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Oklahoma has begun the process of no longer doing business with some of the country’s largest financial institutions.
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The case marks the largest penalty ever imposed by the federal watchdog agency the Consumer Financial Protection Bureau. Customers who were harmed will receive $2 billion in restitution.
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The bank blamed "high volumes" for the outage on its online banking site, but said the issue does not affect the actual deposits of the stimulus checks.
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Charles Scharf told lawmakers that the company's structure and culture "were problematic." But he projected confidence that it could win back the public's trust after years of scandals.
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Elizabeth Duke and James Quigley were scheduled to testify. Democrats last week said Wells Fargo was slow to "correct serious deficiencies in its infrastructure for managing risks to consumers."
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Wells Fargo announced Thursday that CEO and President Tim Sloan will step down immediately. The company's general counsel Allen Parker was elected to run the company until a new CEO is selected.
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Both Republican and Democratic lawmakers question whether Wells Fargo has changed its culture away from fraud and mismanagement that have led to billions in fines and penalties against the bank.
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Wells Fargo will pay a civil penalty for allegedly selling residential mortgage loans that included misstated income information, the Justice Department said.
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Some consumers were charged too much to extend the lock on their mortgage interest rates, and the bank's mandatory insurance program added unneeded costs and fees to borrowers' auto loans.
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The American Federation of Teachers, the largest teachers union in the country, says it's ending its relationship with Wells Fargo because the bank does business with the gun industry and the NRA.