wrongly repossessed customers' cars and misapplied payments to auto and mortgage loans. The consumer watchdog agency also accused Wells Fargo of charging consumers illegal surprise overdraft fees and adding incorrect charges
In April, Wells Fargo paid $1 billion to the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency to settle investigations into its mortgage- and auto-lending practices. This month, an agreement was finalized where Wells Fargo will pay $480 million to settle a...
I also summarize the actions we’ve taken to simplify the way we operate. This work continued in the first quarter as we largely completed the exit of the correspondent home lending business as part of our plans to simplify that business. We are also narrowing our retail mortgage business to...
Although the company said it was "pleased to bring closure" to the banking, auto and mortgage issues found by the agency, CFPB Director Rohit Chopra made it clear that he didn't consider Wells Fargo off the hook. The agreement doesn't provide immunity to W...
The mixed fourth-quarter results come on the heels of a strong third quarter, which saw Wells Fargo benefit from mortgage banking fees, higher equity markets and declining sequential charge-offs, according to Scharf. Shares of Wells Fargo were lower in early Friday trade, falling 2.9%% to $33....
As a reminder, we have outstanding litigation, regulatory, and customer remediation matters that could impact operating losses during the remainder of the year. In summary, we had solid results in the third quarter, which demonstrated the progress we are making to transform Wells Fargo and improve...
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Wells Fargo Bank has agreed to a $1 billion penalty issued by the federal government for how it charged certain borrowers for mortgage interest rate-lock extensions and the way it administered a mandatory insurance program related to its auto loans. T he
Wells Fargo fines add up to $1.7 billion, along with $2 billion in consumer redress for "illegal conduct" across several business lines. The CFPB has ordered the bank to pay up.
Wells Fargo's vision is to satisfy our customers' financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,300 locations,...