Posted on 12/20/2022 9:22:05 AM PST by SeekAndFind
Federal regulators on Tuesday ordered Wells Fargo Bank to pay a $1.7 billion civil penalty and more than $2 billion in compensation to customers for what they say was "illegal activity affecting over 16 million consumer accounts."
The Consumer Financial Protection Bureau said Wells Fargo "repeatedly misapplied loan payments, wrongfully foreclosed on homes and illegally repossessed vehicles, incorrectly assessed fees and interest, charged surprise overdraft fees," among other things.
Thousands of customers lost their vehicles and homes due to the bank's activity over the course of several years, the federal regulators said.
The $1.7 billion fine will go to the watchdog's Civil Penalty Fund to provide relief to victims.
Protection Bureau Director Rohit Chopra said Wells Fargo is a "repeat offender" and that the bank's "rinse-repeat cycle of violating the law has harmed millions of American families."
In 2016, the Protection Bureau levied a $100 million fine against Wells Fargo, which was the agency's largest fine ever at the time.
Wells Fargo is a scummy, crooked bank, and dserves everything that befalls it.
Not enough for what they have done, customers should get damages and penalties
piled on from Well Fargo. In addition Wells Fargo needs to be broken up, charter revoked and assets sold off, in other words put out of business. How many fines have they had in the last 14 years or more?
There’s a part of me that asks “what did Wells Fargo do to piss off the DS enough to get hammered like this?
It’s bad. I mistrust the system so hard that anything it does in any way punitive to anyone or institution I automatically start wondering which depraved degenerate of the DS got offended and wants to lash out.
Or to fund Ukraine.
At some point, instead of fining them, those who were in charge, knew what was going on, and failed to do anything about it, should be hauled out and shot. Fines don’t do squat as they just pass them on to customers.
Wells Fargo needs to be declared a criminal enterprise.
Hunter running Wells Fargo now?.
No, much of the Ukraine funds are being laundered to the DNC also...
This is quite a bit an Elizabeth Warren jihad.
There is no way that thousands of borrowers lost their homes wrongly.
That part of it mostly involves a form not being sent out at the right time.
People who lost their homes just couldn’t pay for it.
The fake account thing is different .
That was set in place by Carrie Tolstedt who used to be in charge of consumer banking .
I could tell stories about her, and good people at Wells who stood up to her .
She was the one who pushed the policies to open accounts that weren’t needed.
Our credit cards are due on the 1st and we pay them off every month. My wife was making the auto payment on the 1st. I made her change it to the last day of the month because I knew how they processed payments and deposits.
Repoing cars and foreclosing houses is not a quick thing. It generally involves being very late multiple times.
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