And the hits keep coming! (see article below; one of many on topic)
Thanks, Wells Fargo. Great job. Might wanna' rethink those lipstick-on-a-pig, rebuilding ads.
Wish all execs were jailed at this point. SMH
https://www.charlotteobserver.com/news/business/banking/article221153505.html
And yet another scandal shared with the public!!! ....
Nov. 7, 2018—Wells Fargo executives were warned that an auto insurance plan could be overcharging customers four years before the bank sc-apped the program, according to a complaint released by a judge this week, according to the Insurance Journal. Several executives, including then-general counsel James Strother and chief auditor David Julian, were among the bank officials briefed in 2012 about possible flaws in the auto insurance program that was ended in 2016, according to parts of a class-action lawsuit that were unsealed on Monday.
A Wells Fargo official declined to comment for the report, regarding the allegations in the lawsuit but said the bank intended to repay all customers who were hurt. Wells Fargo ended its auto insurance program in Sept. 2016 after an internal review found many customers were being wrongfully saddled with a costly product they did not need, reported Insurance Journal. The bank had a right to force auto borrowers into the product called ‘collateral protection insurance’ (CPI) if they let their own policies lapse. But ultimately, the bank said some 600,000 customers were forced into CPI unnecessarily when it reached a $1 billion regulatory settlement in April.
Yeah. I saw that and I also think there are more homes taken incorrectly that have not been uncovered. If you think about it, during the timeline, masses of people were trying to save their homes and so many were denied that I thought should not have been. I can’t fathom only 500 out of the masses were the only ones. Also, I saw that the head of personal banking, previously in charge of wealth management who was under scrutiny for gender bias is suddenly retiring too. I hope congress sees the light because he and the others will be retiring with lots of those special perks when they should be stripped away due to the issues they caused. Regulators are one step closer to enforcement action and not to just fine I think. Sad because all of us in the front line have worked our butts off just to have others screw things up.