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.
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Wells Fargo Reportedly Under Federal Investigation Related To Student Loan Servicing
By 10.9.15
Thief Commandeers Forklift In Failed ATM Heist
By 9.30.15
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
By 8.26.15
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
By 8.25.15
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
By 8.6.15
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
By 6.17.15
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]
Man Arrested For Allegedly “Corrupting” Wells Fargo Employees In Scheme To Access Customer Accounts
By 6.3.15
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]
Class Action Suit Filed In California Over Wells Fargo’s Alleged Customer Account Abuses
By 5.14.15
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]
Los Angeles Sues Wells Fargo Over Unfair Customer Account Conduct
By 5.5.15 — Updated: 9.30.16
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]
Executives & Loan Officers Must Pay $600K For Being Part Of Illegal Mortgage Kickback Scheme
By 4.29.15
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]
Wells Fargo Breached 2010 Mortgage Settlement, Must Work To Provide Homeowner Assistance
By 4.17.15
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]
Marching Band Delivers Petition To Citi Asking Banks To “Revoke License To Steal”
By 1.28.15
In a handful of recent decisions, the U.S. Supreme Court has affirmed the right of businesses to effectively break the law by putting a few carefully worded sentences into their contracts and user agreements. But just because you can add these clauses doesn’t mean you have to do so, which is why pro-consumer advocacy groups gathered more than 100,000 signatures on a petition that was delivered, with a little bit of music, to Citigroup HQ in Manhattan this morning. [More]
Wells Fargo, Chase To Pay $35.7M For Allowing Illegal Mortgage Kickbacks
By 1.22.15
Federal law prohibits giving or receiving kickbacks in exchange for a referral of business related to a real-estate-settlement service, but for four years a now-defunct title company in Maryland provide cash, marketing materials and consumer information in exchange for referrals. And now the banks have agreed to pay more than $35 million — including $11.1 million in redress to affected consumers — for their sins. [More]
N.C. Homeowners Wonder How Banks Could Disappear Charlotte’s NASCAR Debt While Taking Their Houses
By 1.7.15
The magical disappearance of debt sounds like a wonderful thing, doesn’t it? Unless of course, someone else is getting their debt canceled while you’re still stuck in the mud. When homeowners in foreclosure in Charlotte, N.C. heard that the city wouldn’t have to pay back millions of debt it owed Bank of America and Wells Fargo for a underperforming NASCAR Hall of Fame, they couldn’t help but ask why they’re still facing the loss of their homes. [More]
Wells Fargo Sued In Illinois For Allegedly Pushing Mortgages On Borrowers Who Couldn’t Repay
By 12.1.14
Five years on from the nadir of the housing crisis and the lawsuits against the few remaining big banks continue to be filed. This time, it’s Wells Fargo being sued by prosecutors in Cook County, IL (home to Chicago), alleging that the bank deliberately issued “predatory” high-interest, subprime loans to borrowers — primarily minority — who may not have been able to pay back those loans. [More]
Discover, Wells Fargo To Offer Private Student Loan Modifications
By 11.20.14
Consumers facing difficulty in paying back their private student loans often have a difficult time receiving any relief from lenders. While some smaller banks have relaxed their repayment terms for good borrowers in the past, two of the nation’s largest private lenders are set to make the same opportunities available to private student loan borrowers. [More]
Wells Fargo Refusing To Honor Widow’s 30-Year-Old CD
By 11.19.14
In 1984, an Arizona man invested more than $18,000 in a Certificate of Deposit at First Interstate Bank, and then placed that CD away in his family’s personal records where it sat for 25 years. Then in 2009, after he passed away, his widow discovered the CD and attempted to cash it out, only to be denied by First Interstate’s new owner, Wells Fargo. [More]
Wells Fargo to Sell $8.5B In Government-Backed Student Loans to Navient
By 11.13.14
Earlier this year, Wells Fargo announced plans to get out of the payday loan-like business of direct deposit advances. Now it looks like the banking giant is getting ready to shed another aspect of its business: government-guaranteed student loans. [More]
