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- The Consumer Financial Protection Bureau has ordered Wells Fargo Bank to pay $3.7 billion, including a $1.7-billon civil penalty and $2 billion in redress to consumers, for what the bureau says were illegal fees and interest charges on auto and mortgage loans, incorrect charges on checking and savings accounts, and other “incorrect” charges.
- Digital-currency platform Bitrail announced it will support client companies looking to offer their own tokens and currencies as part of their loyalty programs.
- Some 60% of consumers in Europe and North America say they have abandoned purchases online because of poor Web-site design, according to a survey of 6,000 consumers by Storyblok, a vendor of content-management systems.
- Brad Herring, who served as chief financial officer at Shift4 and before than Elavon, has been named CFO at Enfusion Inc., a technology provider for investment managers.
- Sunil Rajasekar has been appointed chief executive of payments platform Billtrust, succeeding founder Flint Lane, who remains a board director. Rajasekar’s experience includes executive positions at Mindbody and eBay. Billtrust went private last week less than two years after having gone public through a merger with a special purpose acquisition company (SPAC).
- Business-payments provider AvidXchange Holdings Inc. appointed Sonali Sambhus and Asif Ramji to its board. Ramji formerly served in executive positions with FIS, Vantiv, and Paymetric. Sambhus formerly was an executive at Block Inc.
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