CFPB Hits Wells Fargo Hard

Wells Fargo N.A. was recently ordered to pay over $100 million by the CFPB (Consumer Financial Protection Board). The bank admitted wrongdoing in opening fraudulent bank products for unsuspecting customers. The product ranged from credit cards to deposit accounts. Wells Fargo released a statement in which they spoke of sales goals and financial incentives being the primary driver that caused their employees to act unethically. These fraudulent accounts boosted employee sales numbers but also caused unnecessary fees to be charged to bank clients. The bank concluded that close to 2 million credit card and bank accounts might have been opened […]

Posted on: 19 November 2016 | 3:11 pm