The Wall Street Journal: Warren quizzes Wells Fargo on customer refunds

Wells Fargo ’s botched efforts to repay customers hurt by improper fees on car loans and home mortgages are coming under congressional scrutiny.

In a Feb. 13 letter to Timothy Sloan, Wells Fargo’s WFC, +1.50%  chief executive, Elizabeth Warren, a Democratic Senator from Massachusetts, posed almost a dozen questions about the bank’s troubled customer-remediation programs, reported by The Wall Street Journal. She asked Sloan to answer the questions by Feb. 28 and to make good on a pledge he has made to take care of the bank’s customers in the wake of widespread abuses, according to a copy of the letter reviewed by the Journal.

“Wells Fargo remains focused on making things right for our customers,” and the bank is working with its regulators to insure customer repayments “are completed accurately and as quickly as possible,” a spokeswoman said in a statement. She added that Wells Fargo “will address any questions Senator Warren or her colleagues on Capitol Hill have about these plans under way.”

Responding to regulatory actions in recent years, many banks have created remediation programs to reimburse wronged customers. Because such programs are conducted behind-the-scenes, it is difficult to assess how effectively they are designed and carried out

An expanded version of this story appears on WSJ.com.

Popular on WSJ.com

California employers in a bind over immigration enforcement

A billion-dollar bribery scandal sweeps through oil industry

Filed in: Top News Tags: 

You might like:

Why job seekers are relocating at historically low rates Why job seekers are relocating at historically low rates
Lawmakers weigh in on student-loan giant Nelnet’s battle with California Lawmakers weigh in on student-loan giant Nelnet’s battle with California
Nio IPO: 5 things to know about the ‘Chinese Tesla’ Nio IPO: 5 things to know about the ‘Chinese Tesla’
Why real-estate investors should steer clear of Turkey Why real-estate investors should steer clear of Turkey
NewsWatch: Meet the tech-savvy upstarts who think they can finally give Realtors a run for their money NewsWatch: Meet the tech-savvy upstarts who think they can finally give Realtors a run for their money
The Wall Street Journal: Trump slams social-media companies for ‘censorship’ of the right The Wall Street Journal: Trump slams social-media companies for ‘censorship’ of the right
Economic Preview: Sky is clear for sunny U.S. economy, but clouds are forming Economic Preview: Sky is clear for sunny U.S. economy, but clouds are forming
NewsWatch: The questions every investor should ask about Trump’s proposal to radically change how companies report earnings NewsWatch: The questions every investor should ask about Trump’s proposal to radically change how companies report earnings

Leave a Reply

Submit Comment
© 2018 Stock Investors News. All rights reserved. XHTML / CSS Valid.