March 21, 2017

Top Fed Official Connects Wells Fargo’s Huge Customer Fraud Scandal to Similar Behaviors Underlying the Mortgage Crisis

Wells Fargo Consumer Fraud

“Like mortgage brokers in the early 2000s, it appears that job security depended almost exclusively on meeting targets, regardless of how those targets were met,” Fed Reserve Prez said in a London speech titled “Reforming Culture for the Long Term.” On March 21, 2017, William C. Dudley, President and CEO of the Federal Reserve Bank…

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March 20, 2017

55% Drop in Credit Card Account Applications to Wells Fargo After False Accounts Scandal

Bank Misconduct

As reported by Bloomberg news, Wells Fargo & Co. has revealed that credit-card applications to the bank dropped a remarkable 55% in February 2017 as compared to one year earlier, the largest such decline since Wells Fargo’s fake accounts scandal broke last September. In addition, the bank noted that retail customers had opened 43% fewer…

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March 2, 2017

Wells Fargo Bank Warns More Bogus Accounts May Be Uncovered

Bank

As the fallout from Wells Fargo’s fake accounts fraud scandal continues, the bank alerted shareholders that a new and more focused review of its practices is likely to find “an increase in the number of potentially impacted customers.” The bank is expanding its review into how its employees pushed new accounts and other products at…

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