Items Tagged with 'Wells Fargo fake accounts scandal'


  • Wells Fargo board shakeup continues: Longest-serving directors set to retire

    Four board members will retire next month
    Four members of Wells Fargo’s board of directors, including its three longest-serving directors, will retire next month as the bank continues to clean up from its troubles of the last 18 months. On the way out are John Chen, Lloyd Dean, and Enrique Hernandez, each of which has served on the Wells Fargo board for at least 10 years, along with Federico Peña.
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  • Sacramento sues Wells Fargo over lending discrimination

    Lawsuit accuses bank of targeting minority borrowers with high-cost loans
    For the second time in less than a year, a major city is suing Wells Fargo for alleged discriminatory lending practices against minority borrowers. Last year, the city of Philadelphia sued Wells Fargo. Now, Sacramento is suing Wells Fargo as well for allegedly steering minority borrowers to high-cost loans.
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  • Wells Fargo hires former New York Fed exec to improve regulator relations

    Sarah Dahlgren named head of regulatory relations
    It’s probably safe to say that Wells Fargo has had a rough relationship with its various regulators over the past few years. Now, as part of an effort to improve its relationships with regulators, Wells Fargo is naming a new head of regulatory relations. Sarah Dahlgren, a long-time executive at the Federal Reserve Bank of New York will fill the role at Wells Fargo.
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  • New Mexico wants damages from Wells Fargo over fake accounts

    AG Hector Balderas seeking to have state’s victims paid back
    The states of California and Ohio aren’t quite ready for things with Wells Fargo to go back to normal in the wake of the bank’s fake account scandal – and it looks like New Mexico isn’t either. The state's attorney general wants damages from the bank on behalf of the state’s residents that were affected by Wells Fargo’s actions.
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  • Shocker: Wells Fargo fires head of consumer lending for misconduct

    Franklin Codel terminated for inappropriate communications with former employee
    It appears that Wells Fargo’s season on the brink is far from over. The bank struggled since the revelation of its fake account scandal, and the bad news isn’t over yet. The troubled bank just fired Franklin Codel, the head of the bank’s consumer lending division, for misconduct.
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  • California extends Wells Fargo business ban for another year, at least

    State Treasurer cites bank’s “wanton greed” and “lack of institutional control”
    Wells Fargo will continue to be banned from doing business with the government of its home state for at least another year because of the bank’s “wanton greed” and “lack of institutional control,” California State Treasurer John Chiang announced Monday.
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  • Ohio extends ban on doing business with Wells Fargo

    Gov. Kasich says bank has more work to do to regain public’s trust
    Wells Fargo may believe that it’s made significant progress to regain the public’s trust in the wake of last year’s fake account scandal, but Ohio Gov. John Kasich says the bank hasn’t done enough yet – and that’s why the state of Ohio won’t be doing business with Wells Fargo for at least six more months.
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  • Wells Fargo's latest fake account revelation proves why the CFPB must survive

    Republicans want less financial regulation, but they're wrong
    [Op-Ed] Wells Fargo’s latest revelation is the straw that broke my back. I’ve talked to enough people who work in the housing business to know that the CFPB made their lives much harder. I get why they hate the CFPB. I really do. But, I can’t just sit back and watch all of the financial regulation borne out of the financial crisis get undone. Situations like Wells Fargo show why the CFPB must exist.
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  • Wells Fargo scandal deepens: Bank reveals up to 1.4 million more fake accounts

    Reports show 70% more accounts than first thought
    An internal investigation at Wells Fargo revealed that the bank’s fake account scandal is a much larger issue than anyone thought. Nearly a year ago, the bank was fined $185 million for 5,000 of the bank’s former employees opening as many as 2.1 million accounts without authorization in order to get sales bonuses. As it turns out, the number of potentially fake accounts was actually 3.5 million – 1.4 million more than first thought.
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  • Wells Fargo shakeup: Bank picks former Fed governor Elizabeth Duke to lead board

    Duke elevated from vice chair, current chair Stephen Sanger set to retire
    Wells Fargo’s time of transition continued on Tuesday when the bank announced that it is making several changes to its board of directors, including naming a new board chair just 10 months after Stephen Sanger replaced John Stumpf as the bank’s chair. Elizabeth Duke, who is a former member of the Board of Governors of the Federal Reserve System, will be replacing Sanger.
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