Clinton promises to hold Wells Fargo accountable

by Ben Pena October 5, 2016, 6:15

It was not clear in the Reuters report how the small business accounts were impacted. Around 10,000 small business accounts were affected by improper Wells practices, people familiar with the matter said.

The plaintiff claims that between February 26, 2014 and September 15, 2016 the defendants made allegedly false and misleading statements and/or failed to disclose that Wells Fargo's cross-selling efforts to retail customers were neither created to meet customers' financial needs nor drive customer satisfaction, but rather were the product of a carefully designed system that resulted in the Company illegally, through forgery and other electronic means, opening millions of deposit and credit card accounts for customers without their knowledge in an effort to generate fee income for Wells Fargo and compensation rewards for Wells Fargo employees, including defendants. On Sept. 23, six senators sent Wells Fargo's CEO a letter with concerns over the clauses.

A spokeswoman for the bank declined on Tuesday to say whether Wells knows how many accounts were opened without customer knowledge, or whether the bank is trying to find out.

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.

The bank also plans to share information about its operations and lending with the U.S. Small Business Administration (SBA), Langan added at the time.

Senior bank executives have apologized for opening accounts customers did not request, but characterized the issue as limited to relatively few customers and employees in the retail bank. (WFC), the latest in a series of setbacks for the bank resulting from its continuing sales scandal. While the bank's settlement with the Consumer Financial Protection Bureau admitted only that 2.1 million accounts "may not have been authorized", the true extent of the fraud is unknown.

Alec Baldwin is winning as Donald Trump on 'SNL'
The sketch also poked fun at Democrat Clinton, with Kate saying she would continue running for president "until the day I die". So how did they do? Michael Che , who played debate moderator Lester Holt, asked McKinnon's Clinton about what she thought.

Criticizing Wells Fargo's practice of calling its branches stores, Rep. "I don't feel comfortable", Maldonado said in an interview.

Other investigations are already piling up for Wells Fargo.

Wells Fargo spokesman Mark Folk said the bank is "working to make things right" if any customer has a product or service they don't want or need.

Wells Fargo is scheduled to report its third-quarter earnings October 14.

She said to the OH crowd, "Really shocking isn't it?" The risk of abuse is greater when bankers are required to sell a certain number of products to meet performance goals.

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