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| October 16, 2018

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Wells Fargo to pay $2.09 billion to settle probe into crisis-era mortgage abuses

August 2, 2018 |

Ten years after faulty mortgages upended the global financial system, Wells Fargo & Co. agreed to pay $ 2.09 billion to settle a U.S. investigation into its creation and sale of loans that contributed to the disaster.

The long-anticipated penalty, announced Wednesday, is in line with what some analysts…


L.A. Times – Business

Fed nominees slam Wells Fargo for consumer abuses and indicate bank’s growth cap will be tough to lift

May 16, 2018 |

Two Federal Reserve nominees on Tuesday slammed Wells Fargo & Co., for its consumer abuses and indicated that they would have to see significant improvements before voting to lift a cap on the San Francisco bank’s growth.

“Just based upon the news accounts, which of course is all I have to go on,…


L.A. Times – Business

Wells Fargo to pay $1 billion in fines over auto, mortgage lending abuses

April 20, 2018 |

Federal regulators slapped Wells Fargo & Co. with a fine of $ 1 billion on Friday, punishing the San Francisco bank for abuses that harmed mortgage and auto loan borrowers, and for what regulators said was a pervasive and “reckless” lack of risk management.

The penalty, announced by the Office of…


L.A. Times – Business

Wells Fargo confirms that it may pay $1-billion penalty over latest consumer abuses

April 13, 2018 |

Wells Fargo & Co. confirmed Friday that the bank might pay as much as $ 1 billion to regulators over its mortgage-lending and auto-insurance abuses — which would be the biggest penalty yet for the bank related to its long running sales-practices scandal.

The San Francisco bank, in its first-quarter…


L.A. Times – Business

Fed caps growth at Wells Fargo over sham accounts, other consumer abuses

February 3, 2018 |

The Federal Reserve ordered Wells Fargo & Co. on Friday to cap its growth and improve its corporate governance, punishment for what the regulator called “widespread consumer abuses and other compliance breakdowns” at the San Francisco financial giant.

The bank, apparently in response to the action,…


L.A. Times – Business

Trump denies that Wells Fargo may avoid federal penalties for alleged mortgage lending abuses

December 10, 2017 |

President Trump on Friday denied a report that the federal consumer financial watchdog might drop sanctions against Wells Fargo & Co. for alleged mortgage lending abuses, and said the bank could face even tougher penalties.

Trump’s comments on Twitter appeared to be in response to a Reuters report


L.A. Times – Business

Education Secretary Betsy DeVos suspends rules that cracked down on for-profit college abuses

June 16, 2017 |

As Corinthian Colleges Inc., ITT Technical Institute and other for-profit schools collapsed in recent years, the Obama administration overhauled regulations to make it easier to forgive loans for stranded students and to try to prevent future abuses.

Now, the Trump administration is suspending…


L.A. Times – Business

Afghanistan’s dwindling Sikh, Hindu communities flee new abuses

June 23, 2016 |

An Afghan Sikh holds his child inside a Gurudwara during a religious ceremony in KabulBy Hamid Shalizi KABUL (Reuters) – On a bright day in downtown Kabul, Jagtar Singh Laghmani was in his traditional herb shop when a man turned up, drew a knife and told him to convert to Islam or he would cut his throat. The incident earlier this month was the latest attack on a dwindling community of Sikhs and Hindus in Afghanistan, a deeply conservative Muslim country struggling with growing insecurity caused by an Islamist insurgency and economic challenges. If you are not a Muslim, you are not a human in their eyes," said Jagtar Singh, speaking in his tiny shop in the bustling center of Kabul.



Economy News Headlines – Yahoo! News

CNN

Rights abuses may not nix aid to Egypt

February 26, 2016 |

The Obama administration wants to waive long-standing human rights conditions on aid to Egypt, raising questions from rights groups that say the country is experiencing its worst period of human rights abuses in modern history and lawmakers who point to the recent conviction of a toddler on murder charges.



CNN.com – World

Suit seeks damages for all victims of alleged Wells Fargo customer abuses

May 14, 2015 |

A former Wells Fargo & Co. customer accused the San Francisco banking firm in a lawsuit of fostering a high-pressure sales culture that ended up deceiving and defrauding him and customers nationwide.
L.A. Times – Business