US eases restrictions on Wells Fargo after years of strict oversight following scandal
1 year, 1 month ago

US eases restrictions on Wells Fargo after years of strict oversight following scandal

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} The Biden Administration is easing its restrictions on banking giant Wells Fargo, saying the bank has sufficiently fixed its toxic culture after years of scandals. The news sent Wells Fargo's stock up sharply Thursday as investors speculated that the bank, which has been kept under a tight leash by regulators for years, may be able to rebuild its reputation and start growing again. In a brief statement Thursday, the Comptroller of the Currency said that Wells Fargo's “safety and soundness” and “compliance with laws and regulations does not require the continue existence of the Order."

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History of this topic

Newly freed from federal restrictions, Wells Fargo agrees to shore up crime risk detection
6 months, 2 weeks ago

Newly freed from federal restrictions, Wells Fargo agrees to shore up crime risk detection

Associated Press  

Wells Fargo has agreed to work with U.S. bank regulators to shore up its financial crimes risk management, including internal controls related to suspicious activity and money laundering. The Office of the Comptroller of the Currency said it had identified “deficiencies relating to the bank’s financial crimes risk management practices and anti-money laundering internal controls in several areas.” The list …

US eases restrictions on Wells Fargo after years of strict oversight following scandal
1 year, 1 month ago

US eases restrictions on Wells Fargo after years of strict oversight following scandal

Hindustan Times  

NEW YORK — The Biden administration eased some of the restrictions on banking giant Wells Fargo, saying the bank has sufficiently fixed its toxic culture after years of scandals. The Office of the Comptroller of the Currency, the regulator of big national banks like Wells Fargo, on Thursday terminated a consent order that had been in place since September 2016. …

US eases restrictions on Wells Fargo after years of strict oversight following scandal
1 year, 1 month ago

US eases restrictions on Wells Fargo after years of strict oversight following scandal

Associated Press  

NEW YORK — The Biden administration eased some of the restrictions on banking giant Wells Fargo, saying the bank has sufficiently fixed its toxic culture after years of scandals. The Office of the Comptroller of the Currency, the regulator of big national banks like Wells Fargo, on Thursday terminated a consent order that had been in place since September 2016. …

Wells Fargo can’t seem to escape its troubled past
4 years, 2 months ago

Wells Fargo can’t seem to escape its troubled past

CNN  

New York CNN Business — Wells Fargo is still being haunted by its history of ripping off customers. More than four years after the Wells Fargo fake-accounts scandal erupted, the bank reported Friday another $321 million of quarterly losses tied to customer refunds. That brings Wells Fargo ’s 2020 total for what it calls customer “remediation” to a staggering $2.2 …

Fed lifts restrictions on Wells Fargo
4 years, 11 months ago

Fed lifts restrictions on Wells Fargo

CNN  

New York CNN Business — The Federal Reserve is temporarily letting Wells Fargo out of the penalty box, freeing the troubled bank to aggressively lend to small businesses struggling to survive the coronavirus crisis. The Fed said in a statement Wednesday it is easing the growth restrictions, first imposed on Wells Fargo in 2018, because of the “extraordinary disruptions from …

Wells Fargo CEO: 'We Have Not Done What's Necessary To Address Our Shortcomings'
5 years ago

Wells Fargo CEO: 'We Have Not Done What's Necessary To Address Our Shortcomings'

NPR  

Wells Fargo CEO: 'We Have Not Done What's Necessary To Address Our Shortcomings' Enlarge this image toggle caption Alex Brandon/AP Alex Brandon/AP Updated 4:45 p.m. Enlarge this image toggle caption Alex Brandon/AP Alex Brandon/AP Scharf's appearance on Capitol Hill comes a day after Wells Fargo announced the resignations of two board members, including the now-former chairwoman Elizabeth Duke. "He is …

Wells Fargo to pay $3B to resolve probes into fake accounts
5 years, 1 month ago

Wells Fargo to pay $3B to resolve probes into fake accounts

Associated Press  

LOS ANGELES — Wells Fargo agreed Friday to pay $3 billion to settle criminal and civil investigations into a long-running practice whereby company employees opened millions of unauthorized bank accounts in order to meet unrealistic sales goals. Bank employees were berated for not making bloated quotas, leading sometimes to mental health breakdowns, and ultimately resulting in many employees gaming Wells …

CEO Says Wells Fargo Has Transformed After Scandals; Lawmakers Are Skeptical
6 years ago

