Federal regulators fined Wells Fargo a record $1.7 billion on Tuesday for “widespread mismanagement” over multiple years that harmed over 16 million consumer accounts. The Consumer Financial Protection Bureau said Wells Fargo’s “illegal activity” included repeatedly misapplying loan payments, wrongfully foreclosing on homes, illegally repossessing vehicles, incorrectly assessing fees and interest and charging surprise overdraft fees. The CFPB ordered Wells Fargo\n \n to pay the $1.
“This far-reaching agreement is an important milestone in our work to transform the operating practices at Wells Fargo and to put these issues behind us.” Wells Fargo said it expects the CFPB settlement will cost it $3.5 billion before taxes in the fourth quarter. ‘Systemic failures’ According to the CFPB’s enforcement action, Wells Fargo had “systemic failures” in its auto loan business that harmed more than 11 million accounts.
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All our accounts closed to this day. From one day to the next.
That should be a loss of business license. They DESTROYED people lives. Corporations are not more important than people. Period.
'Wells Fargo revenue for the twelve months ending September 30, 2022 was $80.554B...' While accumulated revenue 2016-2022 (the period they been incurring in 'illegal activities') is 643,6B 0,02% of 2022 revenue and a 0,002% for 16-22 one 🤬
fking shame, i have been with them for over 12 years, i need to find a new bank..
hurts consumers, pays fine to government consumers don't see anything of, no one goes to jail, okeee
They stole 10k from my Aunt and she never got it back
And that money will go to the government and not the people they scammed
Who gets the money?
not a single person going to jail? Just a large fine that tax payers will end up paying for. Just another example of the rich being above the law, right ewarren
Again How are they still in business?
$1.7B for several years of bullshit. That's pennies on the dollar.
Cnn has 64 million strong followers I didn’t know the airports had that many television sets. You better thank O’hare airport
When is it Joe Biden the criminal’s turn.
AMCbiggums This company creates homelessness.
Ain't these guys get a government bail out Taxes paid to fxck us.... sadness
Thank God! It's about time! Heavenly father, I lift up to you, those criminals at Wells Fargo. Punish them, God. I ask in Jesus name, amen and amen.🙄😲🙏
The worst management for a bank in the U.S. ever!
Start sending these fucks to prison. Otherwise, it's just an inconvenient expense.
No fake news headlines for Bidens open southern boarder that violates our immigration laws. Best kept secret within the fake news media network.
👐👏👊, will the 'applicable' consumer get some of that money
I believe it, they ripped me off in fees that they refused to credit me when their ATM eat my work check.
And nobody will be jailed.
Why aren't these scumbags in jail
OK so can they give me my money back they was eating my payday up and I also suspect they using my bank account to fund freaky ass escapades ION LIKE THAAAAT!!
In 2016:
A billion here...a billion there....soon you are talking real money.....
' You guys at are covering the Border right? Hunter Bidens Laptop? “Twitter Files” drop regarding the laptop and the FBI? Biden taking 98% of the weekends off? Biden giving children from the border to unvetted people? Soon 18,000 a day coming across the border? .
Until those individuals who are responsible for the illegal activity are also held to account nothing will change.
The risk of execution for several young Iranians in the prisons of the Islamic Republic IranRevoIution2022
MattEganCNN On top of this just found out recently that I needed an American mailing address since I live in Canada. Opened account years ago. Called company and now they say I have to live in the U.S. They deserve what the get.
Remember when Wells Fargo was doing insanely unethical and illegal shit around 2016 and then nothing really happened?
Again? They are an ongoing criminal organization and need their business charter revoked.
Where is the breaking news about Hunter Biden's laptop being released right now!?
American companies that still supply Russian fascists by microchips for rockets: Links Technologies,Broadcom,Qualcomm,Telit,Maxim Integrated,Trimble,Cavli Wireless. Shame on them- they supporting terrorists!
MohammadMehdiKarami is only 22 years old, innocent and tortured to confess to a crime he didn’t commit. He’s sentenced to death in a sham trial. Be his voice before it’s too late. MahsaAmini
AMCbiggums But ask them how much they made in profit from their illegal activity. No different than catching a bank robber and pays off Cop with a $20 bill and thief pockets the rest and gets escorted by cops back to hideout.
Meanwhile, the customers Wells Fargo screwed over get nothing. see my homepage plz
How about FBI infiltrating Twitter?
IS THIS IN ADDITION TO THE 3.7 BILLION IN FINES OR ARE YOU LYING TO THE AMERICAN PEOPLE WITH THE 1.7 BILLION IN FINES? GUESS IT DOESN'T MATTER. WHO GETS ALL THAT MONEY PAID IN FINES? WHO IS GOING TO PRISON DECADE AFTER DECADE FINES IN BILLIONS AND NO ONE GOES TO PRISON. WHY?
