Jump to content
The World News Media

Wells Fargo Fined for Years of Harm to Customers


JAMMY

Recommended Posts

  • Member

Wells Fargo employees opened roughly 1.5 million bank accounts and applied for 565,000 credit cards that may not have been authorized by their customers, regulators said. Credit Eric Thayer/Bloomberg

Quote
 

Credit cards issued secretly without a customer’s consent. Bank employees creating fake email accounts to sign up customers for online banking services. Customers accumulating late fees on accounts they never even knew they had.

Those illegal banking practices were widespread and pervasive at Wells Fargo, which on Thursday was fined $185 million, including a $100 million penalty from the Consumer Financial Protection Bureau, the largest such penalty the agency has ever issued.

Federal banking regulators said the practices reflected serious flaws in the internal culture and oversight at Wells Fargo, one of the nation’s largest banks.

In all, Wells Fargo employees opened roughly 1.5 million bank accounts and applied for 565,000 credit cards that may not have been authorized by their customers, the regulators said in a news conference.

The bank has 40 million retail customers.

Regulators said the bank’s employees — many of whom have since been fired — had been motivated to open the unauthorized accounts by compensation policies that rewarded them for drumming up new business

Many current and former Wells employees told regulators they had felt extreme pressure to expand the number of new accounts at the bank.

“Unchecked incentives can lead to serious consumer harm, and that is what happened here,” said Richard Cordray, director of the Consumer Financial Protection Bureau.

This is an ugly moment for Wells Fargo, one of the few large American banks that have managed to produce consistent profit increases since the financial crisis.

In addition to the fine from the consumer protection bureau, Wells paid an additional $35 million to the Office of the Comptroller of the Currency and $50 million to the City and County of Los Angeles.

Wells has also refunded $2.5 million to customers and agreed to hire an independent consultant to review its procedures.

Regulators said such illegal sales practices had been going on since at least 2011.

“Wells Fargo is committed to putting our customers’ interests first 100 percent of the time, and we regret and take responsibility for any instances where customers may have received a product that they did not request,” the bank said in a statement.

http://www.nytimes.com/2016/09/09/business/dealbook/wells-fargo-fined-for-years-of-harm-to-customers.html

Link to comment
Share on other sites

  • 1 year later...

  • Views 858
  • Replies 2
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Popular Posts

Wells Fargo employees opened roughly 1.5 million bank accounts and applied for 565,000 credit cards that may not have been authorized by their customers, regulators said. Credit Eric Thayer/Bloomberg

  • Guest

Wells Fargo (+0.20%) CEO Tim Sloan faced an angry mob (aka the Senate Banking Committee) scrutinizing the bank’s response to the 2016 revelation that it had opened 3.5 million fake accounts.

Sloan took over last October for former CEO John Stumpf, but some senators feel like he hasn’t made amends for the company’s previous wrongdoings, which include signing up hundreds of thousands of customers for car insurance they didn’t need.

Lawmakers’ biggest issue with Sloan’s mop-up job is that Wells appears to be neglecting its commitment to resolve legal disputes in court—instead, opting for private arbitration. 

A fan favorite from the shouting match: “At best, you were incompetent. At worst, you were complicit. Either way, you should be fired.” Compliments of Elizabeth Warren, Massachusetts Senator and big bank enemy No. 1.

Link to comment
Share on other sites

  • 2 years later...

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...




