Tag: Wells Fargo

September 29, 2021

Wells Fargo will pay a total of approximately $72.6 million, with around $35.3 million having been paid directly to the 771 customers collectively as restitution. The $37.3 million is to be paid to the US as civil penalties under the […]

September 22, 2021

Wells Fargo is embarking on a decade-long marathon to modernize its technology infrastructure, with the goal of operating multiple clouds alongside third-party data centers, the bank announced last week. While some high-profile financial services companies have aligned with one provider, […]

September 14, 2021

The Office of the Comptroller of the Currency (OCC) issued a $250 million civil penalty against Wells Fargo Bank, NA for flaws in the bank’s home loan loss mitigation program. In addition, the OCC issued a cease-and-desist consent order requiring […]

September 7, 2021

Pelos became CEO of commercial banking last year, when Wells Fargo split its wholesale banking unit — which Pelos was overseeing at the time — into a commercial banking unit and another for corporate and investment banking. He joined Wells […]

August 10, 2021

“Chuck stepped into the chairman role at an important inflection point for the company — both in terms of our ongoing work to improve our controls and governance and in the early days of what became an unprecedented global pandemic,” […]

July 19, 2021

Friday’s memo served as an update for the U.S. bank with the largest workforce. Wells Fargo last month said it would confidentially survey its U.S. employees over their vaccination status — Powell asked that workers respond by June 16 — […]

July 8, 2021

Wells Fargo said it would stop offering personal lines of credit and shutter those current accounts. The bank will no longer offer the product, which enabled users to borrow between $3,000 and $100,000 and was pitched as tool to consolidate […]

May 20, 2021

Much like cryptocurrency’s fluctuation in value, the status of digital assets in the financial services landscape has long been volatile. Some banks, fearing digital assets’ potential to be linked to money laundering and nefarious financing, have remained wary of entering […]

May 7, 2021

U.S. Bank’s filing indicated only that the lender is “cooperating fully with all pending examinations, inquiries and investigations,” and “has responded and continues to respond to the CFPB.” When pressed for more information, a U.S. Bank spokesperson told American Banker […]

April 14, 2021

The San Francisco-based lender expressed optimism that a bounce back of the American economy is starting to show results. “Our results for the quarter … reflected an improving U.S. economy, continued focus on our strategic priorities, and ongoing support for […]