Wells Fargo Bank Letter

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Fed lifts curbs on Wells Fargo

Fed lifts restrictions placed on Wells Fargo in 2018 because of its fake-accounts scandal

Since taking over in 2019, Scharf’s goal has been to convince the Federal Reserve that Wells Fargo had fixed its toxic banking practices. With the asset cap removed, the bank can now pursue more deposits, new accounts and take on additional investment banking businesses by holding additional securities on its balance shet.

Charlotte Observer on MSN · 19h

Wells Fargo scandals: 11 articles on penalties imposed on bank by feds

Customer harm includes hundreds losing homes due to mortgage modification errors, and the bank has faced discrimination settlements for unfair hiring practices against Black and female applicants. The The Federal Reserve announced Friday it is imposing more penalties on Wells Fargo,

Reuters on MSN · 20h

Fed lifts Wells Fargo's asset cap, citing progress from sales scandal

The U.S. Federal Reserve announced on Tuesday that Wells Fargo will no longer have to operate under a $1.95 trillion asset cap the regulator imposed on the bank in 2018 following its long-running sales practices scandal.

Money Talks News on MSN1d

Wells Fargo and Major Banks Face Federal Scrutiny Over Alleged Debt Collection Harassment

Wells Fargo cannot seem to stay out of trouble. The bank that created headlines over fake accounts and unauthorized insurance ...

FOX 26 Houston on MSN6d

Wells Fargo Bank refunds customer's money after FOX 26 starts asking questions

When Jose and Amanda Vasquez contacted FOX 26 on February 13, thieves had stolen $40,000 out of their Wells Fargo business ...

American Banker5d

Wells exits another consent order, leaving just the big one

The megabank, which has spent years trying to improve its regulatory compliance, now has just one consent order remaining.

Winston-Salem Journal4d

Wells Fargo advances to final step of clearing asset cap freeze

The most daunting consent order shadowing Wells Fargo & Co. remains in the Federal Reserve's $1.95 trillion asset cap that ...

Banking Dive6d

Wells Fargo’s Scharf assured over asset cap’s potential end

We’re not done, but we’re a hell of a lot closer to the end than the beginning, at this point,” the CEO said Wednesday.

New York Post2y

Sex workers say Wells Fargo shut their bank accounts: ‘Destroying our livelihoods’

Evans read a letter that she received from Wells Fargo informing her that after a 30-year banking relationship, her account would be discontinued. “A bank that I’ve done business with for 30 ...

Reuters1y

Wells Fargo is sued over response to fake accounts scandal

"Wells Fargo relies on the inconspicuous and suspicious nature of the letter to depress claims rates ... revealing that employees at the San Francisco-based bank had opened millions of ...

Fast Company2y

Wells Fargo won’t commit to union neutrality, and bank employees are preparing for an ugly fight

In May, Brown sent Wells Fargo his own letter requesting Scharf’s presence at the upcoming 2022 Wall Street oversight hearing. He warned that it’s time to fix the bank’s myriad problems ...

New York Post2y

Wells Fargo to pay $1B to settle shareholder lawsuit over slew of scandals

Wells Fargo & Co has agreed to pay ... In a March 3 letter to shareholders, chief executive Charlie Scharf nodded to the bank’s “culture, effective processes (and) appropriate management ...

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