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On October 28, 2008, Wells Fargo was the recipient of $25B of the Emergency Economic Stabilization Act Federal bail-out in the form of a preferred stock purchase. [ 17 ] [ 18 ] Tests by the Federal government revealed that Wells Fargo needed an additional $13.7 billion in order to remain well-capitalized if the economy were to deteriorate ...
The Federal Deposit Insurance Corporation (FDIC) may assume deposits of banks or allow other banks to assume them. The largest banks to be acquired have been the Merrill Lynch acquisition by Bank of America, the Bear Stearns and Washington Mutual acquisitions by JPMorgan Chase, and the Countrywide Financial acquisition also by Bank of America.
First Union later bought Wachovia National Bank in 2001 and the combined company took the Wachovia brand name. Wachovia Bank, suffering losses during the financial crisis of 2007–2008, was acquired by Wells Fargo, headquartered in San Francisco, California.
Wells Fargo Bank has agreed to pay $23.7 million to eight states and modify consumers' mortgages to settle deceptive marketing allegations over risky "pick-a-payment" home loans. The home loans ...
Since the fraud became public in 2016, the bank has faced a torrent of lawsuits.
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YouTube Kids is an American children's video app ... [200] On February 1, 2018, it was rolled out in 130 ... States with videos now able to be up to 1 minute ...
On April 5, 2012, a federal judge ordered Wells Fargo to pay $3.1 million in punitive damages over a single loan, one of the largest fines for a bank ever for mortgaging service misconduct, after the bank improperly charged Michael Jones, a New Orleans homeowner, with $24,000 in mortgage fees, after the bank misallocated payments to interest ...