In the News

Title

After Wells Fargo Settlement, Questions About the Scandal Emerge

Document Type

Article

Publication Date

9-9-2016

Abstract

In the wake of the announcement that Wells Fargo would pay $185 million in fines, plus millions more in restitution to customers who were charged fees after employees unknowingly opened bank or credit card accounts in their names, finance industry experts and consumer advocates were left scratching their heads over how things went so wrong, for so long, while bank customers tried to digest what this meant for them.

"I'm just amazed at the scope of it and what appears to be a pretty significant breakdown in internal controls," said banking consultant Bert Ely.