Items Tagged with 'Wells Fargo'

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Wells Fargo clears living will hurdle; sanctions removed by Fed, FDIC

Successfully addresses issues in 2015 plan
It’s been a rough few months for Wells Fargo, but the megabank got a rare bit of good news on Monday when the Federal Reserve Board and the Federal Deposit Insurance Corporation announced that the bank successfully remedied the issues in its 2015 “living will,” which will remove a series of sanctions from the bank.
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Wells Fargo increases fake account class action settlement to $142 million

$32 million addition covers accounts fraudulently opened as far back as 2002
Last month, Wells Fargo announced that it agreed to a $110 million settlement in a class action lawsuit brought on behalf of the bank’s customers who had a fake account opened in their name. The settlement covered anyone who had an account opened in their name without their consent stretching back to Jan. 1, 2009. But Wells Fargo announced Friday that it is expanding both the size of the settlement and the time period the settlement covers by an additional seven years.
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Settlement approved: Wells Fargo customers will get $50 million for overcharged mortgage fees

Class action settlement over Broker Price Opinions is finalized
Borrowers who had a mortgage serviced by Wells Fargo between May 6, 2005 and July 1, 2010 will soon receive their share of a $50 million settlement stemming from allegations that Wells Fargo overcharged borrowers for Broker Price Opinions during that period, as a class action settlement covering the overcharging is now finalized.
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Former Wells Fargo exec claims bank fired her for refusing to scam customers

Lawsuit claims that bank’s executives pushed for fake accounts
A former executive at Wells Fargo claims in a lawsuit that the bank fired her because she refused to participate in a scam like the bank’s well-publicized fake account scandal, which led to a $185 million fine after more than 5,000 of the bank’s former employees opened more than 2 million potentially unauthorized accounts to get sales bonuses.
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Builder confidence subsides slightly in April

Comes down off unusually high March reading
Homebuilder confidence fell off from the high reported in March, decreasing three points in the Housing Market Index in April. However, despite this decrease, experts point out that builder confidence remains at solid levels.
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Wells Fargo claws back $75 million more from Stumpf, Tolstedt

Internal investigation blames "cultural, structural, leadership issues" for fake accounts scandal
Wells Fargo announced the results of an internal investigation into its recent fake accounts scandal, which found that cultural, structural and leadership issues were the root cause for its improper sales practices. Due to the investigation's conclusions, the company announced it will claw back even more from top executives, including former CEO John Stumpf, with the total now reaching more than $180 million.
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Wells Fargo partners with NeighborWorks America to boost homeownership in Birmingham

Wells Fargo will invest $2.55 million
Wells Fargo is partnering with NeighborWorks America and Neighborhood Housing Services of Birmingham to boost homeownership in the Birmingham and Jefferson Country areas of Alabama. Through the program, borrowers may be eligible to receive a matching down payment assistance grant ranging from $2,500 up to $7,500.
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New Wells Fargo CEO pens open letter thanking customers for their loyalty

Sloan: We commit to you that we will make things right
It probably goes without saying that it’s been a rough few months for Wells Fargo. It all started with the shocking revelation of the fake account scandal at the bank, which involved more than 5,000 of the bank’s former employees opening more than 2 million fake accounts to get sales bonuses. And now the bank is working to repair its tarnished reputation.
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