Wells Fargo has put an end to a well-publicized fight with a former retail bank manager who blew the whistle on its sham-accounts scheme that ultimately affected 3.5 million Americans. Both sides say they reached a settlement this month, though its terms are confidential. The agreement signals a possible shift in legal strategy for Wells as it appears to be the first instance in which the bank has voluntarily ended one of its lengthy fights with any of the whistleblowers it fired after they spoke up about the creation of fake accounts. To read the full article in FinancialPlanning, click:…
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Don’t be a Victim of Fraud Fraud can affect virtually any organization and fraud costs can be far more than just monetary losses. The author discusses the recent Wells Fargo fraud investigation and shares her views regarding what makes for an effective risk identification program. The effects of fraud can go beyond simple dollar losses and include harm to the organization’s reputation, employee morale, legal costs, and erosion of confidence by investors among other negative effects.
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Rule Will Require a Second Appraisal in Situations Where a Home is Being Flipped for a Quick, Higher Resale A new rule passed Jan. 15 gives mortgage lenders an additional year to institute appraisal standards for higher-risk loans, Bloomberg reported, and Appraiser News Online highlighted. The extension is one of the revisions that regulators made to the Dodd-Frank Act to address concerns from financial firms. Appraiser News Online explains that: