Wells Fargo, consent orders
Both brokerage firms moved a customer’s uninvested cash from a brokerage account into an interest-bearing account, violating ...
In 2020, the bank agreed to pay a $3 billion fine to federal prosecutors and the SEC over its practices. Also that year, 11 former Wells Fargo senior executives were charged by the comptroller’s ...
The fine was reduced from an initial $25 million. Tolstedt was fired retroactively with cause by Wells Fargo shortly after the scandal erupted publicly in September 2016. The OCC has said ...
In 2022, the CFPB had ordered the bank to pay $3.7 billion for ‘widespread’ problems with its auto loans, mortgages and deposit accounts.
The bank has “dozens and dozens of different use cases” that are being piloted in various parts of the company, finance chief ...
Since that year, Wells Fargo has paid out close to $4 billion in fines and penalties for sales practices that encouraged employees to allegedly open millions of unauthorized bank accounts.
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