qr-play-store play store

Wells Fargo might pay $1 billion fine for loan abuses

20 Apr 2018
No comments
360 views
Wells Fargo might pay $1 billion fine for loan abuses

The company which is about to set a record fine of $1 billion imposed by two U.S. regulators for its risk management business is none other than Wells Fargo & Co. Lask week the company got a proposal from U.S. Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC), to resolve probes into auto insurance and mortgage lending abuses at the third-largest U.S. bank.

 

Wells has acknowledged that it charged customers for excessive auto insurance, a burdensome expense that caused some to see their cars repossessed after defaulting on loans. Wells Fargo declined to comment on the reported settlement. The bank, still smarting from a prolonged scandal in which bank employees created millions of fake bank accounts in customers' names, found inconsistencies at its auto lending and mortgage in summer 2017, leading to further probes by regulators.

 

To appease investors and regulators, the bank overhauled its operational structure, shook up its board and hired a new compliance officer.

0 0
Comments:
No comments found
Leave a comment
  • Jaw-dropping deals this Spring at RepoKar
    27 Feb 2017

    Spring is right around the corner! With melting snow comes rising car sales. Longer days and brighter sunlight mean it’s the season to think about the best used cars for spring; vehicles that allow you to appreciate blue skies, while getting a head start to summer. The sooner you decide on your dream car, the greater the possibility of finding the best deals.  At RepoKar, we want to be sure that you've got everything you need to start the season fresh with a smile on your face. That’s why we’ve prepared amazing, hassle free used cars, trucks, and SUVs for our fr...

    0 2
    16
    1036470 views
  • General Motors to lay off 1,100 workers
    06 Mar 2017

    General Motors promised us other things but that’s how it all turned to be, even if it said it will invest $1 billion in U.S. factories now it announced to temporarily cut off 1,100 workers in May as its Lansing Delta Township assembly plant in Michigan shifts production to Tennessee. Last year it added 800 jobs at its spring hill, Tennessee plant to build the new version of GMC Acadia SUV.  The Lansing plant will continue building the Buick Enclave and Chevrolet Traverse after it retools for a month. GM also has announced other U.S. factory cuts. U.S. President Donald Trump ha...

    0 0
    19
    105014 views
  • Tesla Model 3 Production On Track To Hit 8,000 A Week?
    20 Aug 2018

    The Tesla Model 3 has been plagued with well-publicized production issues over the last few months. However, it seems the situation is finally improving. Back in June, the carmaker met its target of producing 5,000 Model 3s in the final week of the month.  Musk confirmed that this production target was met for at least two weeks in July during a financial call with analysts. Now the goal is to ramp Model 3 production up to 6,000 a week, but CNBC reports the automaker is on track to exceed that target by a significant margin. Evercore ISI analyst George Galliers said after having a to...

    0 0
  • 2019 Chevrolet Silverado Could Really Affect Ford F-150’s Sales
    16 Aug 2018

    The 2019 Chevrolet Silverado 1500 has been in the news a lot recently for many good reasons, among them its upcoming arrival at dealerships. But is it possible for the new Silverado to surpass F-150 in sales? Anything is possible, only if they use the right strategy.  According to Automotive News, Chevrolet has literally “restructured” its full-size pickup truck is not only design and materials but also its lineup range. What was lacking before is now present. For example, for 2019 there will be three new trims to help expand the Silverado’s market share. These new ...

    0 0
Search on the blog
Find us on

Last added auctions

2012 Mazda MAZDA3
297 views
16 photos
2,500.00
No bids
2007 Toyota RAV4
209 views
16 photos
5,983.00
4 bids
2006 Honda CR-V
345 views
15 photos
2,700.00
No bids
2011 Chevrolet CRUZE
297 views
15 photos
3,526.00
3 bids