Consumer Financial Protection Bureau Fines Ex- Wells Fargo Employee $85,000 for Using Fee Shifting SchemeSubmitted by Isha Sondhi on Fri, 05/27/2016 - 05:53
On Wednesday, the Consumer Financial Protection Bureau took action against David Eghbali, an ex-employee of Wells Fargo for illegal mortgage fee-shifting scheme which benefitted him by finally increasing his commissions, imposing a fine of $85,000 The CFPB alleges that the ex- mortgage loan officer with the branch of Wells Fargo in Beverly Hills, California used a scheme to influence escrow fees which would earn him added bonus.
San Francisco, California based Wells Fargo & Company is a bank holding company with three operating segments. It provides banking, retail, mortgage, commercial and corporate banking services via different channels to individuals as well as businesses in all fifty state in the U. S, the District of Columbia along with other countries.
Timothy Sloan Promoted as Chief Operating Officer and President by Wells Fargo, Paving way for Future LeadershipSubmitted by Sukhbir Dhillon on Wed, 11/18/2015 - 09:34
Timothy Sloan, 55, has been with Wells Fargo & Co for twenty eight years and on Tuesday, the lender promoted him to the chief operating officer and president's post. That will allow him greater authority over more businesses. It also makes him the potential successor of the present CEO some day.
According to sources, General Electric Co is discussing matters with Wells Fargo & Co to sell one of its specialty finance portfolio that is worth greater than $30 billion.
On Tuesday, city of Oakland sued Wells Fargo on charges that the bank incorrectly preyed on the minority clients while providing mortgage lending. The charges allege that the bank offered worse terms to the minorities compared to the white clients who have a similar economic standing.
Wells Fargo & Co. which is one of the largest lenders for the U. S. energy companies said that the expenses of the company climbed to its highest level in the last two years as. The lender paid its employees more and amplified its spending on the risk-monitoring agenda.
Wells Fargo says it has made a net $541 million deal with Fannie Mae to clear up obligations related to defective loans that went bad after the housing bubble burst.
On Monday Fannie Mae said that it has arrive at settlements with eight banks worth almost $6.5 billion over loan buybacks, including Wells Fargo which is the nation's largest mortgage lender and fourth-largest bank by assets.
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