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Wells Fargo, the third largest U.S. bank by deposits, was handed a $250-million fine and a hard verbal spanking by the federal Office of the Comptroller of the Currency last week.
The bank was cited for “unsafe or unsound practice” in making home loans, including inadequate controls, ineffective governance, and errors that harmed its customers, the agency said.
Under the order, the bank may need to halt some foreclosures and must retain affected customers within its loan-servicing operation until the errors are corrected.
The action grows out of a 2018 finding of widespread deficiencies in its mortgage lending, including improperly charging fees to some customers.
Wells Fargo still faces additional disciplinary actions stemming from an earlier scandal, in which the bank opened accounts for some customers, and charged them fees, without their knowledge or consent.
TRENDPOST: Like Deutsche Bank and JP Morgan Chase, which also have been cited for a series of civil and criminal violations, Wells Fargo joins the club of companies that are too big to fail, too big to jail.
These elite corporations are allowed to re-offend with no individuals held responsible. The only penalty is fines that amount to an affordable dent in quarterly revenues, an acceptable cost of doing shady business.
In the U.S.S.A. it is a slap on the wrist for members of the Washington crime syndicate for their murders and thievery and prosecution to the fullest for We the Little People of Slavelandia.