Items Tagged with 'Wells Fargo'

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  • Wells Fargo extends deadline to take part in $142 million fake account settlement

    Deadline was February 3, new deadline is July 7
    It’s been a busy day in the settlement department for Wells Fargo. Early Friday, the bank was fined $1 billion by the CFPB and the OCC for mortgage lending and auto insurance abuses. And late Friday afternoon, the bank notified customers that it is extending the deadline to participate in the bank’s $142 million fake account class action settlement.
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  • Report: Fed regulators to fine Wells Fargo $1 billion

    Penalty for megabank’s misbehavior in auto and mortgage markets
    A new report from the Washington Post says that both the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency are preparing to fine Wells Fargo about $1 billion for misbehavior in the automotive and mortgage markets. Citing two people familiar with the negotiations, the Washington Post reported that the settlement could be announced as soon as Friday.
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  • Strong housing demand keeps builders optimistic in future

    But confidence edges down slightly in April
    Builder confidence edged down slightly in April as supply places a strain on builders, however confidence in the future remains on solid ground as homebuyer demand continues to surge. The National Association of Home Builders explained that as the spring home buying season begins, expect the market to continue to make gains at a gradual pace.
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  • Wells Fargo facing $1 billion fine for mortgage and auto insurance issues

    Bank confirms it is facing a fine from CFPB and OCC
    Earlier this week, reports emerged that the Consumer Financial Protection Bureau was seeking a “record fine” against Wells Fargo for mortgage and auto insurance issues. Wells Fargo confirmed Friday that it is indeed facing a fine of $1 billion over mortgage lending and auto insurance abuses.
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  • CFPB reportedly seeking $1 billion fine against Wells Fargo

    Reuters reports fine would cover mortgage lending and auto insurance issues
    Late last year, reports began to emerge that the CFPB was considering fining Wells Fargo for mortgage lending abuses and other issues. At the time, the potential fine was thought to be less than the $100 million fine levied against Wells Fargo by the CFPB for the bank’s fake account scandal in 2016. But it looks like Wells Fargo could be facing a much larger fine after all, one with a few more zeroes tacked onto it.
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  • Wells Fargo sees departure of four risk management executives

    Execs set to retire throughout this spring
    As Wells Fargo continues to face further legislative action, the big bank announced the retirement of four risk management executives. The bank made an internal announcement, saying it is implementing a new design for how the company manages risk. Part of this announcement included the retirement of four of its risk management executives.
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  • Wells Fargo Securities promotes Ari Kavour, Mike Llodra to lead mortgage finance group

    Will head up warehouse and term financing efforts
    Wells Fargo Securities, the investment banking and capital markets business of Wells Fargo, announced Thursday that it promoted Ari Kavour and Mike Llodra to co-heads of the mortgage finance group. Wells Fargo Securities’ mortgage finance group provides warehouse and term financing to companies and investors that own, originate or invest in residential real estate mortgages or securities.
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  • Builder confidence slips for third consecutive month

    But remains at strong level
    Builder confidence dipped in March, falling for the third consecutive month, however it is still at a high level historically. The National Association of Home Builders cautioned builders are reporting challenges in finding buildable lots, which could limit their ability to meet demand.
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