Federal agency fines Wells Fargo $10 million
The U.S. Commodity Futures Trading Commission said Friday it has fined Wells Fargo & Co. $10 million and require $4.47 million in restitutions to settle charges against the bank for violating multiple swap dealer business conduct standards.
The agency said that “Wells Fargo failed to deal with a counterparty in a fair and balanced manner based on principles of fair dealing and good faith.” Wells Fargo was ordered to cease and desist from violating the CFTC’s business conduct standards.
The order focused on an August 2014 transaction in which Wells Fargo entered into a foreign exchange forward contract with a counterparty to exchange $4 billion U.S. dollars for $4.347 billion Canadian dollars at an agreed upon rate.
Wells Fargo, however, did not have a system in place to accurately track trades used to fill the counterparty’s order. As a result, Wells Fargo failed to communicate to its counterparty relevant information regarding the transaction in a fair and balanced manner.
The order found that from August 2014 until May 2018, Wells Fargo failed to implement and monitor policies and procedures designed to ensure that it communicated with counterparties in a fair and balanced manner.
Wells Fargo said in a statement that “we have fully cooperated with the Commodity Futures Trading Commission, and we are pleased to have resolved this matter.”
Walkertown self-storage facility sells for $3.47M
The amount has been revised higher that a Colorado commercial real estate company spent on a Walkertown self-storage property, according to a Forsyth County Register of Deeds filing Friday.
The buyer of the 8.9-acre property at 2875 Rocky Branch Road is VWSS All-In LLC, an affiliate of VanWest Partners in Denver.
The initial purchase price was listed in a Nov. 1 filing as $869,000 to buy the ClearHome Self Storage property in Walkertown.
A corrected deed of sale filed Friday listed the overall sale price as $3.47 million.
The seller is All In Self Storage of Walkertown LLC of Asheboro.
M&F Bancorp reports 61.2% drop in profit
M&F Bancorp Inc., a Durham bank with a branch in east Winston-Salem, reported this week a 61.2% drop in third-quarter net income to $330,000.
Diluted earnings were 16 cents, down from 42 cents a year ago. The bank reported loan revenue of $2.34 million, down 27.5%. Fee income rose 13.9% to $550,000.
“We continue to execute our strategic plan to provide access to capital for small- and medium-size businesses in all the markets served,” said James Sills III, the bank’s chief executive and president.
“The company will continue to focus on strategic priorities with emphasis on increasing loan volume and fee income to increase profitability for the reminder of the year.”
Total assets were at $267.4 million as of Sept. 30.