Fed eases limit on Wells Fargo to make more small business loans
The Federal Reserve is lifting its lending restrictions on Wells Fargo after some of the bank's thousands of small business customers were shut out of a program that's supposed to throw them a financial lifeline.
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Wells Fargo to pay $3 billion to resolve disputes over unauthorized accounts
The $3 billion will settle criminal and civil investigations into a long-running practice whereby company employees opened millions of unauthorized bank accounts in order to meet unrealistic sales goals.
Wells Fargo pays $575 million to settle state investigations into fake accounts
The bank has been under a cloud since 2015 when it acknowledged that employees had opened millions of fake bank accounts for customers in order to meet sales goals.
Wells Fargo will pay $1 billion to federal regulators to settle charges tied to its mortgage and auto lending business, the latest chapter in a wide-ranging scandal at the banking giant. However, it appears that none of the $1 billion…
The consumer banking giant continues to navigate several investigations related to the opening of fake customer accounts, forcing customers to take unnecessary auto insurance policies, unfairly charging fees tied to mortgage rates and other matters.
The California Department of Justice has launched a criminal investigation into Wells Fargo, which was fined $185 million for illegal banking practices last month.
John Stumpf has stepped down as CEO and chairman of Wells Fargo. The bank’s president Tim Sloan will take over as CEO immediately.
Wells Fargo's CEO, newly stripped of tens of millions in compensation, will face lawmakers with more defenses than he had in the last round.
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