Criminal & Juvenile Law in U.S (Read-Only Folder)  -  Wells Fargo defrauds millions of people (6456 views) Notify me whenever anyone posts in this discussion.Subscribe
 
From: Glen (GEAATL) DelphiPlus Member Icon Posted by host9/8/16 11:03 PM 
To: All  (1 of 173) 
 136152.1 

Wells Fargo Fined for Years of Harm to Customers

New York Times  - ‎2 hours ago‎
 
Wells Fargo employees opened roughly 1.5 million bank accounts and applied for 565,000 credit cards that may not have been authorized by their customers, regulators said.
 
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From: Glen (GEAATL) DelphiPlus Member Icon Posted by host9/8/16 11:03 PM 
To: All  (2 of 173) 
 136152.2 in reply to 136152.1 
Washington Post  - ‎1 hour ago‎
 
Wells Fargo agreed to pay the largest fine ever collected by the federal government's new consumer protection agency after an investigation found its staff opened more than 2 million fake checking, credit card and other accounts for customers
 
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From: Glen (GEAATL) DelphiPlus Member Icon Posted by host9/8/16 11:05 PM 
To: All  (3 of 173) 
 136152.3 in reply to 136152.1 
NerdWallet (blog)  - ‎36 minutes ago‎
 

Who would expect a bank, rather than some shadowy hacker, to misuse your personal information? Wells Fargo reached a $185 million settlement Thursday for what federal officials called a widespread illegal practice among employees of creating fake customer accounts, PIN numbers and emails in order to meet sales targets and earn bonuses. What Wells Fargo did Wells Fargo employees opened roughly 1.5 million bank accounts and about 565,000 credit card accounts that may not have been authorized by consumers, according to the Consumer Financial Protection Bureau, which cited figures from the bank’s own investigation that reviewed accounts from 2011 to 2015. Employees issued debit cards with fake PINs and used phony email addresses to secretly sign up customers for online banking. They temporarily transferred customers’ money to the bogus bank accounts, at times leaving a low balance and triggering overdraft or other charges, according to the CFPB. Many customers also were charged annual fees and interest on the credit cards. Wells Fargo, one of the nation’s largest banks, did not admit any wrongdoing as part of the settlement. However, the bank must refund all customers’ wrongly charged fees and pay penalties totaling $185 million to the CFPB, the Office of the Comptroller of the Currency, an
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From: Glen (GEAATL) DelphiPlus Member Icon Posted by host9/8/16 11:06 PM 
To: All  (4 of 173) 
 136152.4 in reply to 136152.1 
CNN  - ‎4 hours ago‎
 
Douglas Rushkoff writes a regular column for CNN.com. He is a media theorist, the author of the book "Throwing Rocks at the Google Bus" and professor of digital economics at CUNY. The opinions expressed in this commentary are his.
 
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From: Alfi (THIALFI) DelphiPlus Member Icon9/9/16 1:49 PM 
To: Glen (GEAATL) DelphiPlus Member Icon  (5 of 173) 
 136152.5 in reply to 136152.4 

And here's another article, even somewhat entertaining, on the subject...

https://www.bloomberg.com/view/articles/2016-09-09/wells-fargo-opened-a-couple-million-fake-accounts

"The most destructive form of untruth is sophistry and propaganda by those whose profession it is to report the news." -- Walter Lippman

 

There is frequently more to be learned from the unexpected questions of a child than the discourses of men.
Read more at: http://www.brainyquote.com/quotes/authors/j/john_locke.html
There is frequently more to be learned from the unexpected questions of a child than the discourses of men.
Read more at: http://www.brainyquote.com/quotes/authors/j/john_locke.html
 
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From: Glen (GEAATL) DelphiPlus Member Icon Posted by host9/12/16 9:05 PM 
To: Alfi (THIALFI) DelphiPlus Member Icon  (6 of 173) 
 136152.6 in reply to 136152.1 

Pervasive Sham Deals at Wells Fargo, and No One Noticed?

New York Times  - ‎19 minutes ago‎
 
“I don't want anyone ever offering a product to someone when they don't know what the benefit is, or the customer doesn't understand it, or doesn't want it, or doesn't need it.

That was John Stumpf, the chief executive of Wells Fargo, one of the nation’s largest banks, in an interview about a year ago with The San Francisco Chronicle.

We found out Friday that at least 5,300 of his employees — let me repeat that number because it is so mind-boggl
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From: Glen (GEAATL) DelphiPlus Member Icon Posted by host9/12/16 9:16 PM 
To: All  (7 of 173) 
 136152.7 in reply to 136152.1 
US regulator sees no evidence of Wells Fargo sales problem at other bank...

