The Indiana Attorney General's office has announced a $575 million settlement with California-based Wells Fargo & Co. (NYSE: WFC) over claims the bank violated state consumer protection laws. As part of the settlement, which involves all 50 states and the District of Columbia, Indiana will receive $5.2 million.
Curtis Hill's office calls the settlement the "most significant engagement involving a national bank by state attorneys general acting without a federal law enforcement partner." The settlement resolves claims that Wells Fargo:
Opened millions of unauthorized accounts and enrolled customers into online banking services without their knowledge or consent
Improperly referred customers for enrollment in third-party renters and life insurance policies
Improperly charged auto loan customers for force-placed and unnecessary collateral protection insurance
Failed to ensure that customers received refunds of unearned premiums on certain optional auto finance products
Incorrectly charged customers for mortgage rate lock extension fees.
"Such grossly unfair and deceptive trade practices as those demonstrated by Wells Fargo must never be allowed to stand," Hill said in a news release. "We must continue working tirelessly to hold companies accountable for engaging in blatant misconduct that harms consumers."
Per the terms of the settlement, Wells Fargo has agreed to create a consumer redress review program which will allow consumers who have not been made whole through other existing restitution programs to seek review of their complaint by a bank escalation team. The program will be implemented within 60 days.
Hill's office says Wells Fargo has already committed to or provided more than $600 million in restitution to consumers through its agreements with the federal Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau. The bank will also pay more than $1 billion in civil penalties to the federal government.
You can learn more about the claims against Wells Fargo by clicking here.
By Anthony Harcourt Portfolio Manager, Bedel Financial Consulting Inc.
Investors understand the importance of having a proper balance of large-, mid-, and small-cap companies in their stock portfolios. Unfortunately, there are no strict rules followed by index funds when categorizing by company size. When you "check under the hood" of your portfolio, you may discover you’re taking more (or less) risk than you intended! What Is Market Cap? Market capitalization, or market cap, is a term used to represent the size of a company.
The South Shore Line West Lake Corridor is a step closer to up to $440 million in federal funding, thanks to a positive project rating from the Federal Transit Administration. The "medium-high" rating means the project, which involves the extension of the South Shore Line between Dyer and Hammond, is eligible for funding to cover a large portion of the more than $700 million project. The rating came from the FTA's Fiscal Year 2020 Annual Report on Funding Recommendations...
The city of Fishers is one of 12 finalists for the Robert Wood Johnson Foundation Culture of Health Prize. The award honors "communities that are bringing partners together around a shared commitment to health, opportunity, and equity."
Indiana once again led the nation in steel production in 2018. Jake Murphy with the American Iron and Steel Institute tells our partners at The Times of Northwest Indiana steel mills throughout the state made 26.7 million net tons of steel last year, up from 24.1 million in 2017.
More than 50 families from throughout the state have been recognized for operating longstanding farms. Lieutenant Governor Suzanne Crouch and State Department of Agriculture Director Bruce Kettler have presented the latest Hoosier Homestead Awards, recognizing farms owned by the same family for more than 100 consecutive years.
The president of the Northwest Indiana Regional Development Authority says the South Shore Line West Lake Corridor project will create a crucial "Hoosier gateway in Chicago." The more than $700 million project has received a positive project rating from the Federal Transit Administration, putting it a step closer to up to $440 million in federal funding. Bill Hanna says the rail extension will help Hoosier workers connect to jobs in Chicago that often pay more...