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Keyword: wellsfargo

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  • Fed Slaps Unusual Penalty On Wells Fargo Following 'Widespread Consumer Abuses'

    02/03/2018 5:52:28 PM PST · by Leaning Right · 33 replies
    NPR ^ | February 3, 2018 | Amy Held
    In a rare move, the Federal Reserve announced Friday that it is restricting Wells Fargo's growth and demanding the replacement of four board members in response to "widespread consumer abuses and compliance breakdowns" at the bank. *snip* The move to snuff its growth comes after the bank admitted in 2016 to creating potentially millions of fake bank accounts at the expense of unsuspecting customers.
  • Wells Fargo Glitch Leaves Customers With Empty Bank Accounts

    01/18/2018 1:11:39 PM PST · by DFG · 38 replies
    Philadelphia CBS Local ^ | 01/18/2018 | Chris Melore
    Many Wells Fargo customers got a terrifying shock after finding their checking accounts drained due to a series of errors by the embattled bank. The Jan. 17 glitch reportedly emptied several customers’ accounts after processing their online bill payments twice and doubling transaction fees. According to CBS News, the banking error also triggered overdraft fees on many checking accounts as customers around the country were mistakenly informed they had a zero balance. The bank’s phone lines were reportedly jammed through the night as angry customers demanded answers for the embarrassing mistake. Wells Fargo later put out a brief statement on...
  • These companies are handing out big rewards to their workers over tax bill

    12/20/2017 4:41:20 PM PST · by DadOfFive · 24 replies
    Some of America’s biggest companies are launching new initiatives to benefit employees after the GOP-led House of Representatives approved the largest tax reform bill in three decades this week. The $1.5 billion tax bill reduces the corporate tax rate from 35% to 21% and changes the way the U.S. government taxes companies that also operate internationally. The new plan, which is expected to be signed by President Donald Trump by January at the latest, is being hailed as a major victory for corporations and wealthy Americans. FOX Business breaks down how employees at some major companies are benefitting from the...
  • Wells Fargo (WFC) to Raise Minimum Wage to $15/Hr, Targets $400M in 2018 Philanthropic Contributions

    12/20/2017 1:58:13 PM PST · by TigerClaws · 17 replies
    Wells Fargo & Company (NYSE: WFC) today announced an expansion of its ongoing investments in team members, communities, small businesses, and homeownership, pledging the following actions once tax reform is signed into law: Raising the minimum hourly pay rate for its team members to $15 per hour. Targeting $400 million in donations to community and nonprofit organizations in 2018. The company also announced that beginning in 2019, it will target 2 percent of its after-tax profits for corporate philanthropy. As part of this expanded philanthropy, targeting $100 million in capital and other resources over the next three years to support...
  • Major US companies say workers will see some of tax windfall

    12/20/2017 6:29:38 PM PST · by Olog-hai · 21 replies
    Associated Press ^ | Dec 20, 2017 7:03 PM EST | Josh Boak
    Hours after landing a massive tax windfall, AT&T, Comcast, Wells Fargo and Boeing — among other major companies — announced plans Wednesday to share a fraction of their bounty with workers. The moves pleased President Donald Trump, who has claimed his $1.5 trillion in tax cuts that largely favor the wealthy and businesses would ultimately help the middle class. But Democratic lawmakers and corporate watchdogs say the move is a public relations stunt that pales in comparison to the profits the companies’ shareholders and executives will reap because of the lower tax rates. The stock market, as well, has risen...
  • This is just the start of companies handing out bonuses, raising wages and increasing spending

    12/20/2017 4:52:39 PM PST · by springwater13 · 38 replies
    Expect a stampede of companies handing out bonuses, raising pay, spending on capital projects and giving to charities, with the windfall from the massive corporate tax cuts passed Wednesday. In the hours after Congress the GOP tax cut plan, a handful of companies jumped to announce plans to share some of the proceeds on their employees and spend on infrastructure. AT&T was first out of the gate, saying it would give more than 200,000 unionized employees a special bonus of $1,000 once the tax bill is signed. The company also said it would increase its capital expenditures by $1 billion....
  • NBCbgets fresh leftist invasion. Network teams up with ‘journalism’org founded by Obama campaigners.

