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Wells Fargo is accused of opening up accounts and credit cards in customers' names without their authorization. The complaint charges that bank employees opened new accounts for existing customers without their authorization, in order to meet sales quotas. The employees also allegedly transferred money from customers' authorized accounts to pay fees on the unauthorized accounts. When fees on unauthorized accounts went unpaid, some customers were placed into collection. Others had negative information placed on their credit reports as a result.

Jan. 14 (Bloomberg) -- As many as 50 financial firms with assets greater than $50 billion each would be hit by a levy President Barack Obama will propose today to help recoup taxpayer bailout money and trim the federal budget deficit, an administration official said. The levy based on bank liabilities would be imposed starting June 30 and the administration estimates it will raise $90 billion over a minimum of 10 years, said the official, who briefed reporters on the condition of anonymity. Obama plans to outline the proposal late this morning at the White House and a more detailed...

WASHINGTON (Reuters) – The Obama administration is considering imposing a fee on banks to help recover some of taxpayers' costs of bailing banks out from the financial crisis, according to multiple reports on Monday. The White House said President Barack Obama wants to ensure that taxpayers are paid in full. "That's the president's goal," White House spokesman Robert Gibbs told reporters. He declined to provide details on how that might be done. Politico, the Wall Street Journal and New York Times, in nearly identical stories on their websites, cited administration officials saying that a bank fee was under consideration and...