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Keyword: wellsfargo

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  • Wells Fargo, worried about defaults, stops making loans to most independent car dealerships

    06/02/2020 4:05:59 PM PDT · by dynachrome · 54 replies
    CNBC ^ | 6-2-2020 | Hugh Son
    Wells Fargo, one of the biggest lenders for new and used car purchases in the U.S., sent letters to hundreds of independent auto dealerships last month telling them that the San Francisco-based company was dropping them as a customer, according to people with knowledge of the situation. A Wells Fargo spokeswoman confirmed that the bank, which only makes auto loans through car dealerships, will no longer accept loan applications from most independent shops. Independent dealerships typically sell used cars, unlike franchise dealerships that focus on new vehicles from specific manufacturers. The bank had “an obligation to review our business practices...
  • Eighth Circuit Upholds Determination that Wells Fargo is Liable for Penalties for Engaging in Abusive Tax Shelter Scheme

    04/27/2020 4:07:49 PM PDT · by ransomnote · 4 replies
    justice.gov ^ | April 27, 2020 | DOJ
    WASHINGTON – The Eighth Circuit Court of Appeals issued a precedential opinion on Friday, April 24, 2020, affirming a district court decision that a transaction designed to generate massive foreign tax credits (referred to as the STARS tax shelter) lacked economic substance and business purpose and was subject to the accuracy-related penalty for negligence, announced Principal Deputy Assistant Attorney General Richard E. Zuckerman and Deputy Assistant Attorney General Joshua Wu of the Justice Department’s Tax Division.In Wells Fargo v. United States, No. 17-3578, the Eighth Circuit Court of Appeals affirmed the decision of the U.S. District Court for the District of...
  • Wells Fargo Fined $3 Billion in ‘Staggering’ Fake Accounts Scandal

    02/22/2020 4:55:34 PM PST · by E. Pluribus Unum · 30 replies
    The Epoch Times ^ | February 21, 2020 Updated: February 21, 2020 | Wire Service
    Wells Fargo was hit with a $3 billion fine Friday by federal authorities outraged by the millions of fake accounts created at the troubled bank over many years. The settlement with the Justice Department and Securities and Exchange Commission (SEC), years in the making, resolves Wells Fargo’s criminal and civil liabilities for the fake-accounts scandal that erupted nearly four years ago. The deal does not, however, remove the threat of prosecution against current and former Wells Fargo employees. Prosecutors slammed Wells Fargo for the “staggering size, scope and duration” of the unlawful conduct uncovered at one of America’s largest and...
  • Wells Fargo to eliminate about 700 jobs in Manila, 650 in the USA

    02/22/2020 7:05:03 AM PST · by Starcitizen · 18 replies
    Yahoo Philippines ^ | February 13, 2020 | Reuters PH
    Feb 13 (Reuters) - Wells Fargo & Co is planning to eliminate about 700 workers in Manila, Philippines, and move a portion of these roles to India that already houses nearly 12,000 tech employees, the U.S. bank's spokesman said on Thursday. The eliminations of the staff was earlier reported by Bloomberg, which also said the lender is telling about 650 of its tech workers in the United States that they will be required to relocate to a bigger market to keep their jobs. The bank laid off more than 200 employees in its U.S. lending divisions in 2019, as it...
  • News Summary-Intelligence Report Friday 2/21/2020 Newsdump Friday

    02/21/2020 10:32:49 PM PST · by Nextrush · 4 replies
    Nextrush Free ^ | 2/21/2020 | Nextrush/Self
    Russian President Vladimir Putin spoke by phone Friday with Turkey's President Recep Tayyip Erdogan about the situation in Syria. The Kremlin issued a news release noting that Putin expressed concern about "ongoing aggressive actions of extremist groups"..... Russia's defense ministry says that large numbers of Turkish armored vehicles and huge caches of ammunition entering northwestern Syria point to apparent preparation for a large scale military operation that Turkey has been threatening...... The Pentagon revising upwards for the fifth time the number of traumatic brain injuries resulting from the January 8th missile attack by Iran on the Al-Asad Air Base..... US...
  • Wells Fargo Agrees to Pay $3 Billion to Resolve Criminal and Civil Investigations into Sales Practices Involving the Opening of Millions of Accounts without Customer Authorization

