friday in U.S. District Court in Portland, Ore., says. Spokespeople for the Justice Department could not say on Monday whether senior officials in Washington had approved the arguments submitted in Oregon late last week.

The government’s detailed new defense of the law came in the case against Kevin Phomma, an Oregon man charged with assaulting police officers last August during a protest outside a Portland Immigration and Customs Enforcement building.

they seem a truly useful compendium of the mainstream and obvious ideas for an energy and conservation transition. And they provide a good roadmap by which to steer, even if that map avoids the most controversial areas of the debate.

The best way to understand them, I think, is as a loud signal in the ever-louder conversation among élites about the trajectory and the pace of that transition.

A big signal comes from the investment community, where banks have started announcing major losses in the hydrocarbon sector. Wells Fargo, for instance, said that forty-seven per cent of its nonperforming corporate loans last quarter were in the three per cent of its deal book devoted to oil and gas.

Monday’s vaccinations, the first in a staggeringly complicated national campaign, were a moment infused with hope and pain for hundreds of America’s health care workers.

Ms. Hansen described the 5,000 frontline nurses of the Memorial Healthcare System as resilient but physically and mentally exhausted by the pandemic

Across the country, hospital auditoriums and conference rooms became makeshift vaccination sites,