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Wells Fargo (WFC)

Posted: 2018-Aug-06 15:37 by Predator Research

Wells Fargo (WFC) :twisted:

Posted: 2018-Aug-06 15:40 by news bot

Wells Fargo disclosed in a regulatory filing on Friday that it is facing government probes into its use of low-income housing tax credits and that it has allocated $8 million to compensate borrowers who were incorrectly denied mortgage modifications under a federal assistance program.

Wells Fargo is the subject of numerous regulatory penalties and private lawsuits related to a sales practices scandal that has touched on all of the bank's major business units. The bank updated disclosures on issues it has discovered in fiduciary and custody accounts, foreign exchange trading, wealth management, auto lending, mortgage rate-lock extensions, "add-on" products like identity theft protection, and frozen or closed bank accounts.

Posted: 2018-Aug-06 16:12 by Vertex

Yeah, that's some bad press but...

Posted: 2018-Aug-06 16:38 by IndianChief

Definitely still making money. That drop in mortgages and insurance have to hurt though. Probably will for some time to come.

They should have given more consideration to the long-term value of their customer relationships.

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