Page 40 - Wells Fargo Bank (C) Teaching Note
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the delays were the company's fault. The company pledges to refund the
customers.
October 16:
Regulators say Wells Fargo sold dangerous investments it didn't understand.
Regulators order the bank to pay back $3.4 million to brokerage customers
because advisers recommended products that were "highly likely to lose
value over time." Wells Fargo does not admit to nor deny the charges.
November 13:
Wells Fargo admits it illegally repossessed more service members' cars. The
company says it found that it had taken vehicles from another 450 service
members. Wells Fargo agrees to pay an additional $5.4 million, according to
the Justice Department. The company promises refunds.
2018
February 2:
The Federal Reserve punishes Wells Fargo. In an unprecedented move, the
Fed says the bank won't be allowed to grow its assets until the bank cleans
up its act. The bank also agrees to overhaul its board of directors.
