Back with your links this week. With the recent Wells Fargo fiasco it is a good reminder to check your credit reports regularly. It also makes we reflect on how these things can happen. With the numerous regulatory agencies in existence it is beyond me how any bank and financial institution can get away with things like this. Of course the problem lies in how these regulatory agencies are structured. In our world it is FINRA and the SEC. The Consumer Financial Protection Bureau will surely be making its voice heard soon and now we also have the DOL in our "business". FINRA, SEC and CFPB are much different from the DOL in the fact that they can levy fines. Fining companies is needed but it also is what leads to the bigger problem in my opinion. The CFPB's fine on Wells Fargo came well after the acts started. Shouldn't the acts be caught sooner and stopped? Are these organizations protection agencies or fine generators? This is a much longer discussion for another day but the conversation is needed.
All opinions in the links are the authors' own and are not meant to be investment advice.