According to an article published in the The Hill – October, 2017 the Senate Banking Committee is going to grill the CEOs of Equifax and Wells Fargo with regards to the “massive financial scandals that have dominated headlines and tarnished their names.”

Wells Fargo and Equifax CEOs to be roasted by Senate

Wells Fargo and Equifax CEOs to be roasted by Senate

Wells Fargo CEO Timothy Sloan will testify before the Banking panel on Oct. 3, while Equifax CEO Richard Smith will appear on Oct. 4. Both executives are expected to face hostile questions from both parties after a series of missteps that have triggered federal investigations.

For those who have been out of the loop –

Wells Fargo may have opened up to 3.5 million accounts without their customers’ consent.  Wells Fargo is also accused of using “misleading tactics” to sell unwanted auto and life insurance policies.  This is what has been disclosed to thus far, no telling how much more will be discovered (or never discovered).

Side bar: in 2016 Wells Fargo was fined more than $180 million as part of a joint investigation with the Consumer Financial Protection Bureau, the Federal Reserve, Justice Department and several state agencies.

Equifax’s massive security breach:

To add more to the drama for lawmakers they will grill Equifax’s CEO about the credit reporting company’s failure to disclose the fact that as many as 144 million Americans’ sensitive financial information was hacked, but Equifax thought it best to hide this breach until months.

SEC hacked last year but did not disclose until a year later:

According to an article in the New York Times – the top securities regulator in the United States said Wednesday night that its computer system had been hacked last year, giving the attackers private information that could have been exploited for trading.

* FRAUD AND DECEIT – BELOW ARE JUST A FEW OF THE CONS WELLS FARGO HAS BEEN INVOLVED IN, THAT WE KNOW OF THUS FAR.

The Wells Fargo Fake Account Scandal: A Timeline – Forbes

On September 8, 2016, Wells Fargo announced that it was paying $185 million in fines to Los Angeles city and federal regulators to settle allegations that its …
Jul 31, 2017 – Analysts are angry over the latest Wells Fargo scandal where hundreds of thousands of customers were required to buy auto insurance they …

The Wells Fargo account fraud scandal is an ongoing controversy brought about by the creation of millions of fraudulent savings and checking accounts on …

2 days ago – Beginning in at least in 2009, Wells Fargo teamed up with a home warranty firm to foist a product on unsuspecting mortgage customers, …

24 hours later, ANOTHER massive Wells Fargo fraud scandal / Boing …

2 days ago – It’s been a whole day since we learned about another example of systematic, widespread fraud by America’s largest bank Wells Fargo (ripping …
Jul 21, 2017 – OSHA orders Wells Fargo to reinstate and pay a whistleblower $577000 in the fake-account scandal.

Wells Fargo, Awash in Scandal, Faces Violations Over Car Insurance …

Aug 7, 2017 – Wells Fargo, the scandal-plagued bank, is facing new regulatory scrutiny for not refunding insurance money owed to people who paid off their …

8 hours ago – One of the world’s largest hedge funds made a huge bet that scandal-plagued Wells Fargo‘s worst days are behind it. Viking Global, a $30 …

How Wells Fargo’s Cutthroat Corporate Culture Allegedly Drove …

But with the major scandal unfolding at Wells Fargo, angry former employees illuminate the alarming pressure that allegedly led local bankers to defraud …

Wells Fargo Opened a Couple Million Fake Accounts – Bloomberg

Really that’s just one principle: You get what you measure, but only exactly what you measure. There’s no guarantee that you’ll get the more …

658 words|3.3 min read|Categories: Consumer Issues, Credit Report|By |Published On: September 22nd, 2017|Last Updated: January 26th, 2024|

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