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Debt Collection/Bank Fraud and Abuse: Wells Fargo Not Alone Opening Fake Accounts

On Behalf of | Jul 31, 2018 | Debt Collection

As predicted right here, it has been reported that Wells Fargo was not alone in creating fake accounts. USA Today reported on June 14, 2018 that other banks were found to have created fake accounts as well. This can be a source of unlawful debt collection, bank fraud and abuse and fair (unfair) credit reporting.

Unfortunately, the Trump administration is helping these banks escape exposure. Trump promised to look out for the little guys/gals. We all had high hopes. But he has consistently done just the opposite. This is just another example. The tax cuts for the super-wealthy just another.

USA Today reported that “A federal regulator determined Wells Fargo wasn’t the only U.S. bank that opened accounts not authorized by customers – but has no plans to identify the institutions publicly.” “A review of roughly 40 banks found that as many as 10,000 customer accounts opened during a three-year period lacked customer authorization, Joseph Otting, the U.S. Comptroller of the Currency, testified during congressional hearings this week.” “The banks did not have paperwork to show whether customers had authorized approximately 10,000 other accounts, Otting said.”

The accounts included auto loans – and mortgages, credit cards, checking accounts, savings accounts and money market accounts.

“The bank review was launched during the Obama administration in 2016 after the OCC and other regulators found that Wells Fargo opened approximately 3.5 million accounts that lacked customer approvals.” USA Today reported.

“The OCC, the U.S. Consumer Financial Protection Bureau and Los Angeles legal officials hit Wells Fargo with $185 million in penalties in September 2016. Four months ago, the Federal Reserve restricted Wells Fargo’s financial growth and ordered a shake-up of the bank’s board in a separate response to the accounts scandal” USA Today reported.

If you think you or someone close to you has been the victim of debt collection abuse, bank fraud and abuse or unfair credit reporting, then you or they should contact a qualified attorney right away.

You can see the full USA Today article by pointing your browser here:

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