Items Tagged with 'Wells Fargo'

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Wells Fargo splits Chairman and CEO roles in wake of fake account scandal

Changes bylaws to ensure "independence"
In the wake of Wells Fargo’s fake account scandal, which led to the bank being fined $185 million and other significant changes at the bank, some blamed the bank’s executive structure for allowing the millions of fake accounts to go unnoticed for so long. Moving forward, one person will not be allowed to serve as both chairman and CEO of the bank, as the bank’s board of directors announced this week that it is splitting the roles.
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CFPB warns companies about engaging in Wells Fargo-like sales incentives

Says unchecked sales goals can lead to harmful practices
The Consumer Financial Protection Bureau just fired a shot across the bow of all companies that provide financial services to consumers, warning companies about the risks inherent in sales incentives programs like the one that led to a massive fine being handed down against Wells Fargo.
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OCC slaps serious sanctions on Wells Fargo as fake account fallout continues

Now needs approval before making executive changes; golden parachutes banned
On Friday evening, the Office of the Comptroller of the Currency slapped a series of sanctions on Wells Fargo that were previously excluded from its settlement with the megabank over the fake account scandal. Chief among those sanctions is that the bank is now required to ask the OCC for approval if it wants to make a change to its board of directors or its senior executive officers.
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Home builders stayed confident heading into election

Single-family housing shows slow, gradual growth
Home builders held a high confidence in November right before the election, according to an index from the National Association of Home Builders and Wells Fargo. This confidence is reflective of a continued demand for new housing from first-time homebuyers.
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Monday Morning Cup of Coffee: How did alleged serial killer get his real estate license?

Election Day is right around the corner!
The story is still developing on alleged serial killer Todd Kohlhepp, 45 and a registered sex offender living in South Carolina. But there is one key fact about Kohlhepp that is leaving those following the story shocked: How did Todd Kohlhepp get a real estate license? Here’s a brief recap on the developing story.
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Wells Fargo to pay $50 million to settle claims of overcharging for appraisals

Accused of hiking up appraisal prices for struggling borrowers
It’s been a rough few weeks for Wells Fargo and things aren’t about to get any better. The besieged bank is reportedly set to pay $50 million to settle claims that the bank overcharged “thousands of homeowners” for appraisals conducted after the borrower defaulted on their mortgage.
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Fitch: Wells Fargo mortgage servicer ratings unaffected by fake account scandal

Ratings agency affirms bank's prime, Alt-A, subprime servicer ratings
While Wells Fargo is fighting to earn back its customers’ trust and fighting off various forays from legislators because of the more than 2 million fake accounts that 5,000 of the bank’s former employees opened in order to get sales bonuses, the bank’s ability as a mortgage servicer is still on solid footing, according to a new repot from Fitch Ratings.
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Warren, Sanders, other senators want answers from auditor KPMG on Wells Fargo

Senators question whether auditor knew of fake accounts
Wells Fargo is still answering for the more than 2 million fake accounts that 5,000 of the bank’s former employees opened in order to get sales bonuses, but now, a group of senators want to know if the bank’s auditor knew about the fake accounts too and whether the auditor did anything about it.
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