Tag Archives: Wells

JPMorgan Chase, Wells Fargo and BofA Hit With Negative Ratings Outlook As Moody’s Says US Government Has Weaker Capacity To Support Big Banks – The Daily Hodl

  1. JPMorgan Chase, Wells Fargo and BofA Hit With Negative Ratings Outlook As Moody’s Says US Government Has Weaker Capacity To Support Big Banks The Daily Hodl
  2. ‘The American economy is fundamentally strong’: Janet Yellen disagrees with Moody’s ‘negative’ US outlook — says Treasuries are still the world’s main ‘safe and liquid’ asset. Who’s right? Yahoo Finance
  3. ‘The American economy is fundamentally strong’: Janet Yellen disagrees with Moody’s ‘negative’ US outlook — says Treasuries are still the world’s main ‘safe and liquid’ asset. Who’s right? Yahoo Finance
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‘Hold Your Horses,’ Says Wells Fargo About PayPal Stock – TipRanks.com – TipRanks

  1. ‘Hold Your Horses,’ Says Wells Fargo About PayPal Stock – TipRanks.com TipRanks
  2. PayPal and Block shares are ‘battlegrounds’ — why that’s unlikely to change MarketWatch
  3. PayPal Earnings Preview: Can New CEO’s Plans Breathe Life Into the Falling Stock? | investing.com Investing.com
  4. Will Solid Total Payment Volume Aid PayPal’s (PYPL) Q3 Earnings? Yahoo Finance
  5. In the wake of PayPal Holdings, Inc.’s (NASDAQ:PYPL) latest US$3.4b market cap drop, institutional owners may be forced to take severe actions Simply Wall St
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Fatal crash on I-90 south of Wells between school bus and car – Albert Lea Tribune – Albert Lea Tribune

  1. Fatal crash on I-90 south of Wells between school bus and car – Albert Lea Tribune Albert Lea Tribune
  2. State Patrol investigating fatal crash involving school bus carrying Waseca teens Southern Minnesota News
  3. State Patrol investigating fatal crash involving Waseca school bus, car KEYC
  4. ‘I didn’t believe it was happening’: Golden Valley HS football players, parents express concerns following bus crash KGET 17
  5. At least 1 killed in crash involving school bus, Mustang in southern Minnesota CBS Minnesota
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Sarah Hyland and Wells Adams share sweet sentiments to each other as they celebrate first wedding anniversary: – Daily Mail

  1. Sarah Hyland and Wells Adams share sweet sentiments to each other as they celebrate first wedding anniversary: Daily Mail
  2. Sarah Hyland, Wells Adams Celebrate First Wedding Anniversary PEOPLE
  3. Sarah Hyland Shares One-Year Anniversary With Wells Adams Following Love Island USA’s ‘Disrespectful’ Kerfuffle CinemaBlend
  4. Sarah Hyland and Wells Adams celebrate first wedding anniversary: ‘Marriage is the most fun’ Page Six
  5. Sarah Hyland & Wells Adams Celebrate 1st Wedding Anniversary With Sweet Social Media Posts ETCanada.com
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Wall Street Underdog Wells Fargo Grabs Highest Share in Years – Bloomberg

  1. Wall Street Underdog Wells Fargo Grabs Highest Share in Years Bloomberg
  2. Office real estate values are moving down so fast that banking giants like Wells Fargo are already bracing for losses Fortune
  3. Wells Fargo & Co. stock underperforms Wednesday when compared to competitors despite daily gains MarketWatch
  4. Prominent analyst Dick Bove downgrades Wells Fargo, citing likely need to raise capital – Minneapolis / St. Paul Business Journal The Business Journals
  5. These Analysts Revise Their Forecasts On Wells Fargo Following Q2 Earnings – Wells Fargo (NYSE:WFC) Benzinga
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Maria Sakkari vs. Aryna Sabalenka | 2023 Indian Wells Semifinal | WTA Match Highlights – WTA

