Wells Fargo Can’t Stay Out of Trouble
They just keep breaking the law
It’s a wonder anyone banks at Wells Fargo anymore as the giant bank is becoming known for breaking the law and deceiving its customers.
Now, the bank faces a $100 million fine for “unsafe and unsound” business practices.
Specifically, the Federal Reserve says, “Wells Fargo & Co.’s deficient oversight enabled the bank to violate U.S. sanctions regulations by providing a trade finance platform to a foreign bank that used the platform to process approximately $532 million in prohibited transactions between 2010 and 2015.”
The most recent fine comes following a $3.7 billion fine levied against the bank for its use of fraudulent and deceptive practices involving millions of consumer accounts.
Back in December 2022, when that fine was levied, consumer advocates pointed out that the big bank was a repeat offender:
“This is not the first time that Wells Fargo has flagrantly violated the law and harmed consumers across its lines of business…
