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So much for the industry having cleaned itself up after the predatory lending meltdown.
NEW YORK, July 28 Four months after Wells Fargo Bank's Community Reinvestment Act rating was dropped to "Needs to Improve," barring it from acquisitions, it has emerged that over 800,000 people who took car loans from Wells were charged for needless auto insurance, pushing 274,000 Wells Fargo customers into delinquency and triggering nearly 25,000 wrongful vehicle repossessions.
24, 2000, and "Consumer Advocates Want Hearings on Wells Fargo Deal," Associated Press, April 18-19, 2000 (Alaska).
See also, "Group Objects to Wells Deals," by Todd Davenport, American Banker, July 29, 2003, Pg.
ICP has published a book about the Wells-relevant topics of predatory lending, and corporate fraud - click here for sample chapters, here for a map, here for fast ordering and delivery, and here for other ordering information.
Now Fair Finance Watch and Inner City Press has timely challenged the Federal Reserve's stealth reduction of scrutiny, in a timely request for reconsideration filed with the Federal Reserve on the evening of March 27...: The September 29 hearing in the House made clear Wells Fargo's CEO should step down.
So when did this become the OCC's policy, after it dropped Wells by two levels?
Call it a stealth sop to Wells Fargo - and seemingly a violation of the Administrative Procedures Act. In July it emerged that over 800,000 people who took car loans from Wells were charged for needless auto insurance, pushing 274,000 Wells Fargo customers into delinquency and triggering nearly 25,000 wrongful vehicle repossessions.
There is approximately 7 million of City dollars held in Wells Fargo accounts." Bu will they get involved in opposing Sterling National Bank, which Inner City Press and Fair Finance Watch have exposed as having "unreliable" CRA data, notwithstanding the OCC's scam "Satisfactory" rating on May 30? But will Wells Fargo, which Inner City Press has covered through its acquisition of First Union and even before, from Washington to Alaska, still be allowed to go forward with its reported plan to close 400 bank branches, including in low and moderate income areas?
WASHINGTON, March 29 The day after Wells Fargo Bank's Community Reinvestment Act rate was dropped to "Needs to Improve," barring it from acquisitions, the bank settled for 0 million a class action lawsuit for having opened fake accounts without customers' knowledge or approval.