Facing its fifth lawsuit in six years, federal regulators are eyeing Wells Fargo for a massive national shutdown. After investigators discovered ‘widespread mismanagement,' the Consumer Financial Protection Bureau, levied the largest fine against the banking institution in history.
https://l.smartnews.com/ryo2P/VW2BkT
@ztz+1kt30g0G - THANK YOU!!! You win the prize in my book for the entire year. The government will NEVER..........let me say this again............NEVER shut down a bank of this size. They themselves, do not have the resources or capacity to take it over, NOR WOULD THEY EVER consider divvying up the assets WF has to other banks because most likely the only banks that could handle absorbing them are the ones that are already as big or close to being as big, which then makes them even bigger and puts consumers at even greater risk. Plus, the process of shutting down a bank.....ANY bank, regardless of size, results in freezing assets for a period of time until the regulators (specifically the FDIC) can sort it out. With the millions upon millions of customers WF has, do you think they will EVER want to freeze that many people's accounts.........even if just for a few days to shut WF down? No, never. I get it people...I would relish the day that this bank shuts down. But it just WILL NOT EVER HAPPEN.
Amen! I’ve been saying this for years.
I think the avg harm per customer that was impacted was like 27 cents or something crazy like that.
This whole thing blew up in September 2016, 2 months before a big election involving Donald trump. Figure that one out.
If this is the same article I read on a different site, all this article did was take a couple Twitter comments. Just a tad misleading headline. You can find comments on anything you want.
Post ID: @afg+1kt30g0G
Deny, Deflect, and Diffuse. The 3 D’s of avoiding accountability. You are, unconvincingly, attempting to over-simplify a very complex pattern of fraud that has continued in to 2022.
You have to know all the details, and understand the big picture, to recognize the fraud that Wells Fargo perpetrated on both their customers and their shareholders over the years.
BOA paid an over 16 billion dollar fine which is the largest paid to a federal agency. We just hold the CFPB record. This is all old news for old sins. We get the constant coverage because of opening fake accts, the vast majority of which were debit cards which branch staff could have mailed to the branch and thus the customer never saw them. Has anyone ever published what kind of accounts were opened and exactly what pain was caused a customer. No! CFPB won't do it because it would look like less of a crime. WF won't do it because the regulators told us not to. Those of us involved in the investigation know it was blown way out of proportion
One step up from a blog. I hope you know what a GSiFI is. The government can step in and run the place but putting it out to pasture would not be in their best interest.