Wells Fargo to pay 1 billion in regulatory settlements
Wells Fargo will pay 1 billion to OCC and CFPB to resolve misconduct in mortgage and auto lending. The penalties total 500 million to OCC and 500 million to CFPB. The actions cover improper mortgage rate lock fees and unwanted auto insurance charges. The bank also faced past fines over unauthorized account openings.
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FAA expands ultrasound inspections on many CFM engines
The FAA orders ultrasound checks for 352 CFM 56-7B engines on Boeing 737s after the Southwest Flight 1380 failure. NTSB cites metal fatigue. CFM advises broader inspections by August. Southwest apologizes with $5000 payments and a $1000 travel voucher to affected customers, while an engine loss killed Jennifer Riordan.
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Stock losses drag indexes as tech slide and inflation fears grow
US stocks fell on Friday with the S&P 500 down 0.9 percent to 2,670.14 and the Dow dipping 201.95 points to 24,462.94 while the Nasdaq slid 1.3 percent to 7,146.13 amid a tech selloff and rising oil prices. Banks rose as yields climbed. In Florida, a long running Trump golf club dispute ended with a tentative 5.4 million settlement, described as a complete victory by both sides.
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