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By Sabela Ojea
The Securities and Exchange Commission said TD Private Client Wealth must pay a civil penalty of $475,000 to the agency for failing to file mandatory filings.
From at least December 2019 to August 2024, TD Private Client Wealth failed to file forms 13F, despite having had investment discretion over at least $100 million of reportable securities, the SEC said Tuesday.
In August 2024, TD Private Client Wealth filed 18 Forms 13F, which covered the period from the quarter ending Dec. 31, 2019, to the quarter ending March 31, 2024.
The company only filed on time its Form 13F for the quarter ending June 30, 2024. That filing showed that it held positions in 1,216 different Section 13 Securities, with a total market value of about $3.2 billion.
TD wasn't immediately available for comment.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
Shares of Wells Fargo & Company WFC lost 4% following the announcement of a formal agreement with the Office of the Comptroller of the Currency (OCC) concerning the bank’s anti-money laundering (AML) and sanctions risk management practices.
The agreement points out flaws in the bank's anti-money laundering internal controls and risk management procedures in several areas, such as the reporting of suspicious activity and currency transactions, customer due diligence and the bank's customer identification and beneficial ownership initiatives.
The bank first disclosed this probe in its second-quarter Securities and Exchange Commission (SEC) filing, where it mentioned that it is in “resolution discussions” with the U.S. SEC about an investigation related to the cash sweep options it provides to new investment advisory clients.
Wells Fargo has taken a significant step in strengthening its AML and sanctions risk management capabilities with the official agreement with the OCC. The latest agreement is in line with the bank's continuous efforts to enhance its risk management system and adhere to regulatory requirements.
WFC’s management stated, “We have been working to address a substantial portion of what’s required in the formal agreement, and we are committed to completing the work with the same sense of urgency as our other regulatory commitments.”
Other Details of WFC's Agreement With OCC
The agreement mandates the establishment of a Compliance Committee to oversee Wells Fargo's adherence to its terms. Specifically, the action plan should be targeted at areas, such as front-line risk management, independent risk management, independent testing, customer identification and suspicious activity detection.
The agreement stipulates that the bank must improve its AML and sanctions risk management procedures, get the OCC to approve its program for evaluating the AML and sanctions risks of new offerings, and notify the OCC prior to expanding any of those products.
WFC’s Other Regulatory Issues
Since September 2016, WFC faced significant challenges with numerous penalties and sanctions, including a cap on the asset position by the Federal Reserve.
The bank faced another class action lawsuit in July 2024, alleging that it mismanaged its employee health insurance plan, forcing thousands of U.S.-based employees to overpay for prescription medications. Per the former employees, Wells Fargo's health plan pays inflated prices to pharmacy benefit managers, who negotiate with drugmakers, health insurance plans and pharmacies to set prescription drug prices.
In June 2024, WFC faced a proposed class action lawsuit alleging the bank for taking part in a $300-million Ponzi scheme. This scheme affected more than 1,000 investors, mainly senior citizens, and left them without substantial life savings. The lawsuit filed stated that WFC knew about the fraudulent activities from 2011 to 2021, and the company provided substantial assistance to the perpetrators while reaping benefits from the scam.
Over the past six months, shares of WFC have lost 8.9% against the industry’s growth of 9.1%.
Wells Fargo currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Finance Firms Under Litigation Probes
On Sept. 11, 2024, The Toronto-Dominion Bank TD agreed to pay a $28 million penalty in response to the Consumer Financial Protection Bureau (CFPB) order concerning credit reporting issues. The bank has been accused of mishandling customers’ credit information and failing to make necessary amendments to its practices.
TD signed a consent agreement with the CFPB admitting that it provided false information to consumer reporting companies, at times intentionally, and acknowledging its shortcomings in rectifying the failures that took place.
Earlier this month, in a settlement with the California Department of Justice over crypto withdrawals, Robinhood Markets, Inc.’s HOOD cryptocurrency platform is set to pay $3.9 million. Per the claims, HOOD prevented its customers from withdrawing cryptocurrency from their accounts between 2018 and 2022.
Per California’s Attorney General Rob Bonta, HOOD violated California law as it failed to deliver cryptocurrencies that its customers bought, and because of this, customers were unable to withdraw their assets, forcing them to sell the same to exit the platform.
Zacks Investment Research
Investors looking for stocks in the Banks - Foreign sector might want to consider either DNB Bank ASA (DNBBY) or Toronto-Dominion Bank (TD). But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.
We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.
Currently, DNB Bank ASA has a Zacks Rank of #2 (Buy), while Toronto-Dominion Bank has a Zacks Rank of #3 (Hold). This means that DNBBY's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. But this is only part of the picture for value investors.
Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.
The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.
