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The Dodd-Frank Update, the number-one independent resource for news and analysis on the Dodd-Frank Wall Street Reform, recently spoke to Smith Debnam attorney Caren Enloe about the CFPB’s $185 million consent order against Wells Fargo Bank NA for claims the bank opened nearly 2 million deposit and credit card accounts without customer approval.
In the article, Enloe discusses the implications of the consent order and what the impact could mean for the financial services industry as a whole.
“Unfortunately for the banking industry, this consent order comes at a time where there has been some momentum to put controls on the CFPB. This order is chilling that discussion.” This consent order has shone a bright light on the problems inherent in employee incentive and compensation practices, particularly with bonuses as they relate to sales. The CFPB was quick to point out that it is not outlawing incentive and compensation practices, but it is showing us that there are issues with those.”
The article can be found at the link below, courtesy of the Dodd-Frank Update.