Wells Fargo Fined $185 Million for Secretly Opening Unauthorized Accounts

Written By ESR News Blog Editor Thomas Ahearn The Consumer Financial Protection Bureau (CFPB) has fined Wells Fargo Bank, N.A. $100 million – the largest penalty the CFPB ever imposed – as part of a total fine of $185 million “for the widespread illegal practice of secretly opening unauthorized deposit and credit card accounts,” according …

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Over Five Percent of Workers Turned Down for Jobs Due to Financial Background Checks

Written By ESR News Blog Editor Thomas Ahearn A survey of more than 1,100 workers conducted by the National Financial Educators Council (NFEC) found 5.2 percent of respondents reported they were turned down for jobs due to their financial background while 26.3 percent reported employers ran financial background checks on them.

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Wells Fargo Settles Background Check Lawsuit for $12 Million

Written By ESR News Blog Editor Thomas Ahearn Wells Fargo Bank has agreed to a settlement of $12 million to resolve a class action lawsuit that claimed the financial institution allegedly violated the federal Fair Credit Reporting Act (FCRA) after denying employment to a job applicant based on the results of a background check report.

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Banks Have Special Obligation to Perform Background Checks when Hiring

  Written By ESR News Blog Editor Thomas Ahearn Banks and financial entities have a special obligation to exercise care when hiring due to regulations and the need to maintain a workforce that clients will trust. To help with this task, Attorney Lester Rosen, founder and CEO of Employment Screening Resources (ESR), will present a …

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Consumer Reporting Fairness Act Would Help Fix Inaccurate Credit Reports

  Written By ESR News Blog Editor Thomas Ahearn Legislation introduced in the U.S. Senate – S. 1773 – the “Consumer Reporting Fairness Act of 2015” – would require creditors to inform consumer reporting agencies (CRAs) that certain debts have been discharged in bankruptcy cases, making it easier for consumers who rid themselves of credit …

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New CFPB Report Reveals Top Consumer Complaints

  Written By ESR News Blog Editor Thomas Ahearn The Consumer Financial Protection Bureau (CFPB) – the federal agency solely focused on consumer financial protection and consumer complaints – has released its initial Monthly Complaint Report to provide “a high-level snapshot of trends in consumer complaints.”

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Report Helps Build Fraud Resistant Organizations

Written By ESR News Blog Editor Thomas Ahearn Just in time for International Fraud Awareness Week, which runs from November 16 to 22, a report from The Anti-Fraud Collaboration – ‘The Fraud-Resistant Organization: Tools, Traits, and Techniques to Deter and Detect Financial Reporting Fraud’ – provides information on how financial organizations can become less susceptible …

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FDIC Modifies Statement of Policy for Section 19 of Federal Deposit Insurance Act

In December of 2012, the Federal Deposit Insurance Corporation (FDIC) Board of Directors modified the Statement of Policy (SOP) for Section 19 of the Federal Deposit Insurance (FDI) Act which prohibits a person convicted of a criminal offense involving dishonesty, breach of trust, money laundering, or who has entered into a pretrial diversion program, from …

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Safe Hiring Expert Lester Rosen Interviewed about Top 10 Background Check Trends for 2013

Attorney and safe hiring expert Lester Rosen, Founder and CEO of nationwide accredited background check firm Employment Screening Resources (ESR), was recently interviewed by Tom Field, Vice President of Editorial with Information Security Media Group, about the 6th annual ESR ‘Top 10 Background Check Trends for 2013.’ The interview with Rosen revealed a new emphasis on …

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FDIC Grants Waiver to Bank Worker Fired for Putting Cardboard Dime in Washing Machine in 1963

The Des Moines Register reports that a 68-year-old bank worker in Iowa fired by Wells Fargo after a background check found he had been arrested for putting a cardboard dime in a washing machine in 1963 has been cleared to return to work after being granted a waiver by the Federal Deposit Insurance Corporation (FDIC). The …

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