Wells Fargo Sucks

And still has tons of customers

Andy Spears

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Photo by Jas Min on Unsplash

I continue to be amazed that Wells Fargo remains one of America’s largest banks.

It seems the banking behemoth is always in the news for some sort of scandal.

Here’s a sample of quotes about the bank pulled from recent stories on its nefarious activity:

Senate Banking Committee Chair Sherrod Brown of Ohio, in a letter to regulators:

“Recent allegations of unfair labor practices against Wells Fargo are yet another example of the bank’s pattern of repeatedly violating a range of federal and state laws,” wrote Brown. “Existing monetary penalties and growth restrictions have not been sufficient to prevent Wells Fargo from repeated consumer abuses, compliance failures, and gross mismanagement. Regulators should take stronger actions to change Wells Fargo’s culture of noncompliance and account for the troubling unfair labor practice allegations that could be the bellwether for broader safety and soundness and consumer compliance risks.”

The Federal Reserve noted earlier this year:

“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.”

Fake Account Scandal Costs Wells Fargo $3.7 Billion

The bank paid $2 billion in consumer refunds and a $1.7 billion penalty for a scandal involving fake accounts, improper foreclosures, illegally repossessing people’s cars, and illegally charging fees on accounts.

“Wells Fargo’s rinse-repeat cycle of violating the law has harmed millions of American families,” said CFPB Director Rohit Chopra. “The CFPB is ordering Wells Fargo to refund billions of dollars to consumers across the country. This is an important initial step for accountability and long-term reform of this repeat offender.”

16 million customers were directly harmed in that series of illegal activity.

The bank will pay these fines and keep conducting business.

I write on holding banks accountable and more at Advocate Andy on Substack.

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Andy Spears

Writer and policy advocate living in Nashville, TN —Public Policy Ph.D. — writes on education policy, consumer affairs, and more . . .