Wells Fargo Fined $1 Billion Over Consumer-Business Missteps – Bloomberg

I routinely suggest the use of credit unions over large banks to my students. Stories like these add support to that suggestion. However, I am also a shareholder of these large banks via index. Perhaps in the end, Wells Fargo will clean up their act and grow again. What needs cleaning (or is in process)? Let me quote the article:

“The settlement covers issues in Wells Fargo’s auto-lending and mortgage units. The bank revealed last year that it had forced unwanted insurance on customers who took out car loans, prompting investigations by U.S. and California regulators. It was also accused of imposing inappropriate charges for locking in interest rates on new home loans.”

We shall see what the two separate probes of the wealth management side of the business produce…


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