FEBRUARY 16, 2024:
NEW YORK (AP) — The Biden administration is easing its restrictions on banking giant Wells Fargo, saying the bank has sufficiently fixed its toxic culture after years of scandals. The news sent Wells Fargo’s stock up sharply in afternoon trading as investors speculated that the bank, which had been under a tight leash for by regulators for years, may be able to start growing again. The Office of the Comptroller of the Currency, the regulator of big national banks like Wells Fargo, terminated a consent order that required the bank to completely overhaul how it sold financial products to customers and provide additional consumer protections as well as employee protections for whistleblowers.
DECEMBER 20, 2022:
WASHINGTON (AP) — Consumer banking giant Wells Fargo is being ordered to pay $3.7 billion in fines and refunds to customers by U.S. government regulators, the largest fine to date against the bank. Wells has spent years trying to rehabilitate itself after a series of scandals tied to its sales practices. The Consumer Financial Protection Bureau on Tuesday (Dec. 20, 2022) ordered Wells to repay $2 billion to consumers and enacted a $1.7 billion penalty against the bank. The bureau spelled out a laundry list of consumer financial law violations, from illegal fees and interest on auto loans and mortgages, as well as incorrectly applied overdraft fees against savings and checking accounts.
Comments