Banking, finance, and taxes
Bernie Sanders Asks If Wells Fargo Incident Has Triggered Criminal Referrals to Justice Department
Published:
Last Updated:
Perhaps another nail in the coffin of Wells Fargo & Co. (NYSE: WFC) CEO John Stumpf. Bernie Sanders, former presidential candidate and United States Senator from Vermont wants to know if the federal agencies involved in the bank’s scandal have made referrals of material to the Justice Department.
Comments from the Sen Sanders website about a letter to Richard Cordray the director of the Consumer Financial Protection Bureau and Thomas Curry, Comptroller of the Currency:
“Your agencies recently fined Wells Fargo $100 million, and $35 million, respectively, for illegally opening up deposit accounts and taking out credit cards for customers without their knowledge or consent. Have your agencies made any criminal referrals to the Department of Justice regarding this matter?”
“Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses,” CFPB Director Richard Cordray said Sept. 8 in a release about the fine. “Because of the severity of these violations, Wells Fargo is paying the largest penalty the CFPB has ever imposed. Today’s action should serve notice to the entire industry that financial incentive programs, if not monitored carefully, carry serious risks that can have serious legal consequences.”
This ups that stakes for Stumpf’s House and Senate testimony, and his attempt, likely to fail now, to keep his job.
Credit Card Companies Are Doing Something Nuts
Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.
It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.
We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
