The Federal Reserve Board imposes an unprecedented enforcement action against Wells Fargo, restricting the bank from growing beyond its total asset size as of December 31, 2017—approximately $1.95 trillion. The asset cap represents the most severe punishment the Fed has imposed on a major bank in …
Wells Fargo announces that its fake accounts scandal affected approximately 3.5 million accounts—a 67% increase from the initial estimate of 2.1 million accounts disclosed during the 2016 settlement. The revised analysis covers January 2009 to September 2016, nearly twice the timeframe of the …
The Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, and Los Angeles City Attorney announce a combined $185 million settlement with Wells Fargo for the systematic creation of more than two million unauthorized deposit and credit card accounts. The CFPB assesses a $100 …
The Los Angeles Times investigates Wells Fargo’s aggressive sales practices, revealing systematic pressures on employees to create unauthorized accounts. The investigation exposes a corporate culture that incentivized fraud, with employees opening fake accounts to meet impossible sales quotas. …
President Carter signs the Community Reinvestment Act (CRA), requiring banks to meet the credit needs of their entire communities, including low- and moderate-income neighborhoods previously redlined by lenders. The law responds to decades of documented discriminatory lending that drained deposits …