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Why is it -always- Wells Fargo. There are thousands of banks out there, and Wells Fargo is not even close to being the biggest. But why are they in the news every year for some illegal dealings? It feels like they should be broken up or something at this point.
And why are they still in business!?
Earlier quoted context omitted.
I was unable to obtain a government backed mortgage for a decade because LexisNexis Risk Solutions was reporting a judgement inaccurately on my risk profile that they would not remove until I had a lawyer file suit against them and notified the CFPB. I received a $600 check as part of a $21M class action settlement [1]. I was lucky, and had the means to obtain creative financing (non-QM) when needed. Others are not s…
I agree 100%; what can a layman like me do to fix it?
That would be counterproductive and probably only cause them to treat us with less empathy than they do already.
> Shares of the company rose 0.7% to $42.11 at 9:57 a.m. in New York.
Sooo... the market likes this slap on the wrist
So what's the least-evil bank that has a network of cash machines everywhere? (Yes, still need cash for certain things) Edit: also with a non-buggy mobile app? My credit union has the worst app. They don't seem capable of improving it... probably outsourced.
So what's the least-evil bank that has a network of cash machines everywhere? (Yes, still need cash for certain things) Edit: also with a non-buggy mobile app? My credit union has the worst app. They don't seem capable of improving it... probably outsourced.
Charles Schwab will refund your ATM fees from any ATM. So will First Republic. So will TD Bank. Many Credit unions do the same.
That's awesome that WF is paying $3.7B. Unfortunately the victims will likely never see any of that. That money will just go into the treasury. I would personally like to see the CPFB have the power to sue banks on behalf of customers to get financial redress. This money needs to get back to the people who suffered the most. Hell, paying only $3.7B with a pinky promise you won't do it again would still be profitable…
This very same thing happens with the SEC - they just keep the fines. How do people not think this is robbery is beyond me.
That's awesome that WF is paying $3.7B. Unfortunately the victims will likely never see any of that. That money will just go into the treasury. I would personally like to see the CPFB have the power to sue banks on behalf of customers to get financial redress. This money needs to get back to the people who suffered the most. Hell, paying only $3.7B with a pinky promise you won't do it again would still be profitable…
My reading of the article is different. This reads as though $2bn of the $3.7bn was to go directly to the consumers whom Wells Fargo harmed:
a $3.7 billion settlement with federal regulators, including a record $1.7 billion fine [...] The agreement with the Consumer Financial Protection Bureau includes more than $2 billion in “redress to consumers” [...] The CFPB is ordering Wells Fargo to refund billions of dollars to consumers across the country.Penalizing Wells Fargo as a company will not solve the problem of institutional-scale bank fraud, but clawing back the compensation of executives will.
Accountability and skin-in-the-game need to make a comeback.
Earlier quoted context omitted.
A hierarchy of things to steal is a weird father-son lesson I must say.
There are greater sins: we have a military, you know. Raising a child means teaching nuance in ethics. I've had similar conversations with my kid, arising from questions like "why do robbers exist?" "Why are some people homeless?" "Why do murderers exist?" Ethics is full of gray areas, and refusing to engage in hard conversations increases the risk that your kid will make the wrong call if they ever find themselves i…
I've never stolen anything, except for a few hearts, and was taught to never steal, and yet I can somehow piece together that it is better to steal something trivial to a person rather than the means of their survival if need be.