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California and federal regulators today fined Wells Fargo Bank (WFC), one of the U.S. largest banks, $185 million in civil penalties to resolve claims that bank employees secretly opened millions of unauthorized accounts for their customers in order to meet aggressive sales goals.
Thousands of employees at Wells Fargo opened roughly two million bank accounts and applied for 565,000 credit cards without customers’ knowledge or consent. In some cases, bank employees created fake email addresses to sign up customers for online banking services, accumulating late fees on accounts they never even knew they had.
The Consumer Financial Protection Bureau (CSFB) blamed Wells ... (read more)