Big news in the world of banking today. Wells Fargo, who set aside $2 Billion last quarter to cover any potential penalties that the CFPB would impose on them, got hit with 2x that amount, $3.7 Billion for those violations in a stunning news release by CFPB
Denying mortgage modifications, charging surprise overdraft fees, and illegally repossessing vehicles are just the tip of the iceberg with Wells Fargo, who was called out for not fixing their issues fast enough.
CFPB Head Rohit Chopra's Tweet Thread
In this podcast, I discuss the situation, how the things they got in trouble for have been seen by me for years while a bank manager. I discuss the lackadaisical attitude they have about this, and I discuss how the neediest people who got hit with fees might never see a penny of this.
I also make the bold prediction that CEO Charles Scharf may not survive into 2023. Listen now!
NB Has recovered over $3.7 Million from big banks back to consumers, with nearly $700k of it being Zelle fraud!
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