    02/21/2020 3:11:04 PM PST · by ransomnote · 17 replies
    justice.gov ^ | February 21, 2020 | DOJ
    $3 Billion Payment Result of Deferred Prosecution Agreement in Criminal Matter, Settlement of Civil Claims under FIRREA and Resolution of SEC Proceedings Wells Fargo & Company and its subsidiary, Wells Fargo Bank, N.A., have agreed to pay $3 billion to resolve their potential criminal and civil liability stemming from a practice between 2002 and 2016 of pressuring employees to meet unrealistic sales goals that led thousands of employees to provide millions of accounts or products to customers under false pretenses or without consent, often by creating false records or misusing customers’ identities, the Department of Justice announced today. As part...
  • Bank Reverses Decision, Picks Kids Over LGBT Activists

    02/12/2020 9:27:43 AM PST · by Tolerance Sucks Rocks · 13 replies
    The Daily Signal ^ | February 11, 2020 | Tony Perkins and FRC senior writers
    Seven hundred kids. That’s how many students would have lost their scholarships—and a chance at a better life—if Fifth Third Bank hadn’t come to its senses. Instead, after a week of uncertainty, the company sat down with Florida parents and pastors and decided not to listen to Florida’s cultural bullies. It’s one thing for a company to support LGBT extremism. It’s quite another, the bank agreed, to hurt needy children in the process. Most kids had already left school for the weekend when they got the good news: One of the biggest contributors to the Florida voucher program wasn’t dropping...
  • ‘Bank’rupt Decision Jeopardizes Opportunity for Disadvantaged Children in Florida

    02/05/2020 6:08:58 PM PST · by Tolerance Sucks Rocks · 8 replies
    The Daily Signal ^ | February 4, 2020 | Lindsey Burke
    Last week, Wells Fargo and Fifth Third Bank announced they no longer would donate to the Florida Tax Credit Scholarship Program, which enables more than 108,000 low-income children and children in foster care to receive scholarships to attend a safe and effective school of choice. The move comes after the Orlando Sentinel published a piece suggesting that $105 million in tax credit scholarships had been used by families to pay tuition at faith-based schools that, as The Federalist’s Joy Pullmann put it, “uphold their faiths’ historic sexual ethics.” Businesses that contribute to nonprofit scholarship-granting organizations in the state can receive...
  • Fake E-Mail (Phishing attempt) "From:Wells Fargo Customer Bonus

    10/24/2019 10:47:56 AM PDT · by mabarker1 · 15 replies
    http://www.hotmail.com ^ | October 24, 2019 | Self/E-Mail
    From: Wells Fargo Customer Bonus adminvtnmf0o4H0@foodstraditional.com Subject: Qualify Your $1000 Wells Fargo Reward October 24, 2019 06:32 Congrats! Wells Fargo customers have been selected to participate in a banking satisfaction questionnaire QUALIFY for a $1000 WELLS FARGO GIFT CARD* Click Here to Get Started This ad is sent by a third-party on behalf of the advertiser. All promotional fulfillment is the sole responsibility of the owner of the program. Please refer to the ″program requirements″ listed on the offer′s registration page for further details. UNSUBSCRIBE Powered By: Digitech Web Resources, LLC | 1100 NASA Parkway, Suite 420F, Houston, TX |...
  • Mad Maxine Waters Gets President Trump’s Financial Records From Wells Fargo and TD Bank

