Canadian securities regulators move to crack down on COVID-19 investment scams: In the past three months, provincial regulators have taken roughly 60 actions against pandemic-related scams, issuing investor warnings, shutting down websites and social-media pages, and sending out cease and desist letters. (Mark Rendell)
Banks fined for improper disclosure and charges on credit cards: The Financial Consumer Agency of Canada has fined CIBC more than $1.2-million for previously disclosed errors that incorrectly charged fees to 1.4 million credit card customers over a 15-year span. It also fined Canadian Western Bank and subsidiary Canadian Western Trust. (James Bradshaw, Clare O’Hara)
TD pays $122-million to settle case that alleged it charged US customers overdraft fees without consent: TD Bank will pay US$97-million in restitution to more than 1.4 million customers and a US$25-million civil penalty after the Consumer Financial Protection Bureau found the bank used deceptive tactics to charge customers overdraft fees for debit card and ATM transactions without their “affirmative consent” from 2014 to 2018. (James Bradshaw)
Scotiabank’s lesson: Putting reputation before revenue is the key to end spoofing. That’s the universal lesson from Scotiabank’s tale of woe: In a successful financial services culture, the compliance and risk management teams are equal partners with the traders, fund managers and other revenue-generating staff, with everyone putting reputation before revenues. (Andrew Willis)
Renewable energy stocks: Good under Trump, better under Biden? Renewable energy stocks have performed superbly under the tenure of coal-loving U.S. President Donald Trump. Now, some observers believe that a Joe Biden administration will give the green sector – including a number of Canadian stocks – its next big push. (David Berman)
National Bank shakes up its Dividend All-Stars portfolio: National Bank released an update to its 2020 Dividend All-Stars portfolio on Wednesday, removing seven securities and adding five new one.
Tesla’s soaring stock cracks $2,000 ahead of share split: Shares of Tesla Inc surged past the $2,000 mark on Thursday for the first time as the electric car maker extended its recent rally ahead of an upcoming share split. The surge put Tesla’s stock market value at $372 billion. (Reuters)
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