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:

Americans owe millennials an apology — baby boomers overspend eating out too Americans owe millennials an apology — baby boomers overspend eating out too
BookWatch: Here are the 8 best books about money published in the past year BookWatch: Here are the 8 best books about money published in the past year
Key Words: The financial advice Billy Graham liked to give Key Words: The financial advice Billy Graham liked to give
Outside the Box: The 3 most surprising things I learned when I got serious about early retirement Outside the Box: The 3 most surprising things I learned when I got serious about early retirement
Market Snapshot: Why a spike in the 10-year Treasury yield to 3% won’t be a death knell for stocks Market Snapshot: Why a spike in the 10-year Treasury yield to 3% won’t be a death knell for stocks
States that voted for Trump are more likely to have growing credit-card debt States that voted for Trump are more likely to have growing credit-card debt
CEO turnover is the highest it’s been in 8 years CEO turnover is the highest it’s been in 8 years
The depressing reason most Americans are making more money The depressing reason most Americans are making more money

Leave a Reply

Submit Comment
© 8342 Stock Investors News. All rights reserved. XHTML / CSS Valid.