* Speaking about the WellsFargo scandal during a discussionat Bethel University in Minnesota yesterday, Minneapolis Fed President Neel Kashkarisaid that the case is not "an example of too big to manage," but "anexample of managers making wrong decisions." MarketWatch reports on this.
* California state Assemblyman Matt Dababneh is mulling overstate legislation that would banWells and other financial firms from using arbitration clauses, the Los Angeles Times reports.
* Meanwhile, the New York State Department of Financial Servicesissued guidance on compensationat regulated institutions, emphasizing that employees should not be incentivizedto engage in improper business activities.
* The CFPB issued a consent order and a $5.5 million penalty to Vienna, Va.-based Navy Federal CreditUnion over its debt collection activities.
* The G-7 adopted a set of cybersecurity principles to help defendthe financial sector from destabilizingthreats.
* Hamilton USA, the U.S. platform of insurance operations ofHamilton Insurance Group, appointedMichael Garceau COO, effective Oct. 17
* And LPL Financial Holdings is mulling a number of strategicoptions including a possible sale,say sources for Reuters.
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