It’s been a (deservedly) bad month for Wells Fargo, what with the bank being ordered to pay $185 million in penalties because employees opened millions of bogus accounts, not to mention the ongoing Justice Department investigation. It would seem like a prime time for the competition to pile on the misery and steal away customers, but the CEO of U.S. Bank is demanding his staff not give into that temptation. [More]
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]
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.
A blank envelope arrived on Amanda’s doorstep. She almost tossed it aside, since it didn’t say “HEY! I’M IMPORTANT!” on it. She happened to feel a plastic card inside, though, so she opened it up. Inside was her new debit card. That’s good, isn’t it? Amanda doesn’t think so. [More]
The small victories are adding up in the battle against predatory loans this week. Wells Fargo and U.S. Bank announced they will discontinue high-risk payday lending programs. [More]
Remember that Wells Fargo employee charged with defrauding a 90-year-old customer out of $10,000? That’s amateur hour compared to the Oakland woman accused of not only stealing around $2 million from bank customers — but doing it at two different banks. [More]
Four of the nation’s largest banks — Wells Fargo, Fifth Third Bank, U.S. Bank and Regions Bank — are involved in high-interest, short-term loans that may not always be called “payday” loans but might as well be. Thus, a group of five U.S. senators have asked regulators to put a stop to the practice altogether. [More]
When a lender forecloses on a home, it becomes responsible for keeping the property safe and reasonably kept-up. But officials in Los Angeles has accused U.S. Bank of ignoring hundreds of foreclosures as they fall into disrepair and/or become taken over by squatters and street gangs.