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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January 24, 2017

Citigroup Subsidiaries to Pay $28.8 Million for Misleading US Homeowners

Bank

The United States Consumer Finance Protection Bureau has announced fines against subsidiaries of Citigroup totalling $28.8 million for deceiving borrowers on mortgage service fees by concealing material information about foreclosure avoidance options and increasing the difficulties of their applying for relief. The fines include a civil penalty against CitiMortgage of $3 million and refunds of…

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January 18, 2017

JP Morgan Chase Agrees to $55 Million Settlement Over Mortgage Discrimination Against Latinos and African-Americans

Banks and discriminatory mortgage lending

In a story being widely reported across the media, banking giant J.P. Morgan Chase & Co. has agreed to a $55 million settlement with the U.S. Department of Justice in the face of allegations that the bank discriminated against minority borrowers by allowing mortgage brokers to charge them more for home loans. The DOJ’s complaint…

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December 27, 2016

DOJ Subpoenas Whistleblower in Criminal Wells Fargo False Accounts Investigation

Credit card security chip as padlock

The U.S. Department of Justice has ordered a Wells Fargo banker and whistleblower to testify before a grand jury in San Francisco as part of its criminal investigation into the bank’s huge false accounts scandal, according to a subpoena issued December 12th. The subpoena requires the individual who “blew the whistle” on Wells Fargo to…

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December 27, 2016

Philadelphia Inquirer: Hard to Trust Wells Fargo in Wake of Latest Scandal, Ongoing Bad Behavior at Customer Expense

Banking System

The Philadelphia Inquirer has published an editorial severely criticizing Wells Fargo for its disingenuous behavior in the wake of being caught deceiving millions of its customers by opening fake accounts in a scramble to maximize its profits.

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December 20, 2016

Wells Fargo Reportedly Soon to Receive Negative Community Lending Evaluation

Bank Foreclosures

Reuters reports that Wells Fargo is on the verge of receiving a significant negative evaluation on an important national rating for community lending, according to U.S. bank regulators. The new rating “could limit near-term expansion of the bank,” according to the news organization.

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December 12, 2016

Wells Fargo Banking Fraud – Accusations Expand to Sham Insurance Policies

Urban Banking Center

In the wake of Wells Fargo’s admissions about creating two million unauthorized customer accounts to drive bank profits, reports are emerging about lawsuits and investigations relating to allegations of similar Wells Fargo practices of signing up customers for sham insurance accounts with bank partner Prudential insurance.

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December 9, 2016

Lawsuit by Ex-Managers at Wells Fargo Pushes Accounts Scandal Blame Further Up the Corporate Chain

Lawsuit by Ex-Managers at Wells Fargo Pushes Accounts Scandal Blame Further Up the Corporate Chain

The Washington Post/Bloomberg reports that the bogus accounts scandal at banking giant Wells Fargo may have been authorized at higher levels within the bank than previously admitted. While there is no shortage of lawsuits against the bank alleging fraudulent and illegal conduct centering on bank employees opening of millions of false accounts to artificially boost…

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December 2, 2016

New Law Could Let Defrauded Wells Fargo Customers Skip Biased Arbitration to Sue in Court

Bank Investigations

As the reported by the LA Times, a new law proposed by two federal lawmakers seeks to allow Wells Fargo customers victimized by the bank’s now-notorious false accounts practices to sue the banking giant in court rather than letting the bank force the disputes into what many see as unfair arbitration. The Justice for Victims…

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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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