Even though Wells Fargo has admitted that bank employees opened millions of fraudulent, unauthorized accounts in customers’ names, the bank has avoided or delayed class-action lawsuits over this fake account fiasco by citing terms in customer contracts that prevent account-holders from bringing lawsuits against Wells. However, one group of customers is arguing that the bank …
Month: December 2016
Two Ohio-based banks settle “redlining” allegations
A pair of banks based in Ohio must begin increasing mortgage lending in minority neighborhoods in certain areas of Ohio and Indiana as part of a settlement with theDepartment of Justice, which accused the banks of “redlining.” The DOJ defines redlining as a “discriminatory practice by banks or other financial institutions of denying or avoiding …
Whistleblower sues Wells Fargo amid accounts scandal
SAN FRANCISCO — A former branch manager for Wells Fargo has filed a federal lawsuit against the embattled bank, claiming that supervisors harassed her after she had alerted them to improper sales and account activity by employees. Diana Duenas-Brown, who worked for Wells Fargo for 14 years, including 11 as a branch manager in a …
Wells Fargo Customers: Bank’s Contract Can’t Be Used To Allow Illegal Activity
Even though Wells Fargo has admitted that bank employees opened millions of fraudulent, unauthorized accounts in customers’ names, the bank has avoided or delayed class-action lawsuits over this fake account fiasco by citing terms in customer contracts that prevent account-holders from bringing lawsuits against Wells. However, one group of customers is arguing that the bank …
Wells Fargo finds fixing scandal’s damage to credit scores a tough nut to crack
Wells Fargo efforts to compensate victims of its fake accounts scandal is proving to be a difficult task, the Wall Street Journal reported Tuesday. The San Francisco-based bank’s success in helping victims recover will go a long way in determining the fate of new CEO Tim Sloan and Wells Fargo’s success in putting the scandal …
Illinois Treasurer Says State Will Re-Evaluate Relationship With Wells Fargo
Earlier this year, the state of Illinois suspended $30 billion in investment activity with Wells Fargo for one year. Credit mikefrerichs.com Illinois Treasurer Michael Frerichs announced that decision in early October after the bank admitted to improperly opening more than two million bank accounts without customers’ consent. Frerichs, a Democrat from the Champaign County village …
Jane Fonda, Lilly Tomlin pull their money out of Wells Fargo to support NoDAPL
Just days before the holidays, Jane Fonda joined a political movement in support of the NoDAPL protests by heading to Wells Fargo to close her account. On December 21, the actress, writer, and activist celebrated her 79th birthday by supporting Standing Rock and joined a large protest, the destination of which was a local Wells Fargo …
Trump’s Financial Deregulation Might Be Bad News for Banks After All
WASHINGTON—Bank stocks have surged since the election on hopes that President-elect Donald Trump will roll back financial rules. But deregulation, for the biggest institutions at least, might come with a catch: tougher limits on borrowing. Some influential voices in Mr. Trump’s world insist banks should, as a quid pro quo for rolling back some regulations, …
Santa buys foreclosed home and gives it back to family
Now this is an uplifting story for today.. HUNTINGTON, W.Va. (WSAZ) — A family got an unexpected visit from Santa on the Thursday before Christmas. A few months ago, the Batts lost their home to foreclosure. Santa decided to buy the home on 19th Street in Huntington, West Virginia and give it back to the …
Couple sues JP Morgan after they can’t access safe deposit
A Long Island couple’s safe deposit box is so secure, even they can’t get into it, they say in a lawsuit. Brenda and Robert Fox have kept $48,000 in jewelry in a box at a Chase Bank in Huntington since 2009. The Foxes had no trouble with the setup until last year, when Brenda was …