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Home | Tag Archives: Wells Fargo

Tag Archives: Wells Fargo

Wells Fargo Remedies “Living Will”

The Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board announced that Wells Fargo had remedied the deficiencies in its 2015 resolution plan. Wells Fargo will no longer be subject to the growth restrictions which were imposed last year. The Dodd-Frank act requires resolution plans, commonly known as “living wills” which describe the company’s strategy for rapid and orderly resolution under bankruptcy in the event of material financial distress or failure of the company.

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OCC Releases Results of Wells Fargo Review

According to a new report from the OCC, there were many lessons learned through the agency’s supervision of Wells Fargo during recent controversy. Failure to respond timely to known issues, ineffective communication, and unclear records were just a few of the problems cited. The agency is currently working to address all weaknesses identified.

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Wells Fargo Reclaims $75 Million from Execs

Following an independent investigation of its sales practices, Wells Fargo has reclaimed $75 million from its former CEO, John Stumpf, and Head of Community Banking, Carrie Tolstedt. This brings the organization’s total executive compensation actions up to $180 million. The organization has also named replacements for Stumpf and Tolstedt and implemented several other changes.

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Wells Fargo Litigation Moves Forward

A New York federal judge said that Wells Fargo must face litigation seeking to hold the bank accountable for billions of dollars in claimed investor losses as trustee of residential mortgage-backed securities, saying the investor funds more than met the pleading the standard. The plaintiffs, including BlackRock Inc, Pacific Investment Management Co, Prudential Financial Inc, and TIAA-CREF, can pursue breach of contract and conflict of interest claims related to 53 trusts, said U.S. District Judge Katherine Polk Failla.

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OCC Rates Wells Fargo, While the Bank Settles Suit

Wells Fargo announced an agreement in principal to settle a class action lawsuit, regarding claims that Wells Fargo opened accounts without the consent of its customers. This comes on the heels of the announcement of the bank's Community Reinvestment Act Rating (CRA), in which it received high scores, despite an overall score of "needs improvement."

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