Wells Fargo To Pay $1.2 Billion To Settle Govt. Lawsuit Over “Reckless” Mortgages

Wells Fargo To Pay $1.2 Billion To Settle Govt. Lawsuit Over “Reckless” Mortgages

In Oct. 2012, the U.S. Department of Justice sued Wells Fargo, alleging that the mega-bank had defrauded taxpayers by issuing “reckless” mortgages then misleading the Federal Housing Administration about the quality of those loans. Today, Wells revealed that has agreed to pay $1.2 billion to close the book on this issue. [More]

West Virginia Woman Sues Wells Fargo Over Alleged Home Loan Modification Misrepresentations

West Virginia Woman Sues Wells Fargo Over Alleged Home Loan Modification Misrepresentations

When you’re going through the often-tedious process of refinancing your mortgage, getting some bad information can only serve to make things worse. That’s why a West Virginia woman is suing Wells Fargo, alleging that the bank told her to stop making loan payments then put her into collections and foreclosure.
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Wells Fargo Mocks Minnesota Vikings’ “Photo Bomb” Lawsuit

Wells Fargo Mocks Minnesota Vikings’ “Photo Bomb” Lawsuit

A few weeks back, the Minnesota Vikings sued Wells Fargo, accusing the bank of trying “photo bomb” the team’s new stadium. Wells has since fired back, calling the whole thing “far-fetched.” [More]

Minnesota Vikings Sue Wells Fargo For Attempting To “Photo Bomb” New Stadium

Minnesota Vikings Sue Wells Fargo For Attempting To “Photo Bomb” New Stadium


When you build a new multibillion-dollar stadium for an NFL franchise, you probably want to make sure that advertisers are paying for their name on or in the building, not just near it. And you probably want to ensure that those advertisers who do pay for their name on the building aren’t being overshadowed by the neighbors. Which is why the Minnesota Vikings are suing Wells Fargo. [More]

(Mike Mozart)

Wells Fargo’s High-Pressure Sales Strategy Probed By Federal Regulators

Six months after the Los Angeles City Attorney filed a lawsuit accusing Wells Fargo of a slew of unfair practices — like encouraging employees to open unauthorized consumer accounts and then charging those accounts phony fees to meet sales expectations — two other regulatory agencies have opened investigations into the bank’s behavior.  [More]

Wells Fargo To Pay $81.6M To Homeowners In Bankruptcy For Failure To Provide Payment Notices

Wells Fargo To Pay $81.6M To Homeowners In Bankruptcy For Failure To Provide Payment Notices

Wells Fargo has agreed to pay $81.6 million in relief to homeowners after the bank repeatedly failed to provide them with proper legal notices during bankruptcy proceedings.
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(Emily)

Xerox’s Federal Student Loan Servicing Under Investigation Over Inaccuracies, Overcharges

When you think of Xerox, photos of large, office printers is likely the first thing to come to mind. But it turns out the company also dabbles in the education business. And it’s that venture that federal investigators are probing after discovering nearly a decade of errors.  [More]

Wells Fargo Reportedly Under Federal Investigation Related To Student Loan Servicing

Wells Fargo Reportedly Under Federal Investigation Related To Student Loan Servicing

According to a new report, Wells Fargo is the latest big-name bank to be scrutinized as part of the Consumer Financial Protection Bureau’s ongoing investigation into student loan servicing practices.
[More]

Thief Commandeers Forklift In Failed ATM Heist

Thief Commandeers Forklift In Failed ATM Heist

ATMs tend to weigh quite a bit, that may be why would-be thieves often rely on the help of big machinery when attempting to make off with one of the money dispensing apparatuses — or its contents. Once such case occurred early this morning in North Dakota where ne’er-do-well(s) commandeered a forklift and tried to pilfer the contents of a Wells Fargo cash machine.  [More]

Alabama Restaurant Owners Claim Wells Fargo Won’t Fix Issue That Cost Workers $30K In Tips

Alabama Restaurant Owners Claim Wells Fargo Won’t Fix Issue That Cost Workers $30K In Tips