There is probably no broader problem in the U.S. banking industry over abusive sales practices, despite the penalties imposed on Wells Fargo & Co's recently, the head of a federal consumer protection agency said on Monday. Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), said during an interview on CNBC that he does not see problems similar to those discovered at Wells Fargo occurring "on any kind of systematic basis at any other bank." The CFPB and two other regulators fined Wells Fargo a total of $185 million last Thursday. The bank paid another $5 million to customers for creating more than two million fake accounts for products like credit and debit cards to meet aggressive sales targets...Perhaps if a handful of employees at Wells Fargo were responsible for signing up some phony accounts, we could generously say, “Oh, there were some bad apples.” But the scale and brazenness of this phoniness does not permit that. This sham, in its reach, is breathtaking. “The magnitude of this situation warrants thorough and comprehensive review,” Senate Banking Committee members, led by Senator Robert Menendez of New Jersey, wrote in a letter to committee’s chairman, Senator Richard C. Shelby of Alabama. The letter continued, “Specifically, the committee should thoroughly examine this issue, including: How it is possible that more than 5,000 employees could bilk customers over the course of five years; the timing, extent and disposition of customer complaints; whether Wells Fargo’s sales and compensation structure incentivized employees to engage in deceptive and abusive practices; and what additional safeguards may be needed to prevent this type of behavior.”

 
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From: Glen (GEAATL) DelphiPlus Member Icon Posted by host9/13/16 11:43 AM 
To: Joanne (spiesonline) DelphiPlus Member Icon  (8 of 173) 
 136152.8 in reply to 136152.1 

Wells Fargo is eliminating certain sales goals after settlement over aggressive tactics

Los Angeles Times  - ‎1 hour ago‎
 
Wells Fargo & Co. said Tuesday it would eliminate all sales goals for credit cards, checking accounts and other retail banking products as the financial giant tries to repair its image following a $185-million settlement over aggressive sales tactics.
 
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From: Glen (GEAATL) DelphiPlus Member Icon Posted by host9/20/16 2:53 PM 
To: Joanne (spiesonline) DelphiPlus Member Icon  (9 of 173) 
 136152.9 in reply to 136152.1 

Illegal Activity at Wells Fargo May Have Begun Earlier, Chief Says

New York Times

WASHINGTON — The chief executive of Wells Fargo — where bankers opened secret and unauthorized credit card and deposit accounts for customers for at least five years in an attempt to meet sales goals — told a Senate panel Tuesday morning that the illegal activity might have gone on even longer and that no senior executives had been fired as a result. Senators on both sides of the aisle expressed anger and indignation at the chief executive, John G. Stumpf, with several lawmakers calling for him to give back some of his rich compensation. Although the bank has traced the illegal account openings to 2011, it is investigating whether they may have begun even sooner, Mr. Stumpf told the Senate Banking Committee. The executive who oversaw the retail bank, Carrie Tolstedt, was permitted to retire in July rather than be held accountable for the problems, Mr. Stumpf acknowledged...Senator Elizabeth Warren, a Massachusetts Democrat, said the illegal sales were a big driver of Wells Fargo’s success as one of the nation’s most profitable banks. She called on Mr. Stumpf to resign and for him to be criminally investigated. “Have you returned one nickel of the money that you earned while this scandal was going on?” asked Ms. Warren. She helped create the Consumer Financial Protection Bureau, which imposed its largest penalty ever on Wells Fargo for the sham accounts. “Have you fired any senior management, the people who actually oversaw this fraud?” Ms. Warren continued. “No,” Mr. Stumpf replied. Ms. Warren added: “Your definition of accountability is to push this on your low-level employees. This is gutless leadership.” More than 5,300 employees have been fired for the unethical sales since 2011, but they have been mostly lower-ranking workers

 
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From: Alfi (THIALFI) DelphiPlus Member Icon9/20/16 8:37 PM 
To: Glen (GEAATL) DelphiPlus Member Icon  (10 of 173) 
 136152.10 in reply to 136152.9 

To my knowledge, this is the first time I've agreed with Warren on anything.

"I took some econ classes in college, but not enough to become stupid." -- Douglas Burton

 

There is frequently more to be learned from the unexpected questions of a child than the discourses of men.
Read more at: http://www.brainyquote.com/quotes/authors/j/john_locke.html
There is frequently more to be learned from the unexpected questions of a child than the discourses of men.
Read more at: http://www.brainyquote.com/quotes/authors/j/john_locke.html
 
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