Wells Fargo Fake Accounts

Wells Fargo CEO expresses increased confidence in regulatory fixes

The bank is in the last stages of a process to pass regulatory tests to lift a $1.95 trillion asset cap next year after fixing problems from its fake-accounts scandal, Reuters reported exclusively

Banking giant Wells Fargo prepares for wealth battle after $1 bn turnaround

When Chief Executive Officer Charlie Scharf took the reins at Wells Fargo in 2019, he quickly tagged the firm's wealth offerings as an area he'd seek to develop

Wells Fargo to pay $3.7 bn to settle charges of consumer law violations

Consumer banking giant Wells Fargo agreed to pay $3.7 billion to settle a laundry list of charges that it harmed consumers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applied overdraft fees against savings and checking accounts. The Consumer Financial Protection Bureau on Tuesday ordered Wells to repay $2 billion to consumers and enacted a $1.7 billion penalty against the bank. It's the largest fine to date against any bank by the CFPB and the largest fine against Wells, which has spent years trying to rehabilitate itself after a series of scandals tied to its sales practices. Regulators made it clear, however, that they believe Wells Fargo had not done enough to clean up its act. Put simply: Wells Fargo is a corporate recidivist that puts one out of three Americans at risk for potential harm, said CFPB Director Rohit Chopra, in a call with reporters. Chopra said this pattern of behavior made make it necessary for regulators to take ...

Yellen's blow to Wells Fargo: Assets capped, can't grow problems are fixed

Wells Fargo began stumbling through a spate of scandals 17 months ago

Fed punishes Wells Fargo for years of misconduct, imposes harsh penalties

The Fed's punishment, a forceful intervention by the government, means that one of the country's largest and most powerful financial institutions will be unable to keep pace with its growing rivals

Wells Fargo review finds 1.4 mn more suspect accounts

Latest findings bring the number of potentially unauthorised accounts at the bank to 3.5 mn