Wells Fargo must do more than pay to redeem fake account scandal
By 
Martin Woods2020-08-14T18:09:00
Wells Fargo is now operating under a different regime, but what have the billions of dollars the bank has spent in attending to the compliance failures that arose out of its fake account scandal delivered? Not enough, posits Martin Woods.
Related articles
-
ArticleSenators demand answers from U.S. Bank on fake accounts scandal
Democratic senators are calling on U.S. Bank to answer questions before a Senate committee regarding an alleged fake accounts scandal the bank recently paid $37.5 million to settle.
-
ArticleU.S. Bank fined $37.5M over fake accounts scheme
U.S. Bank agreed to pay a $37.5 million fine and to return fees charged to customers related to the bank’s alleged opening of accounts and access of credit reports without their permission, the Consumer Financial Protection Bureau announced.
-
ArticleWells Fargo to pay $72.6M for foreign currency exchange fraud
Wells Fargo Bank agreed to pay a total of approximately $72.6 million to resolve allegations it fraudulently overcharged hundreds of commercial customers who used the bank’s foreign exchange services.
More from Opinion
-
OpinionThe rise of the AI compliance officer
As AI reshapes business operations and regulators move quickly, companies increasingly need a dedicated AI compliance officer to ensure ethical, transparent, and accountable deployment.
-
OpinionWho is leading the fight against confidence scams, and who should?
Internet-enabled scams are drawing national attention, with authorities treating them as organized transnational crimes. The FBI says confidence schemes now make up a significant share of online fraud, prompting questions about how the private sector is responding.
-
OpinionWhen stability fails: Why over-optimization creates organizational brittleness
Most organizations would say they value stability. Predictable operations, consistent output, and well-defined processes are generally considered marks of maturity. The assumption is simple: if a system can be made reliable, it becomes resilient.