Fed, FDIC Say Wells Fargo 'Remediated Deficiencies' in 2015 Living Will

Posted April 25, 2017

Also, CEO Timothy J. Sloan purchased 39,000 shares of Wells Fargo & Co stock in a transaction on Monday, April 17th. "We're proud of our longstanding commitment to the Cities for Financial Empowerment Fund and its Bank On efforts, and we're especially honored to make this investment". He was referring to the bank's track record as a prolific charitable giver. The 2020 CSR goals announced a year ago include objectives for supplier diversity, philanthropy, environmental financing, community development investments, and volunteer hours. More than 8 percent of all wind and solar energy generated in the U.S.in 2016 came from projects owned wholly or in part by Wells Fargo.

Furthermore, ForgoWells has joined with the ReFund America Project to issue a new report called Down the Wells: Wells Fargo's Payday Loans Have Left Puerto Rico Billions of Dollars in the Hole.

On Monday, the regulators said Wells had adequately remediated its deficiences and, as a result, will no longer be subject to growth restrictions imposed on it past year.

Wells Fargo directors sitting on the audit and examination committee received materials "going back to at least 2002" that referenced "sales conduct or "gaming" issues", the board report found. Credit Suisse Group AG lowered shares of Wells Fargo & Co from an "outperform" rating to a "neutral" rating and set a $56.00 target price for the company.in a report on Friday, February 10th. With approximately 269,000 team members, Wells Fargo serves one in three households in the United States. Davis Selected Advisers now owns 26,425,695 shares of the financial services provider's stock worth $1,456,320,000 after buying an additional 232,344 shares during the last quarter. "Without private sector capital investing in communities, those communities die". It would go beyond a recently disclosed internal investigation into the scandal by the bank.

Sloan admitted to CNN that Wells Fargo "made mistakes" and pointed to the many steps the bank has made to fix things.

It's a direct reaction to reports that Wells Fargo employees, who alerted management to the sales practices problems using the bank's ethics hotline, were sometimes fired for speaking out.

Those are code words for Wells Fargo, and the up to 2 million accounts that its employees opened without customer permission as they sought to meet unrealistic sales goals.

The bank said it would provide an additional $32 million on top of the previously agreed upon $110 million settlement struck in March.

Wells Fargo's December failure marked the first time the Fed and FDIC imposed penalties on a bank under the living-wills process, barring Wells Fargo at the time from creating new global banking units or acquiring any nonbank subsidiaries. It triggered a backlash from local and federal representatives of communities.

The phony accounts scandal has roiled the third-largest USA lender by assets, leading to the resignation of its former Chief Executive Officer John Stumpf who had chose to leave the bank with immediate effect earlier in October 2016. Wells Fargo's vision is to satisfy our customers' financial needs and help them succeed financially. The bank also said it remains "committed to sound resolution planning and preparedness" as it, along with other big banks, prepare for a July deadline to file 2017 versions of their wills.

"We seek metrics, assessments, and qualitative and quantitative data that will assure shareholders that corporate responsibility is embedded throughout the company so that the rebuilding of trust can begin", Sister Nash said.