October 20, 2017

Federal Regulators Criticize Wells Fargo Over Deceptive Auto Insurance Practices

Bank fraud customer betrayals

The Office of the Comptroller of the Currency, a federal agency charged with regulating and supervising the nation’s banks, has issued a report calling out banking giant Wells Fargo for driving “hundreds of thousands” of borrowers into buying unneeded auto insurance when they took out car loans. The preliminary and confidential report, a copy of…

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October 16, 2017

Ban Against Wells Fargo Working with the State of California Extended for Another Year

Bank Investigations

As reported by Bloomberg News, Wells Fargo has been banned for another year from being hired by California as an underwriter or investment broker by the office of the state’s Treasurer.

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September 8, 2017

Wells Fargo Whistleblower Suit Revived by U.S. Appeals Court

Benjamin Franklin

As reported by Reuters, the 2nd Circuit Court of Appeals in New York has ordered the federal district court to revisit a whistleblower lawsuit against Wells Fargo filed by former employees who allege they were fired after seeking to report misconduct by lenders that Wells Fargo later absorbed. The alleged misbehavior predates Wells Fargo’s massive…

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August 30, 2017

LA Times Calls for Gov’t to Stop the Next Wells Fargo Scandal Before it Happens

Bank building

The Los Angeles Times has published an opinion piece alleging that the “biggest criminal enterprise in California” is not a street gang or drug cartel, but “in terms of sheer volume of offenses,” none other than Wells Fargo Bank. With fraud and other actionable behavior ranging from creating costly false accounts for millions of customers…

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August 7, 2017

Bloomberg: Wells Fargo’s Troubles Go From Bad to Worse

Bank

Wells Fargo is not having a good summer. As reported by Bloomberg News, even as the banking giant strives to rehabilitate its reputation in the wake of a series of high-profile scandals, new information about further improprieties is coming to light. Exposure of its widespread false-accounts scandal led to the bank paying fines amounting to…

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July 14, 2017

New Whistleblower Lawsuit Claims Wells Fargo Falsified Records to Increase Borrower Mortgage Fees

Big Banks

The LA Times reports that allegations in a new lawsuit filed by a Wells Fargo mortgage banker accuse the beleagured banking giant of hitting mortgage customers with added fees for delays the bank deliberately caused to the processing of their mortgages. The new case arose on the heels of Wells Fargo’s admitted abusive fake accounts…

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June 15, 2017

New Class Action Suits Accuse Wells Fargo of Improperly Extending Mortgages by Decades

Mortgage foreclosure

A new class action lawsuit accuses beleaguered banking giant Wells Fargo of fraudulently deceiving mortgage customers facing bankruptcy with unauthorized loan changes that appeared to reduce payment amounts, but which did so at a cost of extending the home loans by decades. As reported by the New York Times, the borrowers “would have monthly payments…

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May 25, 2017

Wells Fargo Accounts Scandal May Boost Mortgage Discrimination Lawsuits

Bank mortgage discrimination

The LA Times reports on the possible ramifications of the Wells Fargo false accounts scandal in light of the U.S. Supreme Court’s recent decision to allow mortgage discrimination cases against Wells Fargo and other bank giants to proceed. Noting that the Supreme Court decision is “more than just another bad headline” for Wells Fargo, the…

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May 12, 2017

New Data Points to Wells Fargo Creating 3.5 Million Phony Accounts, 1.4 Million More Than It Previously Admitted

Bank account

A new court filing made as part of a forthcoming class action settlement with Wells Fargo Bank suggests the banking giant created 1.4 million more fraudulent accounts than it previously reported. This would bring the total number of unauthorized accounts to 3.5 million. The new data indicates the creation of these sham accounts dates as…

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May 6, 2017

Warren Buffett Highly Critical of Wells Fargo’s Approach to Accounts Scandal

Bank Investigations

Buffet says the banking giant was “totally wrong” in failing to act quickly to fix rampant abuses Wells Fargo’s largest stakeholder, Warren Buffet, has told investors at the annual meeting of his Berhskire Hathaway conglomerate that Wells mishandled its colossal fraudulent accounts scandal by failing to act quickly to stop the widespread abuses that significantly…

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