DNBBY currently has a forward P/E ratio of 7.98, while TD has a forward P/E of 10.57. We also note that DNBBY has a PEG ratio of 1.47. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. TD currently has a PEG ratio of 1.80.
Another notable valuation metric for DNBBY is its P/B ratio of 1.29. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. For comparison, TD has a P/B of 1.47.
Based on these metrics and many more, DNBBY holds a Value grade of B, while TD has a Value grade of F.
DNBBY stands above TD thanks to its solid earnings outlook, and based on these valuation figures, we also feel that DNBBY is the superior value option right now.
Zacks Investment Research
The Toronto-Dominion Bank TD has agreed to pay a $28 million penalty in response to the Consumer Financial Protection Bureau (CFPB) order concerning credit reporting issues. The bank has been accused of mishandling customers’ credit information and failing to make necessary amendments to its practices.
Allegations Against TD
TD signed a consent agreement with the CFPB on Wednesday admitting that it provided false information to consumer reporting companies, at times intentionally, and acknowledging its shortcomings in rectifying the failures that took place.
Rohit Chopra, director of the CFPB, stated, “The CFPB's investigation found that TD Bank illegally threatened the consumer reports of its customers with fraudulent information and then barely lifted a finger to fix it. Rather than treating its customers fairly and following the law, TD Bank's management clearly cared more about growth and expanding its empire through mergers.”
The alleged violations comprise the sharing of imprecise data regarding credit card delinquencies and the submission of bad information about certain accounts that it suspected to be fraudulent. The CFPB claims certain accounts remained open despite the voluntary closure of the said accounts by the clients.
Toronto Dominion Bank’s Response to the Allegations
The bank has neither admitted nor denied the allegations raised by the CFPB as per the consent order. Toronto Dominion Bank’s spokesperson Miranda Garrison stated in an email that the bank “cooperated fully to resolve this matter.”
“Long before this settlement, TD self-identified these matters and voluntarily and proactively implemented enhancements to our furnishing and dispute handling practices,” Garrison added.
Redressal Mechanism & Fines To be Paid by TD
Toronto Dominion Bank must pay $20 million into the CFPB’s fund for victims of consumer financial protection law violations. An additional $7.76 million will be used to compensate affected customers, each of whom will receive $150. Any of the unclaimed funds will be transferred to the CFPB.
Further, TD is required to develop a compliance plan to address the CFPB’s allegations, improving its recordkeeping protocols for credit reporting and preparing a progress report for the bureau.
Toronto Dominion Bank’s Other Regulatory Issues
This action comes amid the massive sanctions and charges faced by the bank from other U.S. regulators concerning violation of anti-money laundering (AML) practices.
Last month, the bank announced an additional provision of $2.6 billion in its fiscal third-quarter results to meet the estimated cost of $3 billion for compliance failures regarding AML practices.
Last year, after Toronto-Dominion Bank’s landmark $13.4 billion deal to acquire First Horizon collapsed, the Canadian lender started receiving inquiries from the U.S. Department of Justice, financial regulators and the Treasury Department regarding its AML practices.
The core allegations have been that TD failed to catch money laundering and other financial crimes at several branches in the United States, where customer-facing employees took bribes to help move money.
In 2020, the bank faced a $122 million fine by the CFPB post an investigation revealing that it deceptively marketed a debit card advance service as free while levying fees on overdraft transactions.
TD’s Zacks Rank & Price Performance
Year to date, shares of Toronto Dominion Bank have lost 4.5% against the industry’s growth of 7.2%.
Currently, TD carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Similar Issues Faced by Other Finance Firms
Earlier this month, in a settlement with the California Department of Justice over crypto withdrawals, Robinhood Markets, Inc.’s HOOD cryptocurrency platform is set to pay $3.9 million. Per the claims, HOOD prevented its customers from withdrawing cryptocurrency from their accounts between 2018 and 2022.
Per California’s Attorney General Rob Bonta, Robinhood violated California law as it failed to deliver cryptocurrencies that its customers bought and because of this, customers were unable to withdraw their assets, forcing them to sell the same to exit the platform.
Bonta also said that Robinhood misled its customers about where their crypto assets were held. Also, the trading platform falsely advertised that it would connect customers to multiple trading venues so that they would get competitive prices.
Similarly, last month, an order was issued by the Commodity Futures Trading Commission (“CFTC”) for The Bank of New York Mellon Corporation BK to pay a civil penalty of $5 million for failing to report millions of swap transactions to a registered swap data repository in violation of a prior CFTC order.
BNY Mellon also failed to supervise its swap dealer business as required by the Commodity Exchange Act and CFTC regulations.
In addition to the monetary penalty, BNY Mellon has agreed to retain an independent compliance consultant to review and provide advice regarding its compliance program.
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