Relevant:
- Wells Fargo Settles Fake-Account Lawsuit for $110 Million
- Wells Fargo fined $185 million for creating 2 million fake bank accounts; Fires over 5,000 Employees
- Wells Fargo Under Regulators' Probe over Business Practices
- Senate Probe: Wells Fargo account scandal extends to small business
- Wells Fargo CEO John Stumpf Called to Account By US Congress
2018-12-29 — bloomberg.com
The settlement with 50 states and the District of Columbia announced Friday resolves state investigations into Wells Fargo's practices from 2002 to 2017. The practices, which have previously been disclosed, include opening bogus accounts, charging improper mortgage rate-lock extension fees and forcing insurance policies on auto-lending customers.
Wells Fargo's expenses surged over the past two years, driven by fines and legal costs as investigations multiplied across business lines. Following the 2016 revelation that bank employees opened as many as 3.5 million accounts without customer approval in order to meet sales goals, issues have emerged in the bank's consumer-lending, wholesale and wealth-management arms.
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