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Wells Fargo continues to trip on itself

Tom Fox | March 2, 2018

Wells Fargo cannot seem to get out of its own way to begin to move forward.

Now, the bank is facing a whistleblower lawsuit and investigation by the Consumer Financial Protection Bureau (CFPB) for closing fraud victims’ accounts without investigating potential criminal activity, which a bank is required to do by law. This action was also in direct opposition to the bank’s mandate to investigate whether criminal activity occurred, or to help their customers as much as possible to resolve the issue.

The bank employee who raised his hand most often to point this out has filed a whistleblower lawsuit, claiming he was fired for his troubles (the bank claims he is simply a disgruntled ex-employee). The CFPB is investigating the bank’s practice of freezing and closing customer accounts where fraud was detected, regardless of the reason.

This “yet another” Wells Fargo legal and...

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