Those woes caused the ouster of John Stumpf, the chief executive of the bank at the time.Īdditional improprieties and systems failures have emerged at Wells Fargo, the nation’s fourth largest bank, requiring it to pay billions in fines and penalties to regulators. The bank settled allegations that it illegally repossessed military members’ cars, and it was found to have charged car owners for insurance they didn’t need and paused borrowers’ home loan payments without their approval during Covid.
In 2016, Wells Fargo was found to have opened millions of unauthorized accounts for existing customers to meet sales goals. Other consumers, in public complaints to regulators, have detailed similarly mysterious Wells Fargo bank accounts, raising fresh questions, experts say, about compliance and risk management at a bank that has been rocked by scandals in recent years.
