Wells Fargo Scandal Might be Deplorable, but It's Not Debilitating


05 October, 2016

Wells Fargo Chief Executive Officer John Stumpf recently said he did not expect the bank to waive the clauses.

"The small business component of this account scandal is very important", said Ken Thomas, a Miami-based banking analyst.

The loss of business in IL is the latest blow to the bank, which last monthagreed to a $185 million settlement after it admitted that employees had opened as many as 2 million fraudulent accounts in the names of unsuspecting current customers.

Wells Fargo has come under fire for using arbitration clauses after it came to light that the bank's employees opened as many as 2 million checking, savings and credit card accounts without the customers' permission in order to meet sales quotas.

The bank also plans to share information about its operations and lending with the U.S. Small Business Administration (SBA), Langan added at the time. "One of the nations' biggest banks bullying thousands of employees into committing fraud against unsuspecting customers", Clinton told a crowd in OH, a crucial battleground in the November 8 presidential election against Republican Donald Trump.

Over 5,300 employees were fired in connection to the scandal. In addition to the CFPB fine, Wells Fargo & Co agreed to pay $35 million to the Office of the Comptroller of the Currency and $50 million to the City and County of Los Angeles. Instead, the MTA staff will review Wells Fargo's business practices before making a recommendation to the board.

Consumer advocates say mandatory individual arbitration makes it prohibitively expensive to take legal action and does not set a legal precedent to help other affected individuals.

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"I don't like Wells Fargo anymore".

Late Monday, Wells Fargo spokesman Gabriel Boehmer disputed the impact of the state's decision.

Wells Fargo is scheduled to report its third-quarter earnings October 14.

Wells Fargo is now facing an onslaught of lawsuits, criminal investigations and fines of $185 million so far. "Business owners are also being ripped off", one wrote to him in a message he provided to Reuters.

Lawmakers on Capitol Hill are voicing similar worries, saying at a House Financial Services hearing that this recent banking scandal will affect credit unions and community banks while they fight to chip away at regulations already burdening their businesses.

"The large corporations and the banks, they know how to manipulate the arbitration process", she said. "Wells Fargo has seen both of these things".

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