Reading Round Up

Keeping up with all the news is hard. I’ve rounded up a few articles that should interest consumers, both at the national and Nebraska level…

  • CFPB fines Wells Fargo $100 million for creating fraudulent accounts. Were you affected? I’m interested to see how they go about reimbursing the people who had money diverted from their Wells Fargo bank accounts into fake accounts, just so middle managers could meet sales goals. The CFPB said that consumers didn’t need to file any claim to get the reimbursement.
  • Class settlement postcards were mailed out for the Powers case. I have talked about that case here and here. Postcards direct affected consumers to enter a unique code on this website. So don’t lose your postcard! Each postcard has its own unique code, which I don’t believe can be re-created.
  • How regulation failed Wells Fargo – good article from The New Yorker about how banks are routinely not regulated the way they should be. It does seem ridiculous that no upper management or VPs at Wells Fargo got fired, weren’t they the ones creating these unrealistic sales goals for these lower management folks? Heads roll, but the head honchos still get their multi-million dollar bonuses.