New York Consumer Law Blog

Friday, March 29, 2019

Wells Fargo CEO Tim Sloan steps down suddenly CNN Digital Rebranding 2014 Matt Egan

While Wells Fargo took steps to fix itself, including replacing senior executives and eliminating its controversial sales goals, new problems continued to emerge.
Beyond the fake-accounts scandal, Wells Fargo has admitted to charging thousands of borrowers for auto insurance they didn't need and hundreds of homebuyers mortgage fees they didn't deserve. Last year, Wells Fargo said about 545 homeowners lost their homes due to an apparent software glitch with the bank's loan modification process.

 

The Federal Reserve, citing "widespread consumer abuses," slammed Wells Fargo in early 2018 with unprecedented sanctions that prevent the bank from growing until it cleans up its act. The asset cap has remained in place longer than anticipated because the Fed is unsatisfied with Wells Fargo's fixes.

https://www.cnn.com/2019/03/28/investing/wells-fargo-ceo-retire-tim-sloan/index.html


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