CEO Says Wells Fargo Has Transformed After Scandals; Lawmakers Are Skeptical

NPR  

CEO Says Wells Fargo Has Transformed After Scandals; Lawmakers Are Skeptical Enlarge this image toggle caption Chip Somodevilla/Getty Images Chip Somodevilla/Getty Images Wells Fargo has undergone a radical transformation since it was mired in scandals that resulted in billions of dollars in penalties and fines, the bank's CEO, Tim Sloan, told lawmakers Tuesday. "Wells Fargo's ongoing lawlessness and failure to …

Column: Even a $1-billion fine won’t fix what’s broken at Wells Fargo
6 years, 11 months ago

Column: Even a $1-billion fine won’t fix what’s broken at Wells Fargo

LA Times  

The $1-billion fine levied Friday by federal regulators on Wells Fargo and Co. for its string of customer-abuse scandals certainly sounds like a big number. — Wells Fargo CEO Timothy Sloan Investigations launched after the disclosures led to the departure of then-Chairman John Stumpf, to a flotilla of lawsuits and to disclosures of other misdeeds against consumers. Wells Fargo’s CEO …

Wells Fargo to pay $1 billion in fines over auto, mortgage lending abuses
6 years, 11 months ago

Wells Fargo to pay $1 billion in fines over auto, mortgage lending abuses

LA Times  

Wells Fargo & Co. will pay additional fines to federal regulators over practices that harmed mortgage and auto loan customers. Federal regulators slapped Wells Fargo & Co. with a penalty of $1 billion on Friday, punishing the San Francisco bank for abuses that harmed mortgage and auto loan borrowers, and for what regulators said was a pervasive and “reckless” lack …

Column: The Wells Fargo board is still getting a pass for failure
7 years, 1 month ago

Column: The Wells Fargo board is still getting a pass for failure

LA Times  

On the surface, the Federal Reserve seemed really to lay the hammer on Wells Fargo & Co. for its accounts scandal and serial wrongdoing. — Former Treasury Secretary Lawrence Summers The bank calls this process “refreshment” of the board, which may be the least refreshing use of the term “refreshment” in business history. “My question,” Summers wrote: “Why aren’t the …

L.A. backs requirements that could freeze out Wells Fargo from city contract
7 years, 3 months ago

L.A. backs requirements that could freeze out Wells Fargo from city contract

LA Times  

Lydia Ponce participates in a flash mob, put on by Divest LA, in front of Los Angeles City Hall that creates a human art formation spelling the phrase “Divest LA” on Monday. Los Angeles lawmakers pressed forward Wednesday with new requirements that likely would prevent Wells Fargo from hanging on to a multimillion-dollar contract with the city. “Together this council …

Did You Know Trump Made It Easier For Banks To Get Away With Screwing The Poor And Minorities?
7 years, 4 months ago

Did You Know Trump Made It Easier For Banks To Get Away With Screwing The Poor And Minorities?

Huff Post  

Michael Vadon Let’s start by talking about Republican economic philosophy. Going further, a recent New York Times article detailed what Trump has done to another major watchdog of the financial industry, the Office of the Comptroller of the Currency, which “charters, regulates, and supervises all national banks and federal savings associations as well as federal branches and agencies of foreign …

Column: Even as Wells Fargo scandal deepens, GOP lawmakers push bank deregulation
7 years, 6 months ago

Column: Even as Wells Fargo scandal deepens, GOP lawmakers push bank deregulation

LA Times  

Far be it from me to see metaphors where none exist, but Wells Fargo’s good name was literally blown away when Hurricane Harvey roared into the Texas city of Corpus Christi last week. “Wells Fargo is the poster child for why consumers need a strong Consumer Financial Protection Bureau,” said Emily Rusch, executive director of the California Public Interest Research …

Wells Fargo Refused To Criticize Trump On Climate Because The Bank Is Already Hated
7 years, 9 months ago

Wells Fargo Refused To Criticize Trump On Climate Because The Bank Is Already Hated

Huff Post  

LOADING ERROR LOADING Wells Fargo refused to publicly oppose President Donald Trump’s decision to pull the U.S. out of the Paris climate agreement. Wells Fargo Wells Fargo’s “current position with policy makers” is extremely tenuous because of the fake accounts scandal: The bank faces ongoing investigations from the Department of Justice, Securities and Exchange Commission, the Senate Banking Committee, and …

