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Wells fargo News

Wells Fargo, Citigroup sued by LA over foreclosures

The city attorney of Los Angeles sued Wells Fargo and Citigroup on Thursday, alleging that the two companies engaged in mortgage discrimination, which led to foreclosures in minority communities.

Op-Ed: The United States Government Shakedown Continues

If financial institutions did handle finance, now they seem to practice law. And if regulators once did regulation, now they seem to raise capital.

Op-Ed: Reader’s Digest files for bankruptcy

Sydney - The venerable Reader’s Digest has filed for bankruptcy to deal with a $465 million debt. The company also wants to restructure to manage the big shift to electronic media. The overall picture is a new business model some would say was long overdue.

Man fired from bank for 1963 laundromat crime

Des Moines - Wells Fargo Home Mortgage recently fired a 68-year-old customer service representative for a crime he committed nearly 50 years ago. The man was charged with using a cardboard cutout of a dime in a washing machine.

Wells Fargo agrees to pay $175M in mortgage discrimination suit

Baltimore - Financial services giant Wells Fargo has agreed to pay $175 million to settle claims it engaged in widespread price discrimination involving subprime mortgages and higher fees charged to black and Latino borrowers.

Wells Fargo adds $7-per-month checking account fee in six states

Wells Fargo announced yesterday the bank is implementing new checking account fees in several states. This is the latest in a series of moves banks have been making in order to recoup some of the losses created by new credit card regulations.

Locksmith frees toddler trapped in bank vault for four hours

Conyers - A 14-month-old girl was rescued Friday after being accidentally locked inside the bank vault at a Wells Fargo branch in Conyers, Georgia. The child, whose grandmother is employed at the bank was visiting with her mother when she wandered into the vault.

Wells Fargo Announces Repayment of TARP Funds

Wells Fargo & Co confirmed on Monday that it is ready to repay the $25 billion it received from the U.S. government under the Troubled Asset Relief Program (TARP).

New bill imposes credit card regulation ahead of schedule in U.S.

In the spring of 2009, the U.S. Congress passed legislation limiting credit card companies' ability to raise interest rates and impose new fees on customers.

Wells Fargo Surprise Buyout of Wachovia For $15.1 Billion, No Government Assistance

Wells Fargo has paid $15.1 billion for Wachovia Corp. The surprise announcement on Friday wipes out the planned Citigroup Inc. sale of the bank.
 

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