All Wells Fargo articles – Page 6
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SeaWorld, Mueller, and Congress
In case you missed it this week, Mueller sidles up to a new lawyer involved in Paul Manafort's probe, politicians are eyeing a particular bribery-related trial, and SeaWorld get's a criminal investigation
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Wells Fargo boosts number of unauthorized accounts to 3.5M
A review commissioned by Wells Fargo has increased the number of falsified accounts at the bank from 2.1 million to nearly 3.5 million. Last year, the CFPB fined the bank for the “widespread illegal practice of secretly opening unauthorized deposit and credit card accounts.”
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Auto loans are the latest headache for embattled Wells Fargo
Wells Fargo will pay millions to resolve issues with its auto loan customers who were harmed due to issues related to collateral protection insurance policies.
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Wells Fargo and its data privacy faux pas
Wells Fargo continues to be in the news these days (and not for the better) in the way of its reputation.
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Federal Reserve urged to fire Wells Fargo's board of directors
Citing negligence of their risk management duties, Sen. Elizabeth Warren is demanding that the Federal Reserve intervene and fire embattled board members of Wells Fargo.
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The director dilemma: a love/hate relationship with shareholders
One lesson to come out of the Wells Fargo shareholder meeting: Directors and shareholders should fight to preserve their contentious relationship.
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Wells Fargo scores a pyrrhic victory amid shareholder revolt
Despite controversy before and during its annual meeting, shareholders reelected all of Wells Fargo’s directors. But trouble still lies ahead for the post-scandal banking giant.
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OCC details mistakes with Wells Fargo supervision
An internal review conducted by the Office of the Comptroller of the Currency details supervisory shortcomings related to malfeasance at Wells Fargo. Among the problems: all but ignoring more than 700 whistleblowers.
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Compliance expertise on the board of directors
The recent corporate scandal at Wells Fargo highlights the need for boards of directors to have a committee devoted to compliance.
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Democrats seek arbitration release for Wells Fargo customers
Congressional Democrats are supporting legislation that would give victims of fraud by Wells Fargo release from forced arbitration clauses that otherwise prevent them from suing the bank.
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Continued fallout at Wells Fargo leads to board scrutiny
The Wells Fargo fraudulent account scandal still resonates as one of the most prime examples where the continued fallout from a board’s failure in the area of oversight of risk management is working to damage the organization.
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Wells Fargo fallout: More board oversight of risk management?
The Wells Fargo fraudulent accounts scandal is enforcing a good trend: shareholder activism directed at the board for better risk management. Tom Fox reports.
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Did Wells Fargo Give Prudential a Black Eye?
Tom Fox epxlores how the business relationship between Prudential and scandal-ridden Wells Fargo put Prudential in hot water.
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CFPB warns financial companies about sales incentives
The CFPB is warning the financial world to be leery of sales quotas that can lead to consumer harm and legal violations. Joe Mont has more on a bulletin from the Bureau that addresses best practices for a targeted compliance monitoring program.
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Wells Fargo and the whistleblower lessons it imparts
Ethics and compliance officers can learn a lot from the toxic corporate culture at Wells Fargo, especially as it concerns lessons in whistleblower protections. Jaclyn Jaeger has more.
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Wells Fargo scandal prompts senators to focus on clawbacks, KPMG
Still responding to the Wells Fargo scandal, Senate Democrats are urging tougher clawback rules and grilling KPMG over its “failure to identify illegal activity when it audited the bank’s financial statements.” Joe Mont reports.
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Wells Fargo CEO retires amid cross-selling scandal
Wells Fargo CEO John Stumpf called it quits on Thursday, retiring amid revelations that at least 2.5 million unauthorized accounts and credit cards were opened on behalf of unsuspecting customers. The hasty departure, however, says Joe Mont, may not satisfy his most vocal critics.
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San Francisco, we have a problem
Richard Steinberg asks: If Wells Fargo CEO John Stumpf had realized how big his problems were about to become, would he have acted differently?
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Q&A: Farient Advisors’ John Trentacoste
Joe Mont talks with John Trentacoste, a director at Farient Advisors, on how Wells Fargo’s woes may influence boards’ compensation decisions.
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Illinois is latest state to ban business with Wells Fargo
Illinois State Treasurer Michael Frerichs has suspended $30 billion in investment activity with Wells Fargo, joining California in taking punitive actions against the bank in response to its recent troubles.