U.S. bank regulator was suspicious about Wells Fargo’s sales practices but did little about it
7 years, 11 months ago

U.S. bank regulator was suspicious about Wells Fargo’s sales practices but did little about it

LA Times  

The Office of the Comptroller of the Currency has released a report detailing how the federal regulator missed opportunities years ago to rein in unethical sales practices at Well Fargo. “In the 2000s, I don’t recall them saying, ‘Hey, we blew it.’ But here they are admitting this huge failure of supervision.” Comptroller of the Currency Thomas Curry said during …

Accounts scandal, wary customers take toll on Wells Fargo earnings
7 years, 11 months ago

Accounts scandal, wary customers take toll on Wells Fargo earnings

LA Times  

Wells Fargo & Co. reported first-quarter earnings Thursday that show the scandal over unauthorized customer accounts is eating into its bottom line. The San Francisco bank said its net income totaled $5.5 billion, showing no growth from last year’s first quarter — though the results topped the modest expectations of Wall Street. Wells Fargo Chief Executive Timothy Sloan acknowledged to …

Column:: Customers still seem wary of doing business with Wells Fargo — with good reason
8 years ago

Column:: Customers still seem wary of doing business with Wells Fargo — with good reason

LA Times  

Los Angeles Times Wells Fargo & Co. continues to provide a counter-example to the adage that there’s no such thing as bad publicity. Potential customers may feel they have good reasons to steer clear of Wells Fargo: Its commitment to do everything it can to rectify the fraud — “to make things right and restore trust,” as its publicity material …

Wells Fargo Becomes First Bank To Face Sanctions For Failing Too-Big-To-Fail Test
8 years, 3 months ago

Wells Fargo Becomes First Bank To Face Sanctions For Failing Too-Big-To-Fail Test

Huff Post  

A Wells Fargo Bank is shown in Charlotte, North Carolina, on Sept. 26. As a result, Wells Fargo is banned from creating new international bank operations or acquiring non-banks until it shows regulators it can be unwound safely. In their statement informing Wells Fargo that it had failed the living will process, they say the bank failed to address concerns …

Hegemony of capital
8 years, 5 months ago

Hegemony of capital

The Hindu  

THREE parallel developments that caught media attention recently point to the restoration of the hegemony of Finance Capital in the years since the 2008 crisis. One was the decision of the Financial Sector Protection Bureau of the U.S., an institution created after the 2008 crisis, to arrive at a settlement with Wells Fargo in an investigation relating to a rather …

Wells Fargo must do more than fire its CEO to mend its image, critics say
8 years, 5 months ago

Wells Fargo must do more than fire its CEO to mend its image, critics say

LA Times  

A red stagecoach, pulled by a team of six galloping horses and driven by a ruddy-faced man in a tan stetson, rumbles across a field of dry grass at the foot of a mountain range, all under a clear blue sky. The bank made another nod to its corporate heritage late Wednesday when it announced that Timothy Sloan, a longtime …

After Wells Fargo’s beating on Capitol Hill, it could face local sanctions over accounts scandal
8 years, 5 months ago

After Wells Fargo’s beating on Capitol Hill, it could face local sanctions over accounts scandal

LA Times  

Already the subject of federal investigations and congressional inquiries, Wells Fargo & Co. is now facing criticism from a growing number of state and local officials who want more answers from bank executives or hope to enact sanctions of their own. On Tuesday, a San Fernando Valley lawmaker plans to question a regional Wells Fargo executive about the bank’s sales …

Wells Fargo Troubles Are Just Beginning
8 years, 6 months ago

Wells Fargo Troubles Are Just Beginning

Huff Post  

Mike Mozart's Flickr Page In the continuing aftermath of the recently discovered scandal at Wells Fargo, California’s state treasurer is suspending some of the major parts of the state’s business with one of America’s most recognized bank brands. Other Fallout from The Wells Fargo Scandal The CNN Money video depicts Wells Fargo CEO John Stumpf, on the hot seat in …

Lawmakers spew vitriol at Wells Fargo CEO and ramp up demands for wider probe of banking industry
8 years, 6 months ago

Lawmakers spew vitriol at Wells Fargo CEO and ramp up demands for wider probe of banking industry

LA Times  

Lawmakers on Thursday intensified their calls for a wide-ranging probe into Wells Fargo & Co. — and into the practices of other banks — as political fallout from the San Francisco institution’s creation of unauthorized accounts continues to grow. Stumpf and the bank have been pummeled by lawmakers and hit with several civil lawsuits in the three weeks since Wells …

