Once again the New York Times reports on Wells Fargo’s fraudulent account scandal. No, this is not the same one from 2016, this is a new one where the bank just “found” more than a million additional unauthorized accounts, raising the total to 3.5 million accounts.
Is Wells Fargo too big to care about criminal activities and threats from Congress?
“Every time we get one of these announcements, the pressure rises,” said Nancy Bush, a banking industry analyst who runs NAB Research. “How many customers, and how many employees within Wells Fargo, are coming to the conclusion, ‘I don’t need to be associated with this’?”
New scam by Wells Fargo
Besides the additional accounts announced Thursday, the wider review uncovered a new issue: unauthorized enrollments of customers in the bank’s online bill payment service; a service that is now free.
One of the bank’s fiercest critics, Senator Elizabeth Warren, Democrat of Massachusetts, laid into it with a scathing statement: “Unbelievable. Wells Fargo’s massive fraud is even worse than we thought.”
A coalition of 33 consumer groups sent a letter to congressional leaders urging them to bring Wells Fargo executives back to Capitol Hill — where Mr. Stumpf was roasted last year by unhappy lawmakers, shortly before he stepped down under pressure — to answer new questions about the bank’s abuses. The bank “may have intentionally misled” lawmakers in its previous testimony, they said. Ms. Warren, who is a member of the Senate Banking Committee, also called for the committee to hold a new hearing.
* FRAUD AND DECEIT – BELOW ARE JUST A FEW OF THE FRAUDS WELLS FARGO HAS BEEN INVOLVED IN. GIVEN THEIR HISTORY THERE ARE MANY MORE TO COME.
I have to ask – how many of you believe the bank’s excuses? Personally, I think Wells Fargo believes no regulator can reach them and that it can bully anyone – consumer or politician. It has gotten away with this type of behavior for so many decades that it was certain no one could touch them. I support Senator Elizabeth Warren’s attempt to make Wells Fargo accountable for their outrageous actions. Enough is enough. I moved all our accounts, both personal and business, out of Wells Fargo.
Diane is a well respected Arizona bankruptcy and foreclosure attorney. As a retired law professor, she believes in offering everyone, not just her clients, advice about bankruptcy and Arizona foreclosure laws. Diane is also a mentor to hundreds of Arizona attorneys.
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