Wells Fargo & Co. eliminated product sales goals for its consumer bankers as the company seeks to reassure regulators, lawmakers and customers after employees opened more than 2 million accounts without clients’ approval.
“We want [...]
In case you extended your Labor Day holiday and took all of last week off, Wells Fargo was fined $185M for practices that led to the creation of over 2 million accounts that consumers may [...]
NAFCU reacted to the $185 million fine of Wells Fargo by California and federal regulators for the widespread illegal practice of secretly opening unauthorized deposit and credit card accounts.
NAFCU President and CEO Dan Berger [...]
As the saying goes “problems” flow downhill, so as I started reading the details of the Wells Fargo account opening scandal and the $100 million fine imposed on it by the Consumer Financial Protection Bureau, [...]
Two basic principles of management, and regulation, and life, are:
You get what you measure.
The thing that you measure will get gamed.
Really that's just one principle: You get what you measure, but only [...]
Serving customers and helping them achieve their financial goals are often identified by credit union executives as their organizations’ top objectives. Whether it is Wells Fargo (with $1.6 trillion in assets and thousands of [...]
Can you strictly define your credit union’s business model and your competitive advantage?
If you say, “We’re a full-service credit union and our competitive advantage is member service,” then you’re missing the [...]
Sorry for the misleading title. I don’t love Wells Fargo. Actually, a mortgage that I did through my credit union several years ago was sold off to Wells Fargo and “love” is not even [...]
by: Kelly McCartney
As the U.S. continues to recover from the financial crisis started over seven years ago, the prospect of "too big to fail" banks still lingers because no real reforms have been [...]
The National Credit Union Administration has filed a lawsuit in federal court against Wells Fargo Bank, National Association, alleging the bank has failed to fulfill its duties as trustee for 27 residential mortgage-backed securities trusts.
The National Credit Union Administration has filed a lawsuit suit in federal court against Wells Fargo Bank National Association, alleging the bank has failed to fulfill its duties as trustee for 27 residential mortgage-backed securities [...]
BY KATHERINE MUNIZ
This year brought a whirlwind of shocking announcements and news that would go on to affect every corner of the globe, including the number of banking scandals uncovered in some of the [...]
Just how big are the nation’s biggest banks? Well, the top four alone manage roughly $8 trillion in assets.
By Halah Touryalai
At the top of the list sits JPMorgan Chase with a whopping $[...]
Have you walked into your local bank branch recently? Probably not. Why would you? But if you did, you would find a large peaceful empty space like a church on Wednesday, and perhaps a few [...]
By Alan Grayson
I've found an interesting and novel way to end Wall Street bailouts, and prove once and for all that no bank is "too big to fail." And I need your help. This [...]