Wells Fargo controversy deepens as IL withdraws funding
- Author: Darren Santiago Oct 05, 2016,
Oct 05, 2016, 6:12
In North Carolina, the office of State Treasurer Janet Cowell said it's monitoring the situation and studying "whether Wells Fargo's past business practices had any effect on North Carolina government accounts".
Wells Fargo Chief Executive Officer John Stumpf recently said he did not expect the bank to waive the clauses.
Wells Fargo spokesman Gabriel Boehmer (BOH'-mur) says the company has worked with IL since 1970 through operations separate from the retail bank blamed for the wrongdoing.
Wells Fargo, the largest bank by deposits in Minnesota, declined to comment.
It also doesn't apply to Illinois' pension funds or bond underwriting, but Frerichs said he urged those investment boards to review their contracts with Wells Fargo as well. Vitter is a member of the U.S. Senate's banking committee and also heads its small business committee. "One of the nations' biggest banks bullying thousands of employees into committing fraud against unsuspecting customers", Clinton told a crowd in OH, a crucial battleground in the November 8 presidential election against Republican Donald Trump.
This is a direct response of the State to the fake accounts creation scandal of the bank which surfaced at the start of last month.
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Johnson went on to explain that while Wells Fargo netted $5 million from the scandal, it has already paid $185 million in fines, which included a $100 million penalty from the Consumer Financial Protection Bureau (CFBP).
Criticizing Wells Fargo's practice of calling its branches stores, Rep.
Late Monday, Wells Fargo spokesman Gabriel Boehmer disputed the impact of the state's decision.
In a CNBC interview Monday, JPMorgan Chase CEO Jamie Dimon said his bank has received information requests from various agencies in the wake of the Wells Fargo controversy, saying when someone "does something wrong in the industry everyone gets request from everybody else". Wells Fargo takes a cut, but the state does not write the bank a check, he said.
"The specter of a lawsuit tends to bring about reforms", she said. For example, a new dentist who borrows from a bank to buy a practice may then need other services that she does not even know exist, such as payroll management or credit-card clearing. The risk of abuse is greater when bankers are required to sell a certain number of products to meet performance goals.