Tag Archives: Wells Fargo

Via press release from the CFPB: The Consumer Financial Protection Bureau (CFPB) is ordering Wells Fargo Bank to pay more than $2 billion in redress to consumers and a $1.7 billion civil penalty for legal violations across several of its largest product lines. The bank’s illegal conduct led to billions of dollars in financial harm to its customers and, for …

Bloomberg News reports: Wells Fargo & Co. fired more than 100 employees for improperly getting coronavirus relief funds, according to a person with knowledge of the situation, Bloomberg News reports. The firm found staffers who it believes defrauded the U.S. Small Business Administration “by making false representations in applying for coronavirus relief funds for themselves,” according to an internal memo …

The New York Times reports: Wells Fargo’s chairwoman, Elizabeth A. Duke, has resigned, the bank announced on Monday, bowing to pressure from Washington ahead of what is likely to be another round of grilling from Congress over its history of deceptive consumer practices. Ms. Duke, who is known as Betsy, resigned on Sunday. She had been the bank’s chairwoman since …

The New York Daily News reports: Wells Fargo will pay $3 billion to settle investigations into its long-running scam that had company employees opening millions of bogus bank accounts in order to meet unrealistic sales goals. Since the fake-accounts scandal was revealed in 2016, the San Francisco-based bank has paid out billions in fines to state and federal regulators, reshuffled …

Reuters reports: Wells Fargo & Co will pay at least $386 million to settle class-action claims by customers who said the bank signed them up for auto insurance they did not want or need when they took out car loans. The settlement was disclosed in filings on Thursday with the U.S. District Court in Santa Ana, California, and requires a …

Bloomberg reports: Wells Fargo will pay $575 million to settle claims made by U.S. states that the bank created phony accounts and committed other customer abuses, according to a statement by the Iowa attorney general’s office. Two years ago, Wells Fargo agreed to pay $190 million to settle federal government claims that the bank created phony customer account, and improperly …

USA Today reports: Wells Fargo said Monday that it would claw back tens of millions in additional compensation from top former executives after an investigation concluded that the leaders had not acted swiftly to contain alleged “improper and unethical behavior.” Independent board members, paired with outside investigators hired by the company to review its fake accounts scandal, blasted Wells Fargo …

Via press release: Wells Fargo & Company announced today that Chairman and Chief Executive Officer John Stumpf has informed the Company’s Board of Directors that he is retiring from the Company and the Board, effective immediately. The Board has elected Tim Sloan, the Company’s President and Chief Operating Officer, to succeed him as CEO, and Stephen Sanger, its Lead Director, …

Fortune reports: Wells Fargo CEO John Stumpf may not lose his job over the phony account scandal that has cost his bank its reputation (and $185 million in fines), but he will lose his bonus — and then some. After weeks of public outcry and prodding from some Wall Street analysts, the Wells Fargo board announced late Tuesday that it …

The New York Daily News reports: Wells Fargo’s spiraling “sandbagging” scam might get a lot more expensive for the nation’s biggest bank. Two former employees filed a $2.6 billion class action lawsuit last week accusing the bank of demoting or ousting workers who failed to meet “unrealistic quotas” that drove other employees to rip off customers. “Wells Fargo knew that …

USA Today reports: Wells Fargo CEO John Stumpf told the Senate Banking Committee he was “deeply sorry” Tuesday over allegations the bank opened millions of accounts without customers’ permission in order to meet aggressive sales quotas. Sen. Elizabeth Warren was having none of it. The Massachusetts senator has built a reputation for being tough on shady Wall Street dealings and …

Yesterday was the International Day of Transgender Visibility and in support Wells Fargo lit its 48-story Duke Energy Center tower in Charlotte in pink, white, and blue, which are the colors of the transgender pride flag. Also yesterday Wells Fargo joined the 80+ major corporations who have called for the repeal of North Carolina’s hate law. From the Charlotte Observer: …

“It is true that a local BB&T branch in the Miami area hosted a fundraiser for a program called Legacy Couples, which recognizes same-sex couples who have been in committed relationships for 10 years or more, but the bank did not promote this program through a national advertising campaign (or we would still be looking for another bank). I think …

“I love this story so much I want to take it to Franklin Graham’s new bank and marry it. If it’s a lady.”

From the American Family Association: In 2003, AFA warned that Wells Fargo was beginning to show public support for homosexuality. They were one of the first companies in America to do so. In 2005, Dr. James Dobson and Focus on the Family announced it was withdrawing funds from Wells Fargo after the company threw its support behind homosexual activist organizations.In …

Brian Tashman writes at Right Wing Watch: Graham spoke with Craig James of the Family Research Council, which is cheering on Graham’s announcement, on yesterday’s edition of “Washington Watch,” where he explained that he will be switching to BB&T, another North Carolina-based bank. Graham may not have done much research, as BB&T has received an 80 percent score in the …

“Wells Fargo may be the first American bank to feature a lesbian ad — but it may also be the last. The outrage over these in-your-face commercials is finally reaching a boiling point with consumers, who are sick and tired of watching companies pitch agendas over products. American powerhouses like General Mills, Tiffany & Co., Amazon, Starbucks, Tylenol, Target, Nabisco, …

“Have you ever asked yourself–how can we fight the tide of moral decay that is being crammed down our throats by big business, the media, and the gay & lesbian community? Every day it is something else! Tiffany’s started advertising wedding rings for gay couples. Wells Fargo bank is using a same-sex couple in their advertising. And there are more. …