It's time to break Wells Fargo up.
I had 6 thousand in their Bank in 2018 & it was gone within a year..my business math skills are excellent so I knew something was up, I'm looking into this
AMCbiggums Criminals. In 2008, they sabotaged my short sale, foreclosed on the home AND got bailed out.
People still bank with Wells Fargo?
That $1.7b should be distributed to those 16 million customers. $100 each!
Hopefully we see another video from you soon.
That's regulation for you...thats why crypto is far better
Well Fargo gets charged with this sort of thing over and over again. Why do people keep doing business with them?
Appeal that ruling.
AMCbiggums
Accountability for management NO FINES. They continue to BREAK the LAWS.
Total scumbags. Let’s for once make sure these penalties go directly to the people they fucked over. Just hard to believe that’ll be the case
AMCbiggums They should not be allowed to continue without being broken apart as a company. Either that or sold off to smaller entities. And fine every employee that touched the accounts or had responsibility.
About 18 years ago, I joined WellsFargo and tried to make it work--I couldn't keep $2k in my checking, so had to do 10 transactions per month to avoid the $30 penalty. Fought with it for years, and finally just quit after they kept skimming my money to meet their made-up demand.
Might as well rename WellsFargo SBF with all the scamming they’re engaged in. toobigtofail sec CORRUPTION
Again?
A chump change for a sizeable bank like Wells Fargo.
Confirmed: my ATM withdrawal fees will now go to six dollars.
Wells Fargo owes me.
Davidlaz Any jail time? “Corporations are people, my friend” eh, MittRomney
CNN will be next
Worse yet, W/F will probably be able to write off both fines on their taxes and thus leave the cost to the government and ultimately the taxpayers.
For once a corporate fine that might actually be felt (slightly) along with one that actually goes to those harmed. Unfortunately as usual neither the corp fine nor the amount to be paid to the customers comes close to the scale of the harm caused. 1/2
I was one they dreamed a checking account that I had $100 in that I wasn't using with $5 monthly fees for not using the account
And still ongoing....
Screw Wells Fargo, they got a $25 billion bailout after them and other banks fucked home buyers using predatory lending, why would they learn anything?
They suck. They closed my account cuz someone else committed fraud. I didn't know it was fraud. N he said the funds were verified.
bitcoin doesn’t do this!
Bloomberg said it’s $3.5 billion
The misconduct was carried out by low - level branch staff to meet internal sales targets , but has severely damaged the brand .
The Securities and Exchange Commission is investigating whether Wells violated rules around investor disclosures , and has sent requests to the bank for information.
Wells Fargo sets aside even more to deal with the fallout from its accounts scandal .
Does this money go to the victims?
Alex Jones has to pay 1 billion for words
What about those people's lives they've ruined? Who's compensating them? Cause that money isn't going to them.
shut wells fargo down… they have a LONG history of consumer rip-off’s.
If you bank with Wells Fargo, get out. No need to use them with so many options
Its executives have been grilled by Congress and the bank has promised ' a new day '.
Maybe now they’ll lift my restraining order…
Guess which government agency the banking lobby wants the GOP to get rid of? The CFPB.
Since the scandal broke Wells Fargo has paid over $1.7bn in fines , $575m of that as late as December .
But Cryptocurency is the Wild West!? SECGov is the puppet of Wall St. legacy financial systems have the most to lose with the introduction of defi.
So government (not the victims) get paid off and Wells Fargo goes on to happily victimize again. The whole thing is a racket, a charade.
Isn’t it $3.7b?
Is it $1.7B or $3.7B?
Q17 seventeenagain
Nobody goes to jail, victims don't get restitution; where's the relief from the responsibility of vengeance that the court is meant to provide? If I were the victims, I'd go into my nearest Wells Fargo and just start taking shit.
Wells Fargo. AGAIN.
WellsFargoCtr is the worst bank on the planet. I bailed on them in the 90's, excellent decision
and i get 87 emails about paying off my credit card ……….
Fines just mean 'legal if you're rich enough'
As a former member of the Wells Fargo machine I wish they would have called me as a witness. 3 billion isn’t enough.
Smells like 2013 fuck corporate welfare
When will the consumers that are constantly being scammed and exploited by these corporations get some compensation for these illegal acts against us?
And restitution?
What do the consumers get back out of this? That 1.7 bn is just going to go to Ukraine to be laundered
kojo_wiase bherry_allen Chuckblanco_
Meanwhile, the customers Wells Fargo screwed over get nothing.
sackorie
Thank you SenWarren
Tough
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