  • Recently Browsing

    • No registered users viewing this page.
  • Popular Contributors

  • Topics

  • Posts

    • It appears to me that this is a key aspect of the 2030 initiative ideology. While the Rothschilds were indeed influential individuals who were able to sway governments, much like present-day billionaires, the true impetus for change stems from the omnipotent forces (Satan) shaping our world. In this case, there is a false God of this world. However, what drives action within a political framework? Power! What is unfolding before our eyes in today's world? The relentless struggle for power. The overwhelming tide of people rising. We cannot underestimate the direct and sinister influence of Satan in all of this. However, it is up to individuals to decide how they choose to worship God. Satanism, as a form of religion, cannot be regarded as a true religion. Consequently, just as ancient practices of child sacrifice had a place in God's world, such sacrifices would never be accepted by the True God of our universe. Despite the promising 2030 initiative for those involved, it is unfortunately disintegrating due to the actions of certain individuals in positions of authority. A recent incident serves as a glaring example, involving a conflict between peaceful Muslims and a Jewish representative that unfolded just this week. https://www.theguardian.com/world/2024/mar/11/us-delegation-saudi-arabia-kippah?ref=upstract.com Saudi Arabia was among the countries that agreed to the initiative signed by approximately 179 nations in or around 1994. However, this initiative is now being undermined by the devil himself, who is sowing discord among the delegates due to the ongoing Jewish-Hamas (Palestine) conflict. Fostering antisemitism. What kind of sacrifice does Satan accept with the death of babies and children in places like Gaza, Ukraine, and other conflicts around the world, whether in the past or present, that God wouldn't? Whatever personal experiences we may have had with well-known individuals, true Christians understand that current events were foretold long ago, and nothing can prevent them from unfolding. What we are witnessing is the result of Satan's wrath upon humanity, as was predicted. A true religion will not involve itself in the politics of this world, as it is aware of the many detrimental factors associated with such engagement. It understands the true intentions of Satan for this world and wisely chooses to stay unaffected by them.
    • This idea that Satan can put Jews in power implies that God doesn't want Jews in power. But that would also imply that God only wants "Christians" including Hitler, Biden, Pol Pot, Chiang Kai-Shek, etc. 
    • @Mic Drop, I don't buy it. I watched the movie. It has all the hallmarks of the anti-semitic tropes that began to rise precipitously on social media during the last few years - pre-current-Gaza-war. And it has similarities to the same anti-semitic tropes that began to rise in Europe in the 900's to 1100's. It was back in the 500s AD/CE that many Khazars failed to take or keep land they fought for around what's now Ukraine and southern Russia. Khazars with a view to regaining power were still being driven out into the 900's. And therefore they migrated to what's now called Eastern Europe. It's also true that many of their groups converted to Judaism after settling in Eastern Europe. It's possibly also true that they could be hired as mercenaries even after their own designs on empire had dwindled.  But I think the film takes advantage of the fact that so few historical records have ever been considered reliable by the West when it comes to these regions. So it's easy to fill the vacuum with some very old antisemitic claims, fables, rumors, etc..  The mention of Eisenhower in the movie was kind of a giveaway, too. It's like, Oh NO! The United States had a Jew in power once. How on earth could THAT have happened? Could it be . . . SATAN??" Trying to tie a connection back to Babylonian Child Sacrifice Black Magick, Secret Satanism, and Baal worship has long been a trope for those who need to think that no Jews like the Rothschilds and Eisenhowers (????) etc would not have been able to get into power in otherwise "Christian" nations without help from Satan.    Does child sacrifice actually work to gain power?? Does drinking blood? Does pedophilia??? (also mentioned in the movie) Yes, it's an evil world and many people have evil ideologies based on greed and lust and ego. But how exactly does child sacrifice or pedophilia or drinking blood produce a more powerful nation or cabal of some kind? To me that's a giveaway that the authors know that the appeal will be to people who don't really care about actual historical evidence. Also, the author(s) of the video proved that they have not done much homework, but are just trying to fill that supposed knowledge gap by grasping at old paranoid and prejudicial premises. (BTW, my mother and grandmother, in 1941 and 1942, sat next to Dwight Eisenhower's mother at an assembly of Jehovah's Witnesses. The Eisenhower family had been involved in a couple of "Christian" religions and a couple of them associated with IBSA and JWs for many years.)
  • Members

    • Pudgy

      Pudgy 2,381

      Member
      Joined:
      Last active:
    • misette

      misette 209

      Member
      Joined:
      Last active:
  • Recent Status Updates

  • Forum Statistics

    • Total Topics
      65.4k
    • Total Posts
      158.9k
  • Member Statistics

    • Total Members
      17,669
    • Most Online
      1,592

    Newest Member
    Miracle Pete
    Joined
×
×
  • Create New...

Important Information

Terms of Service Confirmation Terms of Use Privacy Policy Guidelines We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.