Republicans say there’s another villain in the Wells Fargo scandal
8 years, 6 months ago

Republicans say there’s another villain in the Wells Fargo scandal

LA Times  

Wells Fargo & Co. Chief Executive John Stumpf took the full brunt of congressional anger over the bank’s fake-accounts scandal at a Senate hearing last week and will face more outrage on Thursday before a House panel. Stutzman said that the CFPB began sending bank examiners to Wells Fargo for routine inspections “as early as 2011, 2012.” And although Wells …

Yeah, there's a difference: Wells Fargo scandal is another reminder that we can't afford Trump and the GOP
8 years, 6 months ago

Yeah, there's a difference: Wells Fargo scandal is another reminder that we can't afford Trump and the GOP

Salon  

Even as Republicans were striking poses of outrage during Tuesday's Senate hearing over Wells Fargo's abuses of customers, they were pushing for measures that would terminate the federal government's ability to root out bank abuses — like the ones discovered at Wells Fargo. The Consumer Financial Protection Bureau, the brainchild of Sen. Elizabeth Warren, was instrumental to exposing the way …

Column: Wells Fargo CEO John Stumpf offers a clinic in how to weasel out of real accountability
8 years, 6 months ago

Column: Wells Fargo CEO John Stumpf offers a clinic in how to weasel out of real accountability

LA Times  

Wells Fargo Chairman and CEO John G. Stumpf, who has been described as “the Mr. Clean of banking,” took his unflappable and well-groomed mien Tuesday to a hearing room on Capitol Hill to defend the bank against allegations that it had massively defrauded millions of its customers. — Sen. Elizabeth Warren confronts Wells Fargo CEO John Stumpf The bank’s explanation …

Wells Fargo CEO faces bipartisan wrath during fiery Senate panel hearing
8 years, 6 months ago

Wells Fargo CEO faces bipartisan wrath during fiery Senate panel hearing

LA Times  

The trouble at Wells Fargo & Co. started small, with a few employees at branches opening bogus accounts as they tried to meet aggressive sales goals and keep their jobs. “You should give back the money you took while this scam was going on, and you should be criminally investigated by the Department of Justice and the Securities and Exchange …

Wells Fargo updates: CEO John Stumpf ‘failed to disprove ... a massive fraud’
8 years, 6 months ago

Wells Fargo updates: CEO John Stumpf ‘failed to disprove ... a massive fraud’

LA Times  

The senators grilling Wells Fargo’s chief executive are primed to be tough Wells Fargo & Co. Chief Executive John Stumpf most likely will face some hostile questioning about the bank’s improper sales tactics at today’s Senate Banking Committee hearing, as the panel is filled with some of the industry’s most outspoken congressional critics -- led by Sen. Elizabeth Warren Stumpf …

Column: Thanks, Wells Fargo, for being such a bunch of weasels
8 years, 6 months ago

Column: Thanks, Wells Fargo, for being such a bunch of weasels

LA Times  

On behalf of all consumers, allow me to express gratitude for your living down to our sadly low expectations for bankers. “The scope of the misconduct at Wells Fargo is breathtaking and demonstrates why our new consumer watchdog, the Consumer Financial Protection Bureau, is essential,” said Lisa Gilbert, director of Public Citizen’s Congress Watch division. Sen. Elizabeth Warren, for one, …

The feds use their new muscle: Consumer protection agency fines Wells Fargo for massive fraud
8 years, 6 months ago

The feds use their new muscle: Consumer protection agency fines Wells Fargo for massive fraud

Salon  

For those who can drag their eyes away from the ongoing 2016 election shambles, the big news coming out of Washington this week was the fine the Consumer Financial Protection Bureau slapped on Wells Fargo for fraudulent banking practices. Per the agency's press release, Wells Fargo employees “opened roughly 1.5 million deposit accounts that may not have been authorized by …

Wells Fargo Website Hit By Access Issues Amid Cyber Threats
12 years, 6 months ago

Wells Fargo Website Hit By Access Issues Amid Cyber Threats

Firstpost  

The bank was working to quickly resolve the issues, a spokeswoman said, declining to comment on the source of the problem. Wells Fargo & Co became the latest bank to suffer problems with its website amid heightened concerns about cyber attacks against U.S. financial institutions. A financial services industry group had warned U.S. banks, brokerages and insurers to be on …

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