Wells Fargo scandal News

Regulators Reject Wells Fargo’s Plan to Repay Insurance Customers: Reuters

U.S. regulators have rejected Wells Fargo & Co.’s plan to repay customers who were pushed into unnecessary auto insurance, telling the bank it must do more to ensure it has found and compensated every affected driver, three sources familiar with …

Wells Fargo Agrees to Pay $2.09B to Settle U.S. Probe into Mortgage Sales Abuses

Ten years after faulty mortgages upended the global financial system, Wells Fargo & Co. agreed to pay $2.09 billion to settle a U.S. probe into its creation and sale of loans that contributed to the disaster. The long-anticipated penalty, announced …

Wells Fargo Begins Refunds of Add-On Product Fees

Wells Fargo & Co. is issuing refunds for monthly fees it charged on so-called add-on products that customers may not have fully understood. “We are reviewing add-on products sold to consumers by the bank or its service providers and if …

Wells Fargo Facing Possible Record Fine for Insurance, Mortgage Sales Abuses

The top U.S. watchdog for consumer finance is seeking a record fine against Wells Fargo & Co that could exceed several hundred million dollars for auto insurance and mortgage lending abuses, according to three sources with knowledge of the plans. …

California Continues to Move Toward Letting Customers Sue Banks

California has taken another step on toward allowing state residents to sue financial institutions for fraud, rather than letting banks force customers to settle disputes in arbitration, as a bill inspired by last year’s Wells Fargo scandal passed a key …

Wells Fargo Overhauls Pay Plan for Branch Employees Following Scandal

San Francisco, Calif.-based Wells Fargo is completely restructuring how it pays tellers and other bank branch employees after a scandal over its aggressive sales practices. Employees will no longer get incentives for opening accounts or meeting sales goals. They will …