Wells Fargo ’s botched efforts to pay off consumers harm by way of mistaken charges on automotive loans and residential mortgages are coming underneath congressional scrutiny.
In a Feb. 13 letter to Timothy Sloan, Wells Fargo’s
leader government, Elizabeth Warren, a Democratic Senator from Massachusetts, posed nearly a dozen questions concerning the financial institution’s afflicted customer-remediation techniques, reported by way of The Wall Street Journal. She requested Sloan to reply to the questions by way of Feb. 28 and to make excellent on a pledge he has made to care for the financial institution’s consumers within the wake of in style abuses, in line with a duplicate of the letter reviewed by way of the Journal.
“Wells Fargo remains focused on making things right for our customers,” and the financial institution is operating with its regulators to insure customer repayments “are completed accurately and as quickly as possible,” a spokeswoman mentioned in a commentary. She added that Wells Fargo “will address any questions Senator Warren or her colleagues on Capitol Hill have about these plans under way.”
Responding to regulatory movements in recent times, many banks have created remediation techniques to reimburse wronged consumers. Because such techniques are performed behind-the-scenes, it’s tricky to evaluate how successfully they’re designed and performed
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