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The OCC's 2016 consent order sought changes in the way Wells Fargo offered and sold products and services to consumers, and required the lender to take additional actions to protect its customers ...
In August 2012, the SEC charged Wells Fargo for improperly selling asset-backed commercial paper (ABCP) structured with high-risk mortgage-backed securities and collateralized debt obligations (CDOs) to municipalities, non-profit institutions, and other customers, almost exclusively upon the basis of their credit ratings. [103]
The CFPB and OCC fined Wells Fargo $1 billion relating to unfair practices with mortgage rate fixing and auto loan insurance.
A Wells notice is a letter that the U.S. Securities and Exchange Commission (SEC) sends to people or firms at the conclusion of an SEC investigation that states the SEC is planning to bring an enforcement action against them.
The news sent Wells Fargo's stock up sharply Thursday as investors speculated that the bank, which has been kept under a tight leash by regulators for years, may be able to rebuild its reputation ...
Introduced in the House as "Financial Institutions Reform, Recovery and Enforcement Act of 1989" H.R. 1278 by Henry B. Gonzalez (D-TX) on March 6, 1989; Committee consideration by House Banking, Finance, and Urban Affairs, House Government Operations, House Judiciary, House Rules, House Ways and Means; Passed the House on June 15, 1989 (320–97)
Wells Fargo's sales culture and cross-selling strategy, and their impact on customers, were documented by the Wall Street Journal as early as 2011. [5] In 2013, a Los Angeles Times investigation revealed intense pressure on bank managers and individual bankers to produce sales against extremely aggressive and even mathematically impossible [7] quotas. [8]
Claims in the Wells Fargo class-action suit The class-action suit was filed in 2020 in federal court for the Southern District of New York. It focused on Wells Fargo’s actions in dealing with ...