Wells Fargo fined $185 million for illegal banking practices
Wells Fargo was fined $185 million Thursday for illegal banking practices, including issuing credit cards without customer consent and piling late fees onto accounts customers didn't know they had. Additionally, Wells Fargo fired 5,300 employees for creating over 2 million fake accounts.
"Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses," said Richard Cordray, the director of the Consumer Financial Protection Bureau; the $185 million fine was the CFBP's largest ever. Wells Fargo serves approximately 40 million customers.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.
-
The Great Mughals: a 'treasure trove' of an exhibition
The Week Recommends The V&A's new show is 'spell-binding'
By The Week UK Published
-
Damian Barr shares his favourite books
The Week Recommends The writer and broadcaster picks works by Alice Walker, Elif Shafak and others
By The Week UK Published
-
Big Tech critic Brendan Carr is Trump's FCC pick
In the Spotlight The next FCC commissioner wants to end content moderation practices on social media sites
By David Faris Published
-
US charges Indian tycoon with bribery, fraud
Speed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
By Peter Weber, The Week US Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published
-
Ports reopen after dockworkers halt strike
Speed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
By Peter Weber, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published