U.S. CFPB orders Wells Fargo to pay $3.7 billion for mismanagement

[searcher]

U.S. CFPB orders Wells Fargo to pay $3.7 billion for mismanagement

 

[Goldhedge]

Beer money

 

[nickndfl]

In all honesty if mismanagement was a crime most companies should be fined. Government agencies would be closed down, but instead politicians cover for them.

 

[Jarrod32]

This isn't new...it is what should be the final penalty for the issues that have been investigated over the past several years.
The only thing left is the asset cap that the Federal Reserve imposed...this now opens the path to having the asset cap lifted. Unclear how long it will be before that happens, though.

 

[searcher]

Seems Wells Fargo has more than an honesty problem. They have some real sickos working for them.

Wells Fargo VP Shankar Mishra fired for ‘urinating on passenger’ on plane

 

[searcher]

WASHINGTON (Reuters) -The former head of Wells Fargo's retail bank is facing prison time after agreeing to plead guilty to obstructing a bank examination in relation to the sweeping phony accounts scandal that roiled the bank in 2016.

Carrie Tolstedt, 63, faces up to 16 months in prison under a plea agreement with federal prosecutors filed on Wednesday. The development marks a rare instance of a senior bank executive facing prison time as a result of their job.

Former Wells Fargo exec faces prison, will pay $17 million fine over fake accounts scandal

WASHINGTON (Reuters) -The former head of Wells Fargo's retail bank is facing prison time after agreeing to plead guilty to obstructing a bank examination in relation to the sweeping phony accounts scandal that roiled the bank in 2016. Carrie Tolstedt, 63, faces up to 16 months in prison under a...

news.yahoo.com

 

[Someone_else]

After watching Steve Lehtoh's video on this, I think she is guilty, and should go to prison. Well, I read some story before this. The Wells Fargo company was guilty of fraud. The fraud may have been identity theft. But there may be other venues to accuse them. In any case, Wells Fargo should be fined into non-existence. Bankrupcy or better.

 

[Buck]

interesting to know:

" "opened as many as 1.5 million checking and savings accounts, and more than 500,000 credit cards, without customers' authorization."

that those crimes, that amount of the same crime is worth:

up to 16 months in prison

that's less than a year with 1/3 off for 'good behavior'


there's this also:
How did Wells Fargo harm customers?


Wells Fargo is a repeat offender that has been the subject of multiple enforcement actions by the CFPB and other regulators for violations across its lines of business, including faulty student loan servicing, mortgage kickbacks, fake accounts, and harmful auto loan practices.Dec 20, 2022

but we're not talking about that

 

[searcher]

Wells Fargo agrees to pay $1B to settle class action lawsuit tied to fake accounts scandal​

Story by Bailey Schulz, USA TODAY • Yesterday 10:55 AM

Wells Fargo has agreed to pay $1 billion to settle a class action lawsuit that accuses the bank of hurting investors by overstating how much progress it made fixing up its practices in the aftermath of its fake accounts scandal.

The settlement, if approved by the court, would be among the largest recoveries from a securities class action lawsuit of all time, according to the plaintiffs' attorneys.

Plaintiffs include pension funds in Mississippi, Rhode Island and Louisiana.

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Wells Fargo agrees to pay $1B to settle class action lawsuit tied to fake accounts scandal