An Alabama restaurant has plastered signs around a Mobile neighborhood accusing Wells Fargo of being run by liars, after the bank reportedly cost employees of the establishment tens of thousands of dollars in tips and refused to remedy the situation. [More]

Credit Bureaus, Bank Of America, Wells Fargo Top List Of Most Complained-About Financial Companies

Credit Bureaus, Bank Of America, Wells Fargo Top List Of Most Complained-About Financial Companies

The Consumer Financial Protection Bureau has released its latest report on the various complaints the agency has received about banks, lenders, debt collectors, and other financial services. Amid a sudden increase in the number of complaints involving credit report errors, the country’s largest credit bureaus now dominate the top of the CFPB’s list of most complained-about companies. [More]

Most Small Business Owners Aren’t Ready For Chip-And-PIN Credit Cards

Most Small Business Owners Aren’t Ready For Chip-And-PIN Credit Cards

Following a string of high-profile data breaches last year, Visa and MasterCard handed down a requirement that all merchants transition to the more secure chip-enabled credit card payment system by October of this year. While several major retailers have already made or are in the process of making the switch, a new report finds that many small business owners don’t even know about the deadline – or the potentially costly consequence of not meeting it. [More]

Four Years After Reaching Deal With Regulators, Six Banks Still Haven’t Fixed Foreclosure Problems

Four Years After Reaching Deal With Regulators, Six Banks Still Haven’t Fixed Foreclosure Problems

Back in 2011, several of the nation’s largest banks entered into a settlement with federal regulators that required the institutions to correct widespread foreclosure abuses that helped to trigger the housing crisis. While the agreement was revised in 2013 to make things a bit easier for the offending banks, regulators today announced that six of the lenders – including JPMorgan Chase and Wells Fargo – still haven’t met requirements and face new restrictions on their mortgage operations. [More]

(https://www.flickr.com/photos/jeepersmedia/14615153816)

Man Arrested For Allegedly “Corrupting” Wells Fargo Employees In Scheme To Access Customer Accounts

As a bank customer, you generally have an expectation that employees of said bank won’t share your personal or account information with someone that isn’t, in fact, you. But what happens when a person calls the bank claiming to be an account holder in the midst of an emergency and in need of quick cash? Federal prosecutors say that was the basis for a recent bank fraud scheme targeting Wells Fargo customers and employees. [More]

(Mike Mozart)

Class Action Suit Filed In California Over Wells Fargo’s Alleged Customer Account Abuses

A lawsuit filed earlier this month by the city of Los Angeles accuses Wells Fargo of pushing employees to engage in fraudulent conduct with regard to consumer accounts in order to meet the bank’s sales quotas. Now, one of those customers has filed his own lawsuit against the San Francisco-based bank alleging the same misconduct deceived and defrauded consumers across the country. [More]

(Taber Andrew Bain)

Los Angeles Sues Wells Fargo Over Unfair Customer Account Conduct

The City of Los Angeles has filed a lawsuit against the largest bank based in the state, accusing Wells Fargo of a plethora of unfair practices including encouraging employees to open unauthorized consumer accounts and then charging those accounts phony fees. [More]

(Steven Depolo)

Executives & Loan Officers Must Pay $600K For Being Part Of Illegal Mortgage Kickback Scheme

Nearly five months after Wells Fargo and JPMorgan Chase agreed to pay more than $35 million – including $11.1 million in redress to affected consumers – for their part in an illegal mortgage kickback scheme, the purported masterminds behind the “pay-to-play” arrangement are finally facing action from federal regulators for their shady dealings. [More]

(Mike Mozart)

Wells Fargo Breached 2010 Mortgage Settlement, Must Work To Provide Homeowner Assistance

Some homeowners who were wrongly denied mortgage assistance from Wells Fargo will soon receive the help they needed years ago after a federal judge ruled this week that the bank’s denial of modifications were in breach of a 2010 settlement involving adjustable-payment mortgages. [More]