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Saturday, July 11, 2020  Spokane, Washington  Est. May 19, 1883
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Stories tagged: wells fargo

Fed eases limit on Wells Fargo to make more small biz loans

The Federal Reserve is lifting its lending restrictions on Wells Fargo to allow it to make more loans that fall under the $349 billion Paycheck Protection Program and the Fed’s …

Wells Fargo nears SEC, DOJ settlement over fake-accounts scandal

Wells Fargo is nearing a settlement with federal authorities over accusations of widespread consumer abuses that have haunted the bank for more than three years, a person familiar with the …

The Dirt: Project to relocate historic Rose Apartments progresses

The East Central Community Organization’s plans to relocate the historic Rose Apartments are moving forward.

UPDATED: Thu., Jan. 23, 2020

Former Wells Fargo CEO fined $17.5M for sales scandal

Federal regulators have slapped former Wells Fargo Chief Executive John Stumpf with a $17.5 million fine for his role in the bank’s sales practices scandal.

Wells Fargo hires New York Mellon’s Scharf as its new CEO

Wells Fargo named its third CEO in as many years as it attempts to move on from a series of scandals.

UPDATED: Fri., Dec. 28, 2018

Wells Fargo pays $575 million to settle state investigations

Wells Fargo will pay $575 million in a settlement with attorneys general from all 50 states and the District of Columbia that are investigating its banking practices, which have included …

Judge signs off on $480 million settlement with Wells Fargo shareholders

A federal judge in San Francisco has given final approval to a $480 million deal that settles a shareholder class-action suit against Wells Fargo over the bank’s unauthorized accounts scandal.

UPDATED: Tue., Nov. 6, 2018

Wells Fargo says its error cost hundreds more people their homes than first thought

In a new disclosure, San Francisco-based Wells said an expanded review found that about 870 customers were incorrectly denied or not offered loan modifications or repayment plans that would have …

UPDATED: Wed., Oct. 31, 2018

Spokane County sheriff’s deputies on the hunt for suspected bank robbers

A pair of suspected bank robbers escaped the scene of a silent holdup at a Spokane Valley bank Wednesday morning.

Wells Fargo to cut 10 percent of workforce over next three years

Wells Fargo plans to cut up to 10 percent of its workforce over the next three years, the bank announced Thursday, which will result in thousands of job losses for …

UPDATED: Wed., Aug. 1, 2018

Wells Fargo to pay $2.09 billion to end U.S. mortgage probe

Ten years after faulty mortgages upended the global financial system, Wells Fargo agreed to pay $2.09 billion to settle a U.S. probe into its creation and sale of loans that …

Wells Fargo’s second-quarter earnings fall as impact of scandals linger

Wells Fargo & Co., which has been mired in investigations related to its business practices since 2016, said Friday that its second-quarter earnings fell to $5.19 billion from $5.86 billion …

Wells Fargo sells all its branches in Indiana, Michigan, Ohio

Wells Fargo & Co.’s sale of 52 branches to Flagstar Bancorp Inc. marks a retail-banking exit from Indiana, Michigan and Ohio.

UPDATED: Thu., May 17, 2018

Wells Fargo reportedly altered business clients’ documents without their knowledge

Some Wells Fargo & Co. employees reportedly altered information improperly on documents related to certain business customers, adding another layer to the banking giant’s woes.

UPDATED: Fri., May 11, 2018

Wells Fargo’s growth ban won’t end until vote of full Fed Board

Unprecedented growth restrictions imposed on Wells Fargo will stay in place until the Federal Reserve’s board agrees the bank has made enough progress in fixing flaws that led to customer-abuse …

Lawsuit: Wells Fargo put family in victim protection at risk

A southern Minnesota family in a victim protection program is suing Wells Fargo and one of its mortgage bankers, alleging the bank put the family at risk when it sent …

Wells Fargo agrees to pay $480M to settle shareholder suits

Wells Fargo said Friday it has agreed to pay $480 million to resolve a class-action lawsuit brought by shareholders who claim the bank misstated or failed to disclose details about …

Wells Fargo shareholders reject calls to oust Sloan and vote to support board at annual meeting

A year ago, Wells Fargo & Co. shareholders voted in droves against some of the bank’s longest-serving board members, a revolt sparked by the scandal over unauthorized bank accounts. But …

UPDATED: Fri., April 20, 2018

Wells Fargo to pay $1B for mortgage, auto lending abuses

Wells Fargo will pay $1 billion to federal regulators to settle charges tied to misconduct at its mortgage and auto lending business, the latest punishment levied against the banking giant …

Wells Fargo acknowledges federal settlement offer of $1 billion

Wells Fargo is acknowledging that Federal regulators have offered to resolve a host of investigations into the consumer banking giant for $1 billion. The disclosure comes as Wells reports a …

UPDATED: Fri., March 16, 2018

Report: Fed investigation into Wells Fargo broadens

A federal investigation into Wells Fargo has broadened to include its wealth-management division, according to a Wall Street Journal report Friday.

UPDATED: Mon., Feb. 5, 2018

Stocks go on a wild ride, briefly sending Dow down 1,600

The Dow Jones industrial average plunged more than 1,100 points Monday as stocks took their worst loss in six and a half years. Two days of steep losses have erased …

UPDATED: Fri., Feb. 2, 2018

Fed halts Wells Fargo growth until bank improves internal controls

The Federal Reserve announced Friday it is imposing more penalties on Wells Fargo, freezing the bank’s growth until it can prove it has improved its internal controls. In addition, the …

Bank execs sing praises of new tax law as windfall looms

Two of the nation’s biggest banks – JPMorgan Chase and Wells Fargo – indicated Friday that they expect to see significant future benefits from the recently enacted GOP tax bill, …

U.S. industries can start counting their benefits from tax law

Craft breweries are raising a glass to the Republicans’ new tax overhaul: It cuts the excise tax on beer. Retailers, long saddled with heavy tax bills, will get relief. So …

UPDATED: Wed., Dec. 20, 2017

AT&T, Boeing and Wells Fargo pass tax cut savings to workers

At least four major companies are building goodwill in the wake of President Donald Trump’s tax cuts by finding ways to pass along some of their likely savings to employees.

Quarles recuses himself from Wells Fargo matters

Randal Quarles, who is vice chairman for supervision at the Federal Reserve, says he will recuse himself from participating in matters specific to Wells Fargo & Co.

UPDATED: Tue., Dec. 12, 2017

Navajo Nation sues Wells Fargo for alleged predatory tactics

The Navajo Nation announced Tuesday that it’s suing Wells Fargo for allegedly engaging in predatory and unlawful banking practices that targeted and harmed tribal members.

Trump says fines for Wells Fargo will not be dropped

President Donald Trump weighed in on an investigation into scandal-plagued Wells Fargo, tweeting Friday that fines and penalties against the bank would not be dropped, and may actually be “substantially …

Wells Fargo to refund some mortgage rate-lock extension fees

As it looks to win back trust after a scandal over its sales practices, the San Francisco bank said it will reach out to customers who paid so-called “rate-lock extension” …