Paxton Launches Investigation Into Six Major Banks For Collusion-in-Lending Practices That Potentially Violate Consumer Protection Laws (2024)
Attorney General Paxton joined a multistate investigation into Bank of America Corporation, Wells Fargo & Company, Morgan Stanley & Co. LLC, JPMorgan Chase & Co., The Goldman Sachs Group, Inc., and Citigroup Inc. for potential violations of consumer protection laws.
This is the third recent investigation by Attorney General Paxton into companies for alleged deceptive trade practices tied to Environmental, Social, and Governance (“ESG”) related actions.
“The radical climate change movement has been waging an all-out war against American energy for years, and the last thing Americans need right now are corporate activists helping the left bankrupt our fossil fuel industry,” said Attorney General Paxton. “If the largest banks in the world think they can get away with lying to consumers or taking any other illegal action designed to target a vital American industry like energy, they’re dead wrong. This investigation is just getting started, and we won’t stop until we get to the truth.”
The investigation will focus on the above-listed financial institutions joining the Net-Zero Banking Alliance. It is believed that the banks, with oversight by the United Nations, collectively agreed that each of their lending practices will reflect the target of net-zero greenhouse gas emissions by 2050, with interim targets in 2030, based on the Paris Agreement. The effect of this accord would be to starve companies engaged in fossil fuel-related activities of credit on national and international markets.
Warren Kenneth Paxton Jr. (born December 23, 1962) is an American politician and lawyer who has served as the attorney general of Texas since 2015. A member of the Republican Party, he previously served in the Texas Senate representing the eighth district and as a member of the Texas House of Representatives.
joined a multistate investigation into Bank of America Corporation, Wells Fargo & Company, Morgan Stanley & Co.LLC, JPMorgan Chase & Co., The Goldman Sachs Group, Inc., and Citigroup Inc. for potential violations of consumer protection laws.
(October 19, 2022) – Attorney General Cameron today announced a multi-state investigation into Bank of America, Citigroup, Goldman Sachs, JP Morgan Chase, Morgan Stanley, and Wells Fargo for alleged antitrust and consumer protection law violations related to ESG (environmental, social, governance) investment practices.
Its other banks are Citizens State Bank of Buffalo, Fayetteville Bank and Industry State Bank. Collectively, the six banks were $401.4 million in the hole as of Sept. 30, 2023, with $381.9 million of that at the holding company level.
Three large Wall Street banks – Citibank, JP Morgan Chase and Wells Fargo Bank – have all been sued recently over charging the same type of fees to customers for depositing checks that are later returned.
(born December 23, 1962) is an American politician and lawyer who has served as the attorney general of Texas since 2015. A member of the Republican Party, he previously served in the Texas Senate representing the eighth district and as a member of the Texas House of Representatives.
Following that collapse, Moody's placed First Republic Bank (FRC), Zions (ZION), Western Alliance (WAL), Comerica (CMA), UMB Financial (UMBF) and Intrust Financial on review, meaning the banks are now perceived as more risky investments by lenders.
In October of 2022, nineteen states launched an investigation into JPMorgan Chase, Citigroup, Wells Fargo, Bank of America, Morgan Stanley, and Goldman Sachs' involvement in the United Nations Net-Zero Banking Alliance (NZBA).
The collapses in March of Silicon Valley Bank (SVB) and Signature Bank – two of the largest U.S. banks to fail since the Great Depression of the 1930s – have led some to wonder if the nation may be headed for a new widespread banking crisis.
Earlier last year Silicon Valley Bank failed March 10, 2023, and then Signature Bank failed two days later, ending the unusual streak of more than 800 days without a bank failure. Before Citizens Bank failed in November 2023, Heartland Tri-State Bank failed July 28, 2023 and First Republic Bank failed May 1, 2023.
What is an unethical bank? Banks use the money they hold to fund companies and projects around the world – including some of the most environmentally damaging. For example, UK banks are behind the expansion of a coal mine in Colombia, destroying Indigenous towns and causing widespread drought.
The Bank of America case is led by California truck driver Anthony Ramirez, California manufacturing worker Mynor Aldana and New Jersey retired widow Janet Hobson. Each said the bank refused to refund hundreds of dollars of overdraft and insufficient funds fees imposed in 2020, 2021 or 2022.
Before Silicon Valley Bank collapsed in March, it had been 28 months since a U.S. bank went up in smoke — the longest stretch without a failure in more than 15 years. SVB's unexpected demise kicked off a historic year for bank failures .
After winning impeachment fight, Paxton still faces felony fraud case and an FBI investigation. While Paxton emerges from the trial with new political clout, his legal problems persist. He is expected to go to trial next year in a long-running securities fraud case.
Texas judge rules against AG Ken Paxton's lawsuit that would halt Harris County guaranteed income program. Paxton sued Harris County for implementing a guaranteed income program, called Uplift Harris, which would give $500 a month to nearly 2,000 low income households over an 18-month period.
Attorney General Ken Paxton Sues Harris County Over Illegal “Guaranteed Income” Welfare Scheme. Texas Attorney General Ken Paxton has sued Harris County for instituting an unlawful “guaranteed income” program that redistributes public money in a manner that violates the Texas Constitution.
CFPB Takes Action Against Bank of America for Illegally Charging Junk Fees, Withholding Credit Card Rewards, and Opening Fake Accounts | Consumer Financial Protection Bureau.
CFPB Orders U.S. Bank to Pay $21 Million for Illegal Conduct During COVID-19 Pandemic. WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today ordered U.S. Bank to pay nearly $21 million for keeping out-of-work consumers from accessing unemployment benefits at the height of the COVID-19 pandemic.
Within 10 days after you notify the bank, the bank is required to investigate its records for an error; if the matter is still unresolved after 10 days, the bank must temporarily credit your account for at least a portion of the disputed amount and continue investigating for 45 days.
The IRS probably already knows about many of your financial accounts, and the IRS can get information on how much is there. But, in reality, the IRS rarely digs deeper into your bank and financial accounts unless you're being audited or the IRS is collecting back taxes from you.
Introduction: My name is Arline Emard IV, I am a cheerful, gorgeous, colorful, joyous, excited, super, inquisitive person who loves writing and wants to share my knowledge and understanding with you.
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