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Wells Fargo Management Turned a Blind Eye to the Creation of Fake Accounts
With Sales Abuses Dating Back To 2002, Wells Fargo Board Claws Back $75 Million More From Executives Responsible Maggie McGrath In an attempt to atone for having created millions of bank and credit card accounts without customer permission or knowledge, Wells Fargo installed a new chief executive, reformed its sales incentives and clawed back more than $60 million in stock awards from the executives deemed responsible. And it’s not stopping there. On Monday, following the publication... -
American Express to Pay $59.5 Million
CFPB Orders American Express to Pay $59.5 Million for Illegal Credit Card Practices Federal Regulators Fine American Express an Additional $16.2 Million WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today ordered American Express to refund an estimated $59.5 million to more than 335,000 consumers for illegal credit card practices. These practices included unfair billing tactics and deceptive marketing with respect to credit card “add-on products” such as...
