Customers for prepaying their car loans Car Insurance scandal Life Insurance can the whereby they overcharge customers for that and of all scandals even most recently a hundred Million Dollars settlement where they were found to have but overcharging veterans for mortgage refinancing under if you cant do anything like kick the veterans boy what a horrible thing so whats the fed going to do with regard to their assets or and so the Federal Reserve sanction is a very extraordinary one basically the Federal Reserve will be preventing wells fargo from increasing their assets beyond what they were at the end of the twenty seven thousand calendar year at twenty seventeen their assets that about one point nine trillion dollars and so until lot of wells fargo meets certain Federal Reserve. Mandates regarding Risk Management and a change in their management culture they will not be permitted to grow their assets size beyond that they also have to replace for Board Members so thats why you shoul
Should be fired. Well fargo officials testified to tepid measures to address concerns but later there was even more trouble now the u. S. Federal reserve has waited taking an action which one commenter said is putting the fear of god in bank board rooms here discusses eric reimer a former f. C. C. Official and policy commentator eric thank you for being with us first of all tell us what you make of their entire sort of nefarious actions give our viewers what wells fargo has done over the last three years to put them in this problematic circumstance and its a very multifaceted problem basically it back in september two thousand and sixteen. The o. C. C. And the boss and so the attorney revealed that wells fargo for about a decade had been encouraging or at least facilitating its a sales reps to create millions of fake accounts primarily checking accounts saving accounts credit cards for their customers that were not authorized by their customers and essentially disallowed wells fargo to
A decade had been encouraging or at least assailed hitting its sales reps to create millions of fake accounts primarily checking accounts saving accounts credit cards for their customers that were not authorized by their customers and essentially this allows wells fargo to reach sales quotas to drive increased fees and to basically bolster their bottom line that the expense of their customers it also goes on top of several other scandals the past few years that wells fargo has faced a rating from the car loan scandal whereby they did not give the rebates to customers for prepaying their car loans Car Insurance scandal Life Insurance can the whereby they overcharge customers for that and of all scandals even most recently a hundred Million Dollars settlement where they were found to have but overcharging veterans for mortgage refinancing under if you cant do anything like kick the veterans boy what a horrible thing so whats the fed going to do with regard to their assets or and so the f
Social responsibility. Should they take the lead on possible gun control power lunch starts right now and welcome to power lunch, im Michelle Carusocabrera and stocks are carving out accident gain ahead of the fed minutes but that could change in less than an hour. Yields on the twoyear note hitting the highest level since the beginning of the financial crisis and watch the fiveyear because results of an auction moments away Home Building stocks are rallying today tripoint and kd home and pulte are leading the way and fueled by advanced auto parts, stocks are up doubledigits on the back of the earnings. We have eamon javers with breaking news at the white house. Reporter weve been watching this student protest in front of the white house this afternoon protesting against gun violence. Weve seen the president has a meeting later on today with a number of students who have been affected by gun violence and i spoke to a white house official who signaled new flexibility on the part of the
Rebates to customers for prepaying their car loans Car Insurance scandal Life Insurance can the whereby they overcharge customers for that and of all scandals even most recently a hundred Million Dollars settlement whereby they were found to have but overcharging veterans for mortgage refinancing under if you cant do anything like kick the veterans boy what a horrible thing so whats the fed going to do with regard to their assets or so the Federal Reserve sanction is a very strong area one basically the Federal Reserve will be preventing wells fargo from increasing their assets beyond what they were at the end twenty seven thousand calendar year at twenty seventeen their assets to one point nine trillion dollars and so until was wells fargo meets certain Federal Reserve. Mandates regarding Risk Management in a change in their management culture they would not be permitted to grow their assets size beyond that they also have to replace four Board Members so thats why this comment about