Skip to comments.Wells Fargo Pays $1 Billion to Federal Regulators
Posted on 04/20/2018 9:18:30 PM PDT by catnipman
Wells Fargo will pay two federal regulators a total of $1 billion to settle an array of investigations into its mortgage and auto-lending practices.
Customers were forced to pay for extending the length of so-called interest rate locks on mortgage applications even when the bank was responsible for delays in the application process.
Thousands of customers who bought cars with loans from Wells Fargo were forced to buy unnecessary insurance policies from the bank with premiums that topped a $1,000 a year. The bank said the policies could have contributed to about 27,000 customers having their cars repossessed after defaulting on their loans.
(Excerpt) Read more at nytimes.com ...
Hopefully, with Trump in the White House, that money won’t go into a slush fund that supports progressive groups as it was during the 8 years of darkness.
The 8 years of darkness...lol.
The whole industry has gone to heck starting in the 1980s. I watched the short run maximizers get loose unburdened by ethics or probity, concerned only about their quarterly bonus checks. For line people its a hellish business.
Not really a fine - Wells Fargo is a government operation
owner financed property?
That is as rare as a rainbow unicorn here in uostate NY. Oh well hubs and I are moving to TN in 5 years, Lord willing.
Isn't that the bureau that Elizabeth Warren championed and that Mick Mulvaney was put in charge of to kill off? Tough luck for Wells Fargo I guess. If only they had been able to hold out a little longer.
The customers the feds are claiming to be protecting. The media has been lapping this idiocy up since the 90's.
Just put some fu#$*&@ executives and managers in jail and save the second rip off of the customers?
A perfect example of the old saying dont steal the government hates the competition.
From the Zuckerberg School of Management...
“Ive never heard of a bank that wont take cash, or, let you deposit money into any account.”
BofA recently changed their rules (again) about cash. The first rule change that affected me was they had to have my ID for me to put cash in my wife’s checking acct, then next I had to have her acct number and my ID to put in cash, then I had to be on her signature card to put in cash. The only way for me to put money in her account now is to transfer it from my account. No use of cash in that bank without tracking every penny to the person using it.
I plan on closing out my WF accts and moving to an online bank for some of my finances. Anyone reccomend on that isn’t fly by night?
Pdobably the cfpb has their hands in this. If do, liberal groups were hoping for more free money from us. Mulvaney might have other ideas. And Liawatha will be spitting arrowheads.
I’ve been studying the Old Testament judgments and many of the most angering is when a government and the rich take advantage of the poor. Jesus wasn’t kidding when He said it is very hard for a rich man to enter His kingdom. Eternal hell sounds like their choice trading their whole inheritance for a bowl of stew.
While scapegoat auditor KPMG keeps getting the good ole boy contract since 1937 at $1M a week? Top management was well informed of the sales issue. While they lined their pockets with millions. What a crock.
Once again the customers are still screwed but the feds rake in a mountain of cash.
Seems it should be refunded to the customers.
CFPB was just one of the federal regulators involved and if it were not in existence Wells Fargo would still be on the hook to the other.
There is no need for the CFPB, especially one that doesn't think its accountable to the executive branch.
When Mulvaney does kill off the unneeded CFPB it will be a great day for deregulation.
The government knows just what it’s doing. Let Wells Fargo screw the customer for years, then take a rake off the top.
Citizens get screwed again!
The consumer bureau said at least 50,000 customers would probably require remediation and that the total to be repaid would exceed $10 million. Wells Fargo said the settlement would result in the $5.9 billion in first-quarter profits it reported last week being reduced by $800 million.
The joint action is the most significant move by federal banking regulators under the Trump administration. It is also the consumer bureaus first enforcement measure since President Trump appointed Mick Mulvaney, the White House budget director and a longtime critic of the bureau, as interim director in November.
Ive been studying the Old Testament judgments and many of the most angering is when a government and the rich take advantage of the poor. Jesus wasnt kidding when He said it is very hard for a rich man to enter His kingdom. Eternal hell sounds like their choice trading their whole inheritance for a bowl of stew.
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