    12/07/2011 2:06:37 PM PST · by tutstar · 30 replies
    Aaron Klein Online ^ | 12 6 2011 | Aaron Klein
    NBC-owned television stations in cities across the nation just teamed up with a nonprofit “journalism” group funded by a billionaire husband and wife team who not only spent millions campaigning for President Obama but also topped donor lists to groups like ACORN and MoveOn.org. The nonprofit, ProPublica, will contribute to the news operations of all NBC owned-and-operated stations, including those in such cities as Los Angeles, Chicago and Philadelphia, the network announced Monday. The NBC affiliates will get early access to investigative reports from ProPublica, which describes itself as an “independent, non-profit newsroom that produces investigative journalism in the public...
  • Wells Fargo accused of denying loans to immigrants in DACA program

    08/08/2017 7:11:41 AM PDT · by Oldeconomybuyer · 32 replies
    San Francisco Chronicle ^ | August 7, 2017 | By Bob Egelko
    A federal judge in San Francisco has refused to dismiss a lawsuit accusing Wells Fargo bank of denying loans to immigrants who came to the U.S. as youngsters and have been allowed to remain here. Denial of loans based on citizenship status violates a federal law, passed in 1870, and a California civil rights law, U.S. District Judge Maxine Chesney said Thursday in rejecting the bank’s attempt to dismiss the proposed nationwide class-action suit. Wells Fargo, according to the suit, has a policy of granting loans only to U.S. citizens or to noncitizens who have become permanent legal residents and...
  • Sen. Elizabeth Warren calls for removal of 12 Wells Fargo board members

    06/19/2017 7:28:33 PM PDT · by Tolerance Sucks Rocks · 50 replies
    CNBC ^ | June 19, 2017 | Jeff Cox
    Sen. Elizabeth Warren is calling for the ouster of 12 board members at Wells Fargo due to the fake accounts scandal that has rocked the bank. In a letter sent Monday to Federal Reserve Chair Janet Yellen, the Massachusetts Democrat said the scandal has "revealed severe problems with the bank's risk management practices." Warren said the central bank has the authority under federal statute to remove the members who were on the board as the matter transpired. "We have received the letter and plan to respond," a Fed spokesman told CNBC. In an agreement with multiple authorities last September, Wells...
  • Who Funds the Far Left? You’ll Be Surprised

    12/14/2013 3:20:29 AM PST · by afraidfortherepublic · 49 replies
    Powerline ^ | 12-13-13 | John Hinderaker
    The Center for American Progress is a left-wing organization that is closely associated with the Obama administration. Its principal product is a web site called Think Progress. Think Progress is part of the internet cesspool that modern liberalism has become. Written by hack left-wing bloggers, it is bitterly hostile to free enterprise. It is a low-rent site that traffics in the most absurd smears and conspiracy theories. Many have wondered for some years who finances far-left web sites like Think Progress. As of today, we know at least part of the answer, as CAP released its corporate donor list for...
  • Suit: Wells Fargo targeted ‘undocumented immigrants’ for accounts

    04/29/2017 7:27:55 PM PDT · by Theoria · 14 replies
    San Francisco Chronicle ^ | 27 April 2017 | Thomas Lee
    Wells Fargo branches across the country deliberately targeted “undocumented immigrants” to open savings and checking accounts in order to meet aggressive sales goals, according to court documents. In sworn declarations obtained by Burlingame plaintiff’s attorney Joseph Cotchett, former employees describe a scheme in which Spanish-speaking colleagues would visit places they knew were frequented by immigrants (including construction sites and a 7-Eleven), drive them to a branch and persuade them to open an account. Some employees would give the immigrants $10 apiece to start an account. The events described in the declaration go back a decade. “The conduct we have come...
  • New York Mayor Warns Wells Fargo over Dakota Access Pipeline

    02/20/2017 3:18:23 PM PST · by ColdOne · 64 replies
    telsurtv.net ^ | 2/20/17 | telsurtv.net
    New York City Mayor Bill de Blasio warned Wells Fargo & Company over its funding for the Dakota Access pipeline, saying he has the power to pull the plug on the bank’s contract for operating accounts. “I am writing to express my deep concern about your involvement, and the involvement of other banks, in financing the Dakota Access Pipeline,” de Blasio wrote in a Feb. 17 letter to Wells Fargo CEO Timothy Sloan. He said his concern stemmed from the fact that he is the mayor of a “coastal city threatened by climate change" and that such a structure carrying...
  • De Blasio Threatens Wells Fargo Over Dakota Access Pipeline

    02/19/2017 10:54:51 PM PST · by Brad from Tennessee · 56 replies
    The Daily Caller ^ | February 19, 2017 | By Kerry Picket
    New York City Mayor Bill de Blasio threatened Wells Fargo bank for its investment in the North Dakota Access Pipeline. In a February 17 letter to Wells Fargo CEO Timothy Sloan, de Blasio said he wanted to “express my deep concern about your involvement, and the involvement of other banks, in financing the Dakota Access Pipeline,” noting his concern is partly based on being a Mayor of a “coastal city threatened by climate change.” De Blasio claimed the pipeline would violate “human and tribal rights of the Standing Rock Indian Reservation” and would have “negative environmental consequences” to the land...
  • BLM credit card gets Wells Fargo into trouble…but not why you think

