Wells Fargo fined $1.7 billion for ‘illegal activity’ including unjust foreclosures, vehicle repossessions
https://www.cnn.com/2022/12/20/investing/wells-fargo-cfpb-foreclosure-fine/index.html
17 replies (most recent on top)
Guessing all the globetrotting and cheerleading for Saul TK forgot to take care of technology to prevent these issues. $3.7B that’s some boomerang.
This is the second time WF has broken the record for the largest fine.
Both of the previous records for highest fines were held by - you guessed it - WF.
The Bank and leadership has too much greed to fix things and settle with those that have been harmed. It's not rocket science.
Was trending number one on Twitter today at one point,wow!!
Don’t worry about oil companies poisoning your water guys, the true enemy is the insidious EPA looking to prevent that. Because, you see, the EPA is driven by profit, unlike our noble energy companies.
Source: Fair and Balanced news coincidentally sponsored by big oil. I am a very smart critical thinker you see.
They don't pocket the fees, they pocket the bribes to make the next fee not happen. But keep thinking DC bureaucrats give a damn about you or any financial harm brought upon you. These people are there because they lust for power and/or kickbacks.
Yes, of course you can only ever interpret big business being held accountable as people being given handouts. It's definitely not that the bank is incentivized with predatory fees to misrepresent a customer's account balance. My bank factors pending transactions into my available balance, I wonder why WF doesn't? Hmmmm
The mental gymnastics you clowns come out with every time this comes up are hilarious. But nobody, even Charlie himself, ever denies the wrongdoing. It's always "everyone else does it too!" or some bizarre conspiracy where regulators are somehow personally pocketing the fees they impose.
Learn how to balance a check book. It is your personal responsibility to know what payments you have outstanding. It isn't the banks responsibility to give you free loans.
Oh ok, I guess if other banks do it it's ok. Thanks for your protesting too much.
One of the reasons for the fines is "surprise" overdraft fees. The accusation is that people had an available balance that would cover the purchase at the time, but end of day settlements when all the bills came through there wasn't enough to cover them.
All banks do this. You're supposed to keep track of your spending.
$1.7 Billion of the $3.7 Billion is the largest fine to date against any bank by the CFPB!!!
Think about that, Billions! Does Wells Fargo pay that much out in salary and bonus to employees? Are F'ing kidding me. Don't walk, run for the exits
Customers $0
CFPB pensions +$3.7B
Chuckie just sent the email to tell everyone how awesome he's transformed (er...gutted) the place since he got here. All good.
Meanwhile, in other news, CFPB expected to report record 4th quarter revenues of $3.7B. :)
It's all just a circle folks. Somebody has to fund the regulators that watch over the industry. The game among banks is to enough to not have to be the one that pays......and we've been losing the game for a lot of years now after previously being the New England Patriots.
It is embarrassing - when is Chuck going to be held accountable???
This place is falling apart
pay to play i guess.