Facing its fifth lawsuit in six years, federal regulators are eyeing Wells Fargo for a massive national shutdown. After investigators discovered ‘widespread mismanagement,' the Consumer Financial Protection Bureau, headed by director, Rohit Chopra, levied the largest fine against the banking institution in history.
This $3.7 billion fine includes $ 1.7 billion in civil penalty and $ 2 billion for the 16 million accounts that were grieved by the latest Wells Fargo scandal. This newest levy eclipses the last largest payout for a financial institution of $ 1 billion, which was also handed down to Wells Fargo.
Chopra had this to say about the latest set of violations from the banking giant. “Wells Fargo's rinse-repeat cycle of violating the law has harmed millions of American Families.”
Obviously people are fired up and concerned about this latest financial blunder and wondering about their personal accounts, but on a broader spectrum, about the financial industry overall.
Twitter user @RonAlbright2 makes a valid point about switching banks.
take your money to a different bank and Wells Fargo will shut down all by themselves
— Ron Albright (@RonAlbright2) December 25, 2022
@505Cali2 wants to raise the alert for other Wells Fargo customers
Alert!
— Cali (@505Cali2) December 30, 2022
Is this for real! We bank with Wells Fargo… our mortgage and credit cards are tied up w themhttps://t.co/qapuEzGuS7
User @embolina95 wants someone to face criminal charges.
CRIMINAL CHARGES. Not just shutting them down. Jfc, this is the umpteenth time they've committed fraud. WTAF. https://t.co/DtkXKL8kKE
— Mary Jane Tod (@embolina95) December 30, 2022
@H2H32004 isn't sure Wells Fargo will really care about a $3.7 billion penalty, given the number of assets they hold.
Wells Fargo could be shut down by federal regulators after costly $3.7 billion scandal #NewsBreak
— R.S.Gonzalez (@H2H32004) December 29, 2022
159 Billion dollar company as of 12/29/2022, this fine wont even phase them…. https://t.co/TmfACiax5S
@AirmanKolberg wants a ‘1-and-done' policy for fraudulent actions taken by banking institutions.
The U.S. should pass a “Raising the Bar: 1-and-Done” anti-fraud law, which would forcibly (and permanently) shut down all banks that commit fraud, or have committed fraud, even once. Low-hanging-fruit @WellsFargo can go first, obviously because of their 2019 crime spree.
— T.J. Kolberg(@AirmanKolberg) December 24, 2022
User @Karolyn55174683 reminded Twitter about that time when Wells Fargo was caught taking out loans without customer consent.
How are these clowns still working. It wasnt too long ago they were taking out Credit Lines without customers knowing – affecting their credit. WF needs to be shut down!!!
— Karolyn S (@Karolyn55174683) December 21, 2022
@PatMcArthurRos1 wants to shut down Wells Fargo and the government.
What's the difference between Wells Fargo and the Government? Monkey see Monkey do! There's a lot of Embezzlement going on! America is coming to a complete shut down! There's no trust anywhere! We'll fend for ourselves! We won't need banks or Government! That's where we're headed
— Pat McArthur Rose (@PatMcArthurRos1) December 21, 2022
@ScottWPB1 wants to know how many times Wells Fargo will ‘slide by' before someone actually does something.
How many times does Wells Fargo have to get caught breaking rules before it gets shut down
— Bluewave (@ScottWPB1) December 20, 2022
Federal regulators may be hesitant to shut down Wells Fargo, especially when banks were declared ‘too big to fail' by the Obama Administration, but consumers don't see a problem axing the financial institution. Time will tell if Wells Fargo's days as an operative bank are numbered or if they'll also come through this scandal unscathed.
This article was produced and syndicated by Wealth of Geeks.
source https://wealthofgeeks.com/wells-fargo/
No comments:
Post a Comment