    05/23/2019 12:36:11 PM PDT · by Kevin in California · 80 replies
    The Gateway Pundit ^ | 05-23-2019 | Cristina Laila
    Congresswoman Mad Maxine Waters has already obtained President Trump’s financial documents from Wells Fargo and TD Bank. NBC News reported that two out of nine financial institutions have already complied with subpoenas issued by the House Financial Services and handed over thousands of documents to the Committee.
  • Wells Fargo, TD Bank turn over Trump financial records to House Dems

    05/23/2019 11:52:24 AM PDT · by Innovative · 97 replies
    Fox News ^ | May 23, 2019 | Brooke Singman, John Roberts
    Wells Fargo and TD Bank have turned over President Trump’s financial records to the House Financial Services Committee, Fox News confirmed on Thursday, amid a contentious legal battle between the Trump administration and congressional Democrats seeking access to sensitive files. The committee, led by Chairwoman Maxine Waters, D-Calif., is one of several panels that have issued subpoenas and requests for Trump’s financial files.
  • Wells Fargo, TD Bank have already given Trump-related financial documents to Congress

    05/23/2019 5:53:07 AM PDT · by Alas Babylon! · 48 replies
    MSNBC Via MSN ^ | 3 May 2019 | Leigh Ann Caldwell and Alex Moe and Mike Memoli
    WASHINGTON — A key congressional committee has already gained access to President Donald Trump's dealings with two major financial institutions, two sources familiar with the House probe tell NBC News, as a court ruling Wednesday promised to open the door for even more records to be handed over. Wells Fargo and TD Bank are the two of nine institutions that have so far complied with subpoenas issued by the House Financial Services Committee demanding information about their dealings with the Trump Organization, according to the sources. The disclosures by these two banks haven't been previously reported. Both TD Bank and...
  • Wells Fargo Is `Too Big to Manage,' U.S. Lawmaker Maxine Waters Tells CEO

    03/15/2019 3:48:19 AM PDT · by Libloather · 47 replies
    The Street ^ | 3/12/19 | Bradley Keoun
    The scandal-plagued U.S. bank Wells Fargo & Co. (WFC) is "too big to manage," a top U.S. lawmaker told CEO Tim Sloan at a hearing Tuesday in Washington. Maxine Waters, a Democratic congresswoman who heads the U.S. House of Representatives' Financial Services Committee, said at the hearing that Wells Fargo is blighted by "ongoing lawlessness and failure to right the ship." Waters represents a district in southern California, where some of the San Francisco-based bank's alleged customer abuses first emerged. It was the first time Sloan has appeared before the House panel since Democrats took control of the chamber following...
  • Rep. Ocasio-Cortez's wild, wacky, and wonderful questioning of Wells Fargo chairman

    03/14/2019 5:36:36 PM PDT · by simpson96 · 27 replies
    American Thinker ^ | 3/14/2019 | Monica Showalter
    Rep. Alexandra Ocasio-Cortez should get her own reality TV show. It would be a comedy, of course, with cameras following her around to record a typical day in the life of the face of the Democratic party. Those cameras would record some of the most illogical, incoherent, idiotic, and just plain weird statements from a woman whose worldview has been shaped by socialism. That she's an ignoramus with a primary school understanding of most issues is a bonus. Yesterday, Ocasio-Cortez "grilled" the chairman of Wells Fargo, Timothy Sloan, asking him a series of bizarre questions about "caging migrant children" and...
  • WATCH: Ocasio-Cortez Tries To Grill Wells Fargo's CEO. He Destroys Her

    03/13/2019 5:22:03 AM PDT · by COBOL2Java · 93 replies
    DailyWire ^ | March 12, 2019 | Ryan Saavedra @realsaavedra
    Socialist Rep. Alexandria Ocasio-Cortez (D-NY) tried to grill Wells Fargo CEO Timothy Sloan during a House Financial Services Committee Hearing on Tuesday and ended up getting embarrassed. The hearing, held by Democrat Chairwoman Maxine Waters, was titled, "Holding Megabanks Accountable: An Examination of Wells Fargo’s Pattern of Consumer Abuses." The Los Angeles Times reported: "Sloan was the first megabank chief executive whom Waters, an outspoken critic of Wells Fargo, summoned to appear before the House Financial Services Committee since she took over as its chairwoman in January following the midterm elections that gave Democrats control of the House." Ocasio-Cortez...
  • Ocasio-Cortez accuses stunned Wells Fargo CEO of financing the 'caging' of children

