FTX is grabbing the headlines, but is TradFi quietly facing a similar crisis? Ripple CEO bgarlinghouse points out that a $3.7 billion fine for mismanagement at Wells Fargo bank was treated as “barely a blip on the radar.”
Wells Fargo to pay more than $2 billion in redress to consumers, as well as a $1.7 billion civil penalty. According to the CFPB, the bank’s conduct led to billions of dollars in financial harm to its customers and cost thousands of customers their vehicles and homes.Over several years, Wells Fargo systematically charged its customers with ill-assessed fees and interest charges on auto and mortgage loans, unlawful surprise overdraft fees and incorrect charges to checking and savings account.
It wasn’t the first time one of the biggest banks in the United States broke the law and harmed customers. In 2016, Well Fargo — which has a market capitalization of $156.6 billion — was fined $185 million by CFPB for
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Ripple CEO Claims Wells Fargo Scandal Deserves More AttentionRipple CEO Brad Garlinghouse highlighted the stark disparity between public outcry against FTX scandal and the less visible reaction to Wells Fargo’s record-breaking fine
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Wells Fargo to pay $3.7B over consumer loan violationsThe Consumer Financial Protection Bureau on Tuesday ordered Wells Fargo to repay $2 billion to consumers and enacted a $1.7 billion penalty against the bank.
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Wells Fargo to pay $3.7B over consumer law violationsConsumer banking giant Wells Fargo agreed to pay $3.7 billion to settle a laundry list of charges that it harmed consumers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applied overdraft fees against savings and checking accounts. The Consumer Financial Protection Bureau on Tuesday ordered Wells to repay $2 billion to consumers and enacted a $1.7 billion penalty against the bank. It's the largest fine to date against any bank by the CFPB and the largest fine against Wells, which has spent years trying to rehabilitate itself after a series of scandals tied to its sales practices.
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CFPB orders Wells Fargo to repay $2B to customers as part of $3.7B settlementWells Fargo has been repeatedly sanctioned by U.S. regulators for violations of consumer protections law going back to 2016, when Wells employees were found to have opened millions of accounts illegally in order to meet unrealistic sales goals.
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Wells Fargo to pay $3.7 billion over actions on loans, consumer accountsRegulators say the bank’s actions affected 16 million accounts and had dire consequences, including car repossessions and monumental mortgage fees.
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Wells Fargo to pay $3.7 billion settling charges it wrongfully seized homes and carsThe case marks the largest penalty ever imposed by the federal watchdog agency the Consumer Financial Protection Bureau. Customers who were harmed will receive $2 billion in restitution.
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