Editor: David Reiss
Brooklyn Law School

September 26, 2017

Tuesday’s Regulatory & Legislative Roundup

By Jamila Moore

  • Wells Fargo may have thought it was out the fire with their fraudulent accounts scandal; however, the super bank may face additional penalties. The Federal Reserve may be next in line to penalize the bank. Earlier this year, Wells Fargo received a $100 million dollar fine from the Consumer Financial Protection Bureau. Though, Janet Yellen, chair of the Federal Reserve, did not allude to the specifics of a looming penalty the agency may impose, she did mention the agency will do whatever is necessary to ensure the appropriate controls are in place within the organization.
  • After 30 years, East St. Louis Housing Authority no longer has to report to the United States Department of Housing and Urban Development (HUD). In October of 1985, the federal agency began overseeing the department due to the physical condition of the city’s housing, the mismanagement of the agency’s finances, and poor management by the agency’s leaders. In 1985, the East St. Louis Housing Authority was the first agency taken under federal control and to date the longest agency under HUD’s control.
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