Jan
09
New York Proposes Rule to Ban Bad Actors Over Banking Fraud
By-
Cuomo cites ‘systemic abuse’ of customers at Wells Fargo
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Law would let regulator ban people for ‘egregious conduct’
New York would ban “bad actors” from the banking and insurance industries in the state under legislation proposed by Governor Andrew Cuomo.
The law, which would need to be approved by state legislators in Albany, would allow the superintendent of the state’s Department of Financial Services to ban individuals for “egregious conduct,” the governor’s office said on Monday.
The proposal is a response to the scandal last year at Wells Fargo & Co., in which employees created unauthorized accounts for customers in an attempt to earn bonuses based on volume sales, the governor’s office said…
New York Proposes Rule to Ban Bad Actors Over Banking Fraud
