Wells fargo bank news

Here are some recent news articles and updates about Wells Fargo Bank:

Recent News

  1. Wells Fargo to Pay $3.7 Billion to Settle Mortgage Abuse Claims: In February 2023, Wells Fargo agreed to pay $3.7 billion to settle claims that it had improperly charged thousands of customers for mortgage insurance. (Source: The New York Times)
  2. Wells Fargo to Close 400 Branches in 2023: In January 2023, Wells Fargo announced plans to close approximately 400 branches in 2023, citing a shift towards online banking and a decline in branch usage. (Source: CNBC)
  3. Wells Fargo to Pay $125 Million to Settle Claims of Discriminatory Lending: In December 2022, Wells Fargo agreed to pay $125 million to settle claims that it had engaged in discriminatory lending practices, including charging higher interest rates to minority borrowers. (Source: Bloomberg)
  4. Wells Fargo to Offer Free Checking Accounts to Low-Income Customers: In November 2022, Wells Fargo announced plans to offer free checking accounts to low-income customers, as part of a broader effort to increase financial inclusion. (Source: The Wall Street Journal)

Regulatory Actions

  1. Wells Fargo Fined $250 Million by OCC for Risk Management Failures: In October 2022, the Office of the Comptroller of the Currency (OCC) fined Wells Fargo $250 million for failures in its risk management practices, including inadequate oversight of its wealth management business. (Source: The Financial Times)
  2. Wells Fargo Ordered to Pay $7.2 Million to Settle Allegations of Illegal Foreclosures: In September 2022, Wells Fargo was ordered to pay $7.2 million to settle allegations that it had engaged in illegal foreclosures, including failing to provide adequate notice to borrowers. (Source: Reuters)

Other Developments

  1. Wells Fargo to Launch Digital Bank in 2023: In January 2023, Wells Fargo announced plans to launch a digital bank in 2023, which will offer a range of financial products and services, including checking and savings accounts, credit cards, and loans. (Source: The Financial Brand)
  2. Wells Fargo to Acquire FIS's Community Bank Solutions Business: In December 2022, Wells Fargo announced plans to acquire FIS's Community Bank Solutions business, which provides banking and payment solutions to community banks and credit unions. (Source: American Banker)