Law and legal issues

The Department of Justice is recommending a sentence of 12 months behind bars for Carrie Tolstedt, a former Wells executive who has pleaded guilty to obstructing a bank examination. That's harsher than the recommendation of the U.S. Probation Office.

Two related cases the Supreme Court is considering hing on whether state laws preempt the National Banking Act on the payment of interest on mortgage escrow accounts.

The ads ran on websites including Investopedia, Martha Stewart and Southern Living, a lawsuit alleges.

The Department of Justice cited American Bank of Oklahoma's lending record, as well as racially inflammatory emails it claims bank employees forwarded, in support of its redlining claims.

A lawsuit accuses the group of trespassing, damaging office space and taking digital and physical property from their former employer after their departure.

The lender was accused in a recent lawsuit of failing to meet its obligations to underserved borrowers in lieu of wealthy clients.

The company in a court filing suggests it has funds available for its unsecured creditors, led by a private equity firm, major banks and a servicer.

A father and son duo allege the mortgage origination shop failed to pay their final compensation and to reimburse "hundreds of thousands of dollars of approved expenses."

The government watchdog's original lawsuit was dismissed by a district court on Feb. 3, after the parties engaged in over nine months of discovery. Two months later, the agency challenged the decision.

The lender said the unnamed decision makers behind the termination were unaware of the plaintiff's pregnancy.

The lawsuit alleges an executive helped his firm's rival create its wholesale division before departing to the competitor with dozens of his colleagues.

The verdict ends a decade-long lawsuit over the Federal Housing Finance Agency's amendment to a stock repurchase agreement in 2012.

Former employees claim the company made staffers attend pre-shift meetings before permitting them to clock in, according to a suit filed in a U.S. District Court in Michigan.

The bank, which already agreed to refund home loan applicants over the charges, is asking a federal judge to toss the suit on numerous grounds.

Under settlements with the SEC, Wells Fargo and BNP Paribas will pay millions of dollars in penalties for employees using unofficial communications like WhatsApp. In all 11 firms agreed to pay penalties, while the CFTC took separate actions.

The number of loan officers sponsored by the company has dipped by more than half to 169 originators from June to July, per NMLS. More are said to be leaving.

Lender Toolkit provides services to support ICE Mortgage Technology's Encompass platform, along with artificial intelligence software.

The alleged scam targeted elderly Vietnamese-American homeowners in California and fooled banks into distributing illicit funds to the perpetrators.

A Texas judge dealt the Consumer Financial Protection Bureau a setback that has changed the bureau's calculus for furthering its near-term agenda. But an ambitious Supreme Court could also call all of the bureau's final rules into question.

The owner of Tri-Emerald Financial Group claimed unregistered securities it was offering would increase in value by more than tenfold before an eventual Nasdaq listing.