November 29, 2016

Wells Fargo Slammed by Senator Warren Over Arbitration Demand to Defrauded Customers

Bank Misconduct

CNBC reports on Senator Elizabeth Warren’s direct criticism of banking giant Wells Fargo’s announced decision to require customers defrauded by the bank’s false accounts scandal to go through arbitration instead of being able to sue Wells Fargo in court. As CNBC noted, “[t]he San Francisco-based bank last week asked a U.S. court to uphold contract…

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November 14, 2016

Holding the Biggest U.S. Banks Accountable for the Foreclosure Crisis

Holding the Biggest U.S. Banks Accountable for the Foreclosure Crisis

As the Supreme Court mulls over its forthcoming decision on whether cities like Miami can hold the nation’s biggest banks accountable for their alleged discriminatory and predatory conduct against minorities, legal commentator and professor Kenneth Jost notes that the review comes in the “precious little” to date in the way of government success in prosecuting…

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November 12, 2016

Warren Buffet Comes Out Blaming Wells Fargo’s John Stumpf for “Hell of a Mistake” on Accounts Scandal

Bank Investigations

Breaking his previous silence on the Wells Fargo banking scandal, business magnate Warren Buffett has stated in an interview with CNN that former Wells Fargo & Co. Chief Executive Officer John Stumpf bears blame for the bank’s incentive system that encouraged staff to set up fake accounts and then exacerbated the bank’s rampant fraud by…

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November 8, 2016

Supreme Court Receptive to Miami’s Discriminatory Loan Complaints Against Major Banks

United States Supreme Court

The U.S. Supreme Court today heard oral argument relating to the City of Miami, Florida’s lawsuits against Bank of America and Wells Fargo for deprivations it says were the results of the banks’ discriminatory and predatory loans targeted at minorities. The city’s case describes unfavorable minority-targeted bank loans that led to widespread foreclosures and a consequent…

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November 7, 2016

Supreme Court Confronting Racial Impact of Predatory Loans After Financial Crisis

Bank building

As the Christian Science Monitor reports, the 1968 Fair Housing Act led to significant progress in finding and ending racial discrimination. “Now, a Supreme Court case touches on whether it is legal for cities to expand the FHA by suing banks.”

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November 7, 2016

Miami Seeks Supreme Court OK in Lawsuit to Recoup Losses from Housing Collapse

Blighted home

As the city of Miami, Florida sees it, a tidal wave of discriminatory and predatory lending from some of the nation’s biggest banks from 2008 and onward caused financial ruination that nearly broke the city. Practices the city alleges discriminated against Hispanic and African-American residents by directing them into risky, high-interest loans resulted in rampant…

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November 5, 2016

Miami Looks to Supreme Court for Ruling on Fair Housing Act Mortgage Discrimination Lawsuits

United States Supreme Court Building

Nearly 50 years after the Fair Housing Act was passed to prevent mortgage discrimination, the city of Miami, Florida is asking the U.S. Supreme Court to rule on whether major banks should pay damages for financial harm stemming from predatory loans made to minority borrowers. The Court will hear arguments on November 8th in Miami’s…

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November 4, 2016

Securities & Exchange Commission Now Investigating Wells Fargo on Fake Account Creation Practices

Bank Owned Sign

Wells Fargo revealed in a regulatory filing made Thursday, November 3rd that the SEC has joined a lengthening list of government entities probing into the practices of the banking giant for actions relating to Wells Fargo’s creation of up to 2 million fake bank accounts between 2011 and 2015 in an ostensible effort to raise…

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