    01/17/2017 11:37:39 AM PST · by Impala64ssa · 5 replies
    Allen B. West ^ | 1/17/17 | Alan B. West
    Back in September of last year, Wells Fargo was rocked by a fake accounts scandal, whereas 5,300 of their employees had been in on a scam to create fake checking accounts for existing customers (without telling them, of course) so they could charge fees on the accounts to unsuspecting customers. In total, over two million fake checking accounts were created, and unauthorized applications for 565,443 credit cards were sent out. Needless to say, the $185 million in fines they paid is minuscule in comparison to what such scandals do to a brand’s image. And it’s with that in mind that...
  • Taxpayers are still bailing out Wall Street, eight years later

    11/11/2016 8:23:35 PM PST · by Lorianne · 22 replies
    Washington Post ^ | 07 November 2016 | Renae Merle
    Eight-years after taxpayers rescued the U.S. financial system, some of the country's largest banks, including JPMorgan Chase and Wells Fargo, continue to receive billions in bailout money, according to government data. Wells Fargo is eligible for up to $1.5 billion in bailout funds over the next seven years. JPMorgan and Bank of America could receive $1.1 billion and $964 million respectively. The continuous flow of funds is a remnant of the $700 billion bailout effort, known as the Troubled Asset Relief Program or TARP, put in place during the financial crisis. Some of that money, about $28 billion, was carved...
  • North Texas Investor Takes on Wells Fargo in Ad

    10/07/2016 11:51:41 PM PDT · by nickcarraway · 30 replies
    NBC DFW ^ | Oct 6, 2016 | Julie Fine
    A North Dallas man is so angry with Wells Fargo, he has taken out a full-page ad in The Dallas Morning News and three other newspapers Thursday to the tune of a quarter-of-a-million dollars. Lacy Harber, 80, of Dennison, says he lost close to $5 million one day alone in a dealing with one of the branches of Wells Fargo. It has been very upsetting to both Harber and his wife, and in his full-page ad, he used the words "greed," "dishonesty," and "betrayal" in describing the San Francisco-based banking giant. Harber says he is a longtime customer, and Wells...
  • Heat Rises on Wells Fargo CEO After Lawmaker Grilling

    10/03/2016 5:51:51 AM PDT · by upchuck · 10 replies
    Newsmax ^ | Sep 21, 2016
    ... The white-haired, 63-year-old CEO repeatedly told a congressional panel that he had to check with staff, lacked information or was not an "expert" on a range of topics including executive compensation, credit scores and contracts that must be signed to open an account. Earlier this month, the lender agreed to pay $190 million in penalties and customer payouts to settle the case involving the creation of credit, savings and other accounts without customers' knowledge. About $5 million will directly go to customers, many of whom might have paid a small fee on the unwanted accounts. His responses gave plenty...
  • U.S.: Wells Fargo illegally repossessed 413 service members' cars

    09/29/2016 11:07:10 PM PDT · by Enterprise · 29 replies
    http://money.cnn.com/ ^ | September 29, 2016 | Jackie Wattles
    Wells Fargo will pay $24 million to settle allegations that it mistreated members of the military -- including illegally repossessing their cars. The bank, already reeling from a scandal over fake accounts, will pay $4.1 million to settle Justice Department charges that it seized 413 cars owned by service members without a court order, a violation of federal law. The Justice Department said the illegal repossessions took place from 2008 to 2015. The first complaint came from an Army National Guardsman in North Carolina who said the bank seized his car while he was preparing to deploy to Afghanistan. Wells...
  • Breaking-Dem Convention Finally Reveals Its List of Corporate Influence Buyers

    09/28/2016 12:45:37 AM PDT · by Brad from Tennessee · 10 replies
    Observer ^ | Septemer 27, 2016 | By Michael Sainato
    Corporate interests and influences have gained a great deal of ground in the Democratic Party under Hillary Clinton’s candidacy. For example, Clinton’s 2008 campaign co-chair, former Democratic National Committee (DNC) Chair Debbie Wasserman Schultz rescinded a DNC ban enacted by Barack Obama in 2008 on donations from lobbyists and SuperPACS. The decision helped Clinton keep up with Bernie Sanders’ grassroots fundraising. . . --------------------------------------------------------------------------snip--------------------- According to the filing report, some of the donors include George Soros’ son, Alexander, who gave $200,000; Priorities USA, a SuperPAC funded by George Soros, gave $1.5 million; Bank of America gave $1 million; Chevron gave...
  • Debate Preview, Charlotte Riots, USA Under Siege … [Radio]

    09/24/2016 7:01:03 AM PDT · by Randall_S · 5 replies
    USA Transnational Report ^ | September 27, 2016 | USA Transnational Report
    Each passing week brings us closer to the most critical election of our lifetimes, and with each passing week we learn vividly what is actually at stake. Monday’s debate promises to be the most watched in the nation’s history, and why not? As Obama finishes his eighth year in office, the United States is practically disintegrating under the weight of terrorism – from both jihadis and faux civil rights groups like Black Lives Matter. Last weekend and into Monday morning, a would-be mass murder planted a series of bombs across New York and New Jersey. Only dumb luck spared the...