Skip to comments.Fed Slaps Unusual Penalty On Wells Fargo Following 'Widespread Consumer Abuses'
Posted on 02/03/2018 5:52:28 PM PST by Leaning Right
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.
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.
(Excerpt) Read more at npr.org ...
It will be interesting to see if anyone goes to jail over this (I doubt it).
I was a vp at a bank in 2008. Own my own institution now.
Every major bank was doing what Wells Fargo did.
Every bank did that. To this day banks play games with this stuff. My current credit union tricks people into opening checking and savings accounts.
Wells Fargo had conservative leadership and probably didn’t pay off the DNC. That is why they got the hammer.
Conservative leadership? Are you serious?
We are talking about a San Fransisco bank that puts homosexuality above all else and hate Christians.
EVERY Credit Union I have ever known about demands that you hold a ‘savings account’ in addition to your checking account.
they might only demand $25 be deposited in that savings account, but most credit unions also do NOT charge all the fees that normal banks charge.
MANY years ago, I worked for CUNA...Credit Union National Association in Madison, Wis. I belonged to a credit union at one of the major Hollywood studios. Never had a bit of problem with any of my connections with Credit Unions.
Libertarian, maybe. Certainly not conservative.
Perhaps you and some of the others have substantial resumes in finance. Please do tell?
Otherwise you folks have no clue wtf you are talking about.
At one time I mailed off slam dunk evidence of financial fraud by a mega institution. It went to regulators and media. Crickets.
I could have put together a massive package of fraud at my last mega institution far worse than anything even Wells Fargo has been accused of.
Bottom line, not a thing would have happened.
They went after Wells Fargo for politics not any ill doing by them
Same as when Clinton went after Microsoft
“Warren Buffett....the legendary billionaire owns $100 million of Wells Fargo (WFC) stock in his personal account, according to FactSet. His firm Berkshire Hathaway (BRKA) is the bank’s biggest shareholder, holding nearly 10% of the stock.”
When I hear Wells Fargo I think Stagecoach, not a plce I want to keep my money
Fargo is a corrupt corporation and the lies and consumer abuses are rampant throughout. A simple web search will show just how honest and ethical they are. One of Fargo's favorite abuses is to delay and delay a mortgage closing so as to jack up the interest they charge. Conservative? in your dreams!
Get rid of the Federal Reserve and go from there. They never operate in our interest, only in their own.
I thought Saint Warren Buffett was a major owner.
Oh, around 25 years in the industry. And I’ve run across a few dirty bankers in my day.
But your response is totally unrelated to my comment. One doesn’t have to have any experience in the industry to know the political leanings of senior management at WF. Peddle your PR for this pro homosexual institution to folks that don’t keep up with the news.
Let me guess - your inaction by the regulators happened between 2000 and 2008.
Not true. Most definitely not true. The CEO is an open borders globalist who recently released a video and letter urging Congress to enact amnesty for the "dreamers." And that's not the first time he has taken the Left's side in an issue. He did the same thing with the transgender bathroom fuss last year when NC passed a ban on people using the opposite bathroom from the gender they were born as.
Credit union here in Florida, tricked members in the past years. They stopped mailing overcharge notices in the U.S. mail. Supposed they told us in a newsletter. Now they can charge at will and you don’t find out until the statement comes. Yes, if you are swift you can turn on, a defaulted off, option on the web interface to email you in the same event. But lots of old people have no desire to use the internet to bank. Screw them.
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