automotive lender Wells Fargo has been discovered to have charged hundreds of thousands of customers for duplicate car insurance they neither needed nor wanted, and in some cases people lost their vehicles because of the excess cost. The financial-services company has responde...
That's on top of Wells Fargo's infamous consumer scandals. The bank has already paid out rebates to customers for opening fake accounts in their names, forcing them into car insurance they didn't need and charging them mortgage fees they didn't deserve. The laundry list of legal troubles ...
according to Reuters.19The order limiting Wells Fargo to a maximum of $1.9 trillion in assets was imposed by the Federal Reserve in 2016. It will stay in place until regulators deem that the bank has corrected the problems that led to the fake accounts scandal. ...
The CEO of Wells Fargo will reportedly step down as CEO and chairman of the board of the major U.S. bank, a move that comes in the wake of a major scandal over the creation of fake accounts on behalf of thousands of customers.
This scandal is being examined at House and Senate hearings. For additional information about the Wells Fargo scandal, see CRS Legal Sidebar WSLG1671, Wells Fargo's Selling Campaign鈥擡nforcement Actions, Civil Penalties, and Possible Criminal Charges, by M. Maureen Murphy.Murphy, Edward Vinc...
While scandal in the banking sector is no surprise, particularly since the global financial crisis of 2008, many were surprised to find Wells Fargo at the center of one. After all, the bank is considered one of the more conservative of the major banks, and with its headquarters in...
WASHINGTON, Feb. 21 (Xinhua) -- Wells Fargo, one of the leading U.S. banks, has agreed to pay 3 billion U.S. dollars to settle criminal and civil investigations with the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) over its fake accounts scandal,...
Wells Fargo’s independent directors are punishing two top executives after the bank’s scandal over sales practices. Chairman and CEO John Stumpf is forfeiting $41 million dollars in stock awards and will forgo his salary during the investigation. Former executive Carrie Tolstedt, who oversa...
(See "Lessons from the Wells Fargo Scandal" in the November 2016 issue of Strategic Finance.) The current analysis goes from January 2009 to September 2016. It also found 800,000 instances of unwanted auto insurance forced on customers and failure to make refunds to customers with auto loans....
Wells Fargo Scandal: A Direct Result of Risk Management Negligence 3) Starting in 2010, the SEC’s Proxy Disclosure Enhancements (rule 33-9089), by establishing an ERM mandate for corporations, made boards responsible for disclosing various risk ma...