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Wells Fargo Hit with 500 Million Penalty, Ordered to Pay Restitution to Customers

April 20 — The Office of the Comptroller of the Currency assessed a $500 million civil money penalty against Wells Fargo Bank, N.A., and ordered the bank to make restitution to customers harmed by its unsafe or unsound practices. The bank must also develop and implement an effective enterprise-wide compliance risk management program.

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Rural Economic Trend Is Positive, but Weak Farm Income Hurts

April 20 — The Creighton University Rural Mainstreet Index slipped in April, but remained above growth neutral for a third straight month, according to the monthly survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy. This is the first time since the middle of 2015 that the survey has recorded three straight months of overall indices above growth neutral.

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What Makes a Bank One of the 15 Best-Run Community Banks?

April 19 — Based on an analysis of data from more than 4,100 banks in the United States, Sageworks has identified the 15 best-run community banks. The standings were based on a combination of return on average assets and efficiency ratio. Banks from 12 states are included in the list.

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How Verified Is Your Data?

April 19 — A new report from Accenture, New York, finds that many banks have not verified the validity and accuracy of their data. Banks have always held a large volume of confidential data and increasingly adding data from external, unstructured sources, and according to Banking Technology Vision 2018, 94 percent of bankers are confident in the integrity of their data sources, but 11 percent trust the reliability of their data but don’t verify it, 16 percent try to validate their data but aren’t sure of the quality of said validation, and 24 percent who do validate recognize more could be done to ensure quality.

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The Demystification of Mobile Payments, Part II: Square

By Kristin Rulon, Editor, Contract Publications

April 19 — While Venmo stands apart from other mobile payment services with its social aspect and lack of processing fees unless a credit card is used (as stated in part one), Square has a gamut of services for its users.

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