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 ...
1. I would prefer the COMPANY OFFICIALS be PROSECUTED (if laws were broken and the law is transparent and not merely a matter of “regulators interpretation) rather than extracting working capital from companies; and if any customers be defrauded of money, those customers actually defrauded be compensated by the company. Merely in affect shaking down the stock holders of a company for $1 billion does not seem like true “justice” for anyone.
2. I would actually prefer that no such settlements be allowed. The government should have to prove its case in court, before a judge, with all the protections afforded a defendant provided, and with federal law changed to require “loser pays” (the other party’s court costs) and loser allowed to be the government as well, if that’s the case.
3. Instead we have laws that are not transparent and the DOJ in affect manufacturing law by way of “settlements” that establish legal and illegal behavior going forward, with all in that industry taking notice and modifying their behavior lest they get hung on the same “law” (actually the terms of the settlement) that the executive branch has just authored, judged and prosecuted all by itself.
It’s a private deal, with a relative, and, I live in Georgia.
Use the money to build the wall!
“DEPOSIT MONEY INTO ANYONES ACCOUNT UNLESS YOU ARE A WELLS FARGO ACCOUNT HOLDER, OR, HAVE WRITTEN PERMISSION FROM THE ACCOUNT HOLDER.
Those rules would likely be an attempt to prevent money laundering or some other illegal activity.
Plus why wouldn’t you write a check so you have record of what you are paying?
What stops the owner saying that you never paid them anything?
Glad to hear they were able to buy off the regulaters instead of giving the money to the folks they stole it from. There are now more banks than grocery stores in my tiny town.. now I see why. Regulatory collusion.
ah, bankers. Definitely an honorable crowd. Who paid the fines? Who WILL BE paying the fines? interest paying customers? ok.
The “owner” is my son. A check takes process time, cash is an instant deposit. He lives out of town, I would have to send it to him, he’d have to take it to his bank, etc. He travels a lot for work, and this was just the easiest and fastest way to get it done.
IF she works right next door- she can deposit CHECKS just as easy as she can deposit cash.
However-—More & more banks are trying to say they won’t accept cash deposits.
As a life=-long bookkeeper/accounting person, I don’t know how much business they are going to lose-—Gas stations —restaurants—grocery stores-—all high cash deposit clients.
I have done bookkeeping for over 55 different clients since 1980. Even the smallest one man shop deposited cash. I did books for 3 different engine builders. Spend a week building a racing engine & you get paid CASH. PERIOD.
Are you going to force a 14 year old kid who is mowing lawns for a summer job to not get paid in cash? A babysitter? That is nuts. Learning how to budget your money is about the most important thing a teenager learns—a life long lesson. Having the CASH in your hands after working hard is a reward in itself.
And you think drug dealers will accept your ‘electronic charges’ on their phones??? GROW UP!!!
This will only force businesses to cheat on their taxes-—they will keep the CASH & not deposit it. Pay their payroll in Cash & not report it. Buy supplies in cash & not report it.
The younger people want a cashless society, but that really doesn’t work. I don’t have a cell phone & I refuse to have one. I pay cash as much as I can, particularly for eating out, which I don’t do often. It is a bit of a luxury for me to do so on Soc Sec, and if I pay cash, I am more aware of only doing it when I can afford to do so.
IF you cannot pay for anything except electronically-—then Big Brother knows exactly what you are doing every minute of the day. It is a complete invasion of all of our privacy.
I have raised horses for over 30 years. When I sell one, I only take cash-—and I only paid cash for ones I bought. I would NEVER turn over the registration papers & a grown, trained horse for a check. They can disappear with the horse & stop the check.
This is nuts. Banks are trying to dictate how we all will live. They can pound sand.
Good info, thanks for the post.
That makes sense.
I have seen people do crazy things including paying cash like that to someone they aren’t related to.
Don't spend it all in one place.
The CFPB was the lead in this so perhaps not.
Too big to fail? From *2009*:
Following The Bailout Money To Wells Fargo
By Sharyl Attkisson CBS February 9, 2009, 6:26 PM
An assertion not supported by evidence as this was a 'joint investigation' and the penalty imposed is being split evenly between the CFPB and the OCC.
But please tell us more about why you think Liz Warren's CFPB is an indispensable do-gooder organization.
At least Elizabeth Warren didn't get the money.
“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.”
yep. and its sole purpose was to levy bogus fines and then funnel them into leftist organizations that could then “contribute” to the Dems.
now the joke is on them! Legit fines for bad actors, AND the money doesn’t go to leftist front-groups ...
When did I say it was an indispensable organization. I merely pointed out that if Wells Fargo could have dragged this out a little longer they could have saved themselves a billion bucks.
I had always thought that B of A was the most corrupt institution, until my mortgage was sold to Hell Fargo.
Ive never heard of a bank that wont take cash, or, let you deposit money into any account.
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