    03/13/2019 12:17:26 AM PDT · by knighthawk · 51 replies
    Fox News ^ | March 13 2019 | Gregg Re
    Wells Fargo CEO Tim Sloan fired back at New York Rep. Alexandria Ocasio-Cortez at a contentious hearing in Washington, D.C., on Tuesday, after the freshman legislator accused the bank of "financing the caging of children" and suggested it should bear financial liability for everything from oil spills to climate change. Ocasio-Cortez's inquiries come as activists increasingly seek to "deplatform" political opponents by cutting off their funding from banks and other financial services providers -- a concerted effort that conservatives and libertarians have said threatens free speech. House Financial Services Committee Chairman Maxine Waters, D-Calif., brought Sloan before the panel Tuesday...
  • Wells Fargo suffers widespread outage of ATMs, mobile banking capabilities

    02/07/2019 9:49:42 AM PST · by rintintin · 35 replies
    Fox Business ^ | Feb 7 2019 | Ken Martin
    Customers of Wells Fargo are reporting an outage affecting the big bank's ATMs as well as online and mobile banking. A customer service representative said it is a nationwide outage. KULR-TV in Montana is reporting that a bank employee said the outage is a result of a fire at a server farm located in Shoreview, Minnesota
  • Wells Fargo Agrees to Pay $575 Million to Resolve State Investigations

    12/28/2018 10:20:53 AM PST · by bgill · 28 replies
    nytimes ^ | Dec. 28, 2018 | Stacy Cowley
    Wells Fargo has agreed to pay $575 million to resolve investigations by all 50 states and Washington, D.C., into a range of practices, the latest chapter in the bank’s long-running legal problems. The deal ends investigations that began after federal regulators revealed in September 2016 that Wells Fargo employees had for years opened millions of unauthorized bank accounts in customers’ names. The employees said they had done so because they feared losing their jobs if they could not meet the bank’s aggressive sales goals. The agreement comes after New York reached a separate, $65 million settlement with Wells Fargo in...
  • Wrongly Convicted Former Rep. Steve Stockman Sentenced to 10 Years in Prison

    11/12/2018 7:48:43 AM PST · by Kaslin · 27 replies
    Townhall.com ^ | November 12, 2018 | Rachel Alexander
    Democrats are gloating over the sentencing of former Rep. Steve Stockman (R-Texas) last week. He was ordered to serve 10 years in prison for the vague charges of mail fraud, wire fraud and money laundering. Whenever prosecutors want to get someone who hasn’t actually committed a crime, they use those vague but scary sounding charges. He was also ordered to pay $1,014,718.51 in restitution, to be divided between him and two other co-defendants.What did Stockman actually do to warrant this? He facilitated four donations from two donors totaling $915,000 to two nonprofits he was associated with. One of the nonprofits...
  • Bank exec who reportedly referred to female colleagues as "girls" to retire

    11/10/2018 6:34:15 AM PST · by ConservativeStatement · 40 replies
    CBS Moneywatch ^ | November 9, 2018, | Kate Gibson
    A Wells Fargo executive who reportedly referred to women bank employees as "girls" or told them to put their "big girl panties on" will step down next year. Without addressing claims made against him, Wells Fargo confirmed that private bank head Jay Welker would retire effective March 31. His coming retirement was first reported by the Wall Street Journal, which cited an internal memo. A complaint against Welker was part of a larger internal investigation into allegations of discrimination by female executives in Wells Fargo's wealth management unit, the newspaper said. The bank spent months interviewing dozens of women after...