Four Letters. Infinite Potential.

Whoops, they did it again!

Wells Fargo once again fined for unfair practices

April 22, 2018

Wells Fargo Sign

Less than two years after being fined $185 million over what was described as "the widespread illegal practice of secretly opening unauthorized deposit and credit card accounts," Wells Fargo has been ordered to pay $1 billion related to mortgage and auto loan violations. The settlement, imposed by the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC), revealed that the bank was likely causing substantial injury to consumers by “inappropriately and inconsistently charging borrowers extra fees that should have been absorbed by the bank, under its existing policy.”  The settlement – which is the largest imposed by the CFPB, to-date – requires Wells Fargo to reimburse affected consumers and make improvements to its risk management and compliance policies.


This incident is one more example of the importance of avoiding policies and every day practices that could harm your account holders. If you are running an outdated overdraft program or aren’t providing ongoing training opportunities for frontline staff, you could be overlooking important changes in regulations and best practices. Since Reg E was implemented, JMFA has updated account holder disclosures and provided retraining opportunities for clients dozens of times.


Learn more about JMFA Overdraft Privilege® or contact us.



account holder account holder retention account holder strategies account holder strategies; growth strategies; account holders Advice Agreement Analytics announcement ATMs attracting talent Automation B2B Bank Bank of Pacific banking services banks batching Benefit best practices board governance board member board of directors bottom line branch equipment branch profitability branding Bryan Hanks budget business culture business environment business practices business processes business strategies career advice Case Study CEO onboarding CFPB change Charles Shanley Cher Cheryl Lawson Choose Chris Karstens Cloud Communication communications Competitive Compliance compliance examinations compliance risks compliant Consistent Consumer Consumer FInancial Protection Bureau consumer protection Consumers Contingency Contract contract negotiations Contract Optimizer Contract Renegotiations contract review contract staffing Contracts core processor contracts Cornerstone Credit Union League corporate culture corporate governance CPE credits credit card contracts credit cards Credit Union credit unions Crissandra Fry CSS culture customer service cyber security Darin Byrd Data Deal debit card contracts Decisions Dick Miller digital directors economy Education efficiency studies election employee employee retention employees EMV migration evaluation Evolve executive search Expectations expense management expense reduction expense studies expenses Expert Federal Reserve Board fees financial services financial stability FinTech Floyd's Forum Free Analysis full disclosure Generating Income generating leads generation governance government hiring HR HR Consulting HR policies human capital human resources improved efficiencies improved results income income enhancement Innovate Innovative interview strategies interview tips IT contracts Jan Southern Jennifer Peoples Jim Griffis JMFA Academy JMFA clients JMFA News job search John M. Floyd Keith Hughey Kelly Flynn Kim Kreps leaders leadership Learning lending program Lesson Linda Meyer Literacy litigation loans Long Term Long-Term Maintenance management Mark Roe marketing measurable Members Midwest Region Millennial Millennials Missouri Mobile Banking NAFCU NCUA Negotiate negotiating contracts Net Operating Analysis NOA Non-Interest Income Oliver Ireland onboarding Organizational Health outsourcing Overdraft overdraft compliance overdraft coverage overdraft fees overdraft practices Overdraft Privilege overdraft program Overdraft programs overdraft protection programs overdraft service overdraft services overdraft strategy overdrafts Partner Paul McFarland payday loans Pennsylvania performance performance improvement personnel planning Press Release Privilege Manager CRM proactive