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Consumer banking giant Wells Fargo agreed to pay $3.7 billion to settle charges that it harmed consumers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applied overdraft fees against savings and checking accounts.
By Associated Press
Wells Fargo CEO Charles Scharf said that “there is a very limited pool of black talent to recruit from” in corporate America.
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.
By Ken Sweet, Associated Press
In our news wrap Friday, the World Health Organization warns the window of opportunity to contain the international spread of novel coronavirus is closing. South Korea has become the latest front in the outbreak, with officials declaring a health emergency…
By Ken Sweet, Stefanie Dazio, Associated Press
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.
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.
By Kristen Doerer
The California Department of Justice has launched a criminal investigation into Wells Fargo, which was fined $185 million for illegal banking practices last month.
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