Items Tagged with 'Wells Fargo'

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NY Fed president compares Wells Fargo fake account scandal to subprime mortgage crisis

Dudley: Like subprime crisis, compensation made bankers ignore consequences
The president of the Federal Reserve Bank of New York told the Banking Standards Board in London on Tuesday that he sees quite a few similarities between the Wells Fargo fake account scandal and the subprime mortgage crisis of the late 2000’s. "Compensation, once again, seems to be at the center of a scandal," NY Fed President William Dudley said in the speech.
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Maxine Waters accuses Wells Fargo execs of dodging fake account inquiries

Says execs questioned by Republicans, but won't sit for Democrats
Wells Fargo executives are dodging additional Congressional inquiries into the bank’s massive fake accounts scandal, Ranking Member of the House Committee on Financial Services Maxine Waters, D-Calif., said last week in a letter sent to Wells Fargo CEO Timothy Sloan. Click the headline for more on Waters' accusation and what Wells Fargo says about it.
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Wells Fargo's fake account scandal didn't dent 2016 mortgage business

Here's a full breakdown
Wells Fargo spent much of the latter part of 2016 cleaning up the mess from its massive fake accounts scandal and trying to repair the damage to its reputation, but the bank’s mortgage business certainly didn’t suffer last year. Here's a full breakdown of Wells Fargo's 2016 mortgage business, including how many 3% down mortgages the bank originated.
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Deutsche Bank, RBS, Wells Fargo settle for $165 million over NovaStar mortgages

Union pension funds to receive payment in class action suit
Deutsche Bank, Royal Bank of Scotland, and Wells Fargo reached a $165 million settlement in class action lawsuit brought by pension funds over faulty crisis-era mortgages originated NovaStar Mortgage, the plaintiffs' attorneys announced on Wednesday. If approved by judge, the settlement would bring a nine-year legal battle to a close.
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Two more execs out at Wells Fargo as fake account fallout continues

Los Angeles Times reports on departure of two California regional presidents
A few weeks ago, Wells Fargo announced that it fired four senior managers in the fallout from the fake account scandal that led to a $185 million fine from the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, and the city and county of Los Angeles. And according to a new report from the Los Angeles Times, those four executives aren’t the only ones who recently left the megabank.
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Wells Fargo revokes 2016 bonuses for top execs; warns there could be more fake accounts

Discloses warning that more customers could be victims
Wells Fargo announced Wednesday that it plans to claw back the cash bonuses for eight of its top senior executives, including the bank’s new CEO, Tim Sloan, as the fallout from the bank’s fake account scandal continues. But as it turns out, Wells Fargo may be facing more fake account fallout, as the bank also warned investors Wednesday that there could be more victims of fake accounts than previously disclosed.
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Wells Fargo commits $60B lending goal toward African American Homeownership

Plans to create at least 250,000 homeowners
America is projected to become drastically more diverse over the next several decades. By the year 2024, 75% of the expected 14 million new households in the U.S. will be diverse, and Wells Fargo is stepping up to meet that need. The bank announced on Tuesday a $60 billion lending commitment to African American homeownership.
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Wells Fargo fires four senior managers over fake account scandal

Action taken due to ongoing internal investigation
Wells Fargo announced Tuesday that it fired four senior managers as the fallout continues from the fake account scandal that led to a $185 million fine from the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, and the city and county of Los Angeles.
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