Elizabeth Warren has set the table for Andrew Puzder, the burger chain executive and Secretary of Labor nominee, with a blistering 28-page letter outlining the likely line of Democratic questioning in this Thursday’s confirmation hearings.
Former Wells Fargo employees in the Los Angeles region say the bank had another way of chiseling clients: Improperly charging them to extend their promised interest rate when their mortgage paperwork was delayed. The employees say the delays were usually the bank’s fault but that management forced them to blame the customers.
The CEO is not the only leader who should be held accountable at Wells Fargo. Where were its board members, who are empowered and duty-bound to set, monitor, and assure ethnical corporate behavior from the top down?
“Really shocking isn’t it? One of the nations’ biggest banks bullying thousands of employees into committing fraud against unsuspecting customers,” Clinton told a crowd in Toledo.
Campaigning in Ohio on Monday, Hillary Clinton will unveil a plan to make it easier for consumers to take legal action against “bad corporate actors,” citing Wells Fargo & Co and Mylan Pharmaceuticals.
Federal regulators were aware of wrongdoing at banking giant Wells Fargo & Co. as early as March 2012 and issued a string of supervisory letters ordering changes over the next three years, holding off on penalties while the creation of phony bank accounts and falsely issued credit cards to pad employee bonuses continued.
Earlier this month, the lender agreed to pay $190 million in penalties and customer payouts to settle the case involving the creation of credit, savings and other accounts without customers’ knowledge. About $5 million will directly go to customers, many of whom might have paid a small fee on the unwanted accounts
Regulators slapped the fine on Wells Fargo through a settlement after discovering that employees created fake email addresses, fraudulently applied for credit cards and moved unwitting customer’s money to the new accounts. The misbehavior earned bonuses and let employees meet aggressive sales quotas.
By Andrew Dunn, The Charlotte Observer CHARLOTTE, N.C. — The nonprofit National Fair Housing Alliance said Tuesday that it conducted an undercover investigation of Bank of America Corp. in Charleston, S.C. — and claimed it found evidence that the Charlotte bank discriminated against potential Latino borrowers. The organization filed a formal complaint with the federal Department […]
Senator Elizabeth Warren (D-MA) rose to the floor of the Senate on Thursday morning to introduce the Truth in Settlements Act, which is co-sponsored by Senator Tom Coburn (R-OK). “Several years ago the government announced a $385 million settlement with Fresenius Medical Care for allegedly defrauding Medicare and other health programs for years,” Warren said. […]
A new study from Minnesota Neighborhoods Organizing For Change reveals that the foreclosure crisis is hurting America’s schools: Communities are being crippled by the loss of millions of dollars in state education aid as evictions destroy the tax bases and enrollment numbers of school districts. The group estimates that the roughly 13,000 foreclosures in Minneapolis […]