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Stay getting in trouble, stay not getting shut down or no one going to jail, what a joke

Not posting the whole thing

Wells Fargo agrees to $3.7 billion settlement with CFPB over consumer abuses

www.cnbc.com

Wells Fargo agrees to $3.7 billion settlement with CFPB over consumer abuses

The resolution lifts one overhang for the bank, which has been led by CEO Charlie Scharf since October 2019.
www.cnbc.com www.cnbc.com


Wells Fargo
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agreed to a $3.7 billion settlement with the Consumer Financial Protection Bureau over customer abuses tied to bank accounts, mortgages and auto loans, the regulator said Tuesday.

The bank was ordered to pay a record $1.7 billion civil penalty and more than $2 billion to customers with 16 million accounts, the CFPB said in a statement. The San Francisco-based company said in a separate statement that many of the "required actions" tied to the settlement were already completed.
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"The bank's illegal conduct led to billions of dollars in financial harm to its customers and, for thousands of customers, the loss of their vehicles and homes," the agency said in its release. "Consumers were illegally assessed fees and interest charges on auto and mortgage loans, had their cars wrongly repossessed, and had payments to auto and mortgage loans misapplied by the bank."

The scope of wrongdoing detailed by the CFPB shows that Wells Fargo had problems servicing customers well beyond its 2016 scandal involving millions of fake accounts. Unlike rivals JPMorgan Chase and Bank of America, Wells Fargo, the fourth-biggest U.S. bank by assets, has a relatively small Wall Street business, meaning that ordinary Americans are its bread-and-butter customer.
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Some of those issues continued until recently. From "at least 2011 through 2022," the bank misapplied auto loan payments and made other mistakes, some of which led to improper auto repossessions, according to a consent order. And from 2011 through 2018, the bank made errors in mortgage modification applications, the CFPB said.


The resolution lifts one overhang for Wells Fargo, which has been led by CEO Charlie Scharf since October 2019. Last year, the bank told investors that it was "likely to experience issues or delays" in satisfying demands from its multiple U.S. regulators. Then, in October, the bank set aside $2 billion for legal, regulatory and customer remediation matters, igniting speculation that a settlement was nearing.

But other regulatory hurdles remain: Wells Fargo is still operating under consent orders tied to its 2016 fake accounts scandal, including one from the Federal Reserve that caps its asset growth.
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Repeat offender
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Although the company said it was "pleased to bring closure" to the banking, auto and mortgage issues found by the agency, CFPB Director Rohit Chopra made it clear that he didn't consider Wells Fargo off the hook. The agreement doesn't provide immunity to Wells Fargo employees or release claims for ongoing practices, he noted.
"While today's order addresses a number of consumer abuses, it should not be read as a sign that Wells Fargo has moved past its longstanding problems or that the CFPB's work here is done," Chopra said.
The CFPB head said that regulators should consider whether limitations beyond the Fed's asset cap and mortgage servicing restrictions needed to be imposed on the bank. The $1.7 billion fine assessed on Wells Fargo was the largest in the agency's history, according to a senior official.
"In the CFPB's eleven years of existence, Wells Fargo has consistently been one of the most problematic repeat offenders of the banks and credit unions we supervise," Chopra told reporters, rattling off a list of previous settlements.
Consumers who are still experiencing problems with Wells Fargo or other banks were encouraged to submit complaints via the CFPB website. Consumers who are still experiencing problems with Wells Fargo or other banks were encouraged to submit complaints via the CFPB website.
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HellCzar said:
Do casinos actually help cities? They building a big one in Portsmouth which is a mess as far as city management. @757'sFinest @Bow to Royalty y’all gonna go?
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I'll check it out probably when it warms up...the first couple of months it's gonna be packed....yeah casinos can help cities depending on the location....this location they chose is very strange in my opinion....they should've built it in downtown Norfolk by waterside
 
My homeboy just hit me up to lemme know their pops in hospice care. He has cancer and it spread to his bones. Smh.

I feel like I'm on a deserted island when I'm only 9hrs away from home. This will be the 4th death this year of people I personally know. 3 relatives and now soon to be their dad. Smh.

Don't ban me for puttin this on fullscreen but on everything...

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Cancer!!!!!​

I just pray in my lifetime they find a cure to eradicate this fuccin disease man. Smh.

S/o to everyone in here for being survivors. Whether directly or indirectly. Keep fighting
 
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