Most states have legalized marijuana in some form. But federal law still considers it an illegal drug, which exposes banks to legal risk if they handle weed-related money or transactions.
Being chief financial officer in a pot business requires lots of workarounds, including hiring heavily armed guards. Few financial firms are willing to service a market that remains federally illegal.
Wells Fargo announced Thursday that CEO and President Tim Sloan will step down immediately. The company's general counsel Allen Parker was elected to run the company until a new CEO is selected.
Both Republican and Democratic lawmakers question whether Wells Fargo has changed its culture away from fraud and mismanagement that have led to billions in fines and penalties against the bank.
In Sweden, few people use cash anymore. Most people pay by card, online or with digital apps, and that trend is spurring a new debate on whether going cashless is fair for everyone.
Comptroller of the Currency Joseph Otting is a former bank executive testifying before Congress this week about reshaping some banking rules. He wants big banks to start making small-dollar loans.
Questions for Stumpf include one about his sale of $13 million in stock, which Rep. Carolyn Maloney calls "by far the largest open-market sale of Wells Fargo stock" in the CEO's tenure.
California's state treasurer has announced he is suspending major parts of the state's business relationship with Wells Fargo because of a scandal involving unauthorized customer accounts.
Regulators say millions of unapproved credit card and bank accounts were opened for Wells Fargo customers. A big question is how to compensate those whose credit scores were hurt by what the bank did.
"If one of your tellers took a handful of $20 bills out of the cash drawer, they'd probably be looking at criminal charges," Warren tells the bank's CEO.
The $5 billion Shanghai company was the third financial firm to collapse in China since December. "Every time I take a bite of food," says an investor who lost everything, "I feel I am wasting money."
In the age of Venmo and mobile deposits, checks are fading. That's having a wide impact, from the Postal Service to check-printing companies. But many still find room for checks in their lives.
Sen. Elizabeth Warren, D-Mass., says bipartisan efforts to "reform" the corporate tax code amount to "a giant wet kiss" for the biggest companies. She wants large corporations to pay more in taxes.
GRAND RAPIDS, Mich. (AP) — A Las Vegas company says it plans to build a high-tech data center in western Michigan if state lawmakers approve tax breaks.
Republicans are pushing to roll back Dodd-Frank because they say it over-regulates the financial industry and hurts growth. Supporters say it has made banks stronger and the financial system safer.
In the communication that The Guardian says it received accidentally from the Bank of England, officials outlined details of the plan known as "Operation Bookend."
States have legalized the sale of marijuana, but so far banks and credit unions have been reluctant to handle that industry’s profits. Well it turns...
The big question is: when will the recession be over? How can Las Vegas recover the economic vitality it enjoyed during the boom years? The chief economist for Wells Fargo, John Silvia, joins us to answer your questions on housing, banking, and other issues..
The Federal Reserve Bank of New York says investors are the ones who drove Las Vegas’ catastrophic housing market crash. New research shows that investors inflated the housing market between 2004-2007, making the plummet downward all the more dramatic.