  1. Maria Sakkari vs. Aryna Sabalenka | 2023 Indian Wells Semifinal | WTA Match Highlights WTA
  2. “They have no idea what the problem is”: Sabalenka-Sakkari showdown delayed by technical issue Tennis Magazine
  3. BNP Paribas Open: Barbora Krejcikova and Katerina Sinikova reach women’s doubles final Desert Sun
  4. ATP/WTA Quarterfinals By-The-Numbers: One Teenager Left Standing, Medvedev And Swiatek Still Can’t Lose bnpparibasopen.com
  5. How to Watch BNP Paribas Open, WTA Semifinals, ATP/WTA Doubles Semifinals: Stream Tennis Live, TV Channel Sports Illustrated
  6. View Full Coverage on Google News

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Wells Fargo settlement includes $2 billion for customers. What to know

wdstock | iStock Editorial | Getty Images

People owed a piece of the $2 billion that Wells Fargo has agreed to pay to customers affected by some of its banking practices could soon receive those funds.

The nation’s fourth-largest bank reached a settlement with the Consumer Financial Protection Bureau, announced Tuesday, to resolve customer abuses related to auto lending, deposit accounts and mortgage lending, affecting about 16 million accounts.

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Wells Fargo also agreed to pay a $1.7 billion civil penalty — the largest ever doled out by the CFPB.

“We have already communicated with many of the customers who may have been impacted by the matters covered in the settlement, and those efforts are ongoing,” a Wells Fargo spokesperson told CNBC.

In other words, if you are among the affected customers, you may already have received your share of the $2 billion, or you will automatically hear from Wells Fargo. You do not need to take any action, the bank said.

The CFPB said that customers of the bank were illegally assessed fees and interest charges on auto and mortgage loans, had their cars wrongly repossessed and had payments to auto and mortgage loans misapplied. Additionally, Wells Fargo charged consumers unlawful surprise overdraft fees and applied other incorrect charges to checking and savings accounts, and improperly froze some accounts, the CFPB said.

$1.3 billion has already reached 11 million accounts

More than 11 million customer accounts already have received more than $1.3 billion related to auto loan issues. Another 5 million customers with deposit accounts are receiving $500 million in remediation, including $205 million related to surprise overdraft fees, and thousands of customers with mortgages will receive a piece of at least $195 million, a CFPB spokesperson said.

The amount that each harmed consumer will get (or already got) depends on the specifics. For customers whose vehicles were wrongly repossessed, the remediation includes $4,000, but could be higher. For deposit accounts that were wrongly frozen, the settlement calls for $150 for each affected customer.

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“As we have said before, we and our regulators have identified a series of unacceptable practices that we have been working systematically to change and provide customer remediation where warranted,” said Charlie Scharf, Wells Fargo CEO, in the company’s press release about the settlement.

“This far-reaching agreement is an important milestone in our work to transform the operating practices at Wells Fargo and to put these issues behind us,” Scharf said.

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Wells Fargo to Pay Record CFPB Fine to Settle Allegations It Harmed Customers

Wells Fargo

WFC -1.04%

& Co. reached a $3.7 billion deal with regulators to resolve allegations that it harmed more than 16 million people with deposit accounts, auto loans and mortgages.

The settlement with the Consumer Financial Protection Bureau includes a $1.7 billion penalty, the agency’s largest-ever fine, and more than $2 billion in consumer restitution, the regulatory agency said Tuesday.

The consumer watchdog agency said the bank illegally assessed fees and interest charges on loans for cars and homes. Some consumers had their vehicles illegally repossessed while others had overdraft fees unlawfully applied, the agency said.

Wells Fargo’s regulatory troubles continue to ripple through the bank more than six years after its fake account scandal burst into public view. Other problems later surfaced across the San Francisco-based bank, including in its lending and deposit-taking businesses.

The CFPB settlement resolves a major penalty hanging over Wells Fargo but leaves it handcuffed by other regulators. The Federal Reserve has had a cap on the bank’s asset growth in place for nearly five years. Politicians continue to target the bank, and investors have filed a series of class-action lawsuits.

“Wells Fargo is a corporate recidivist,” said CFPB Director

Rohit Chopra,

on a call with reporters Tuesday. He said the settlement “should not be read as a sign that Wells Fargo has moved past its longstanding problems.”

The bank had been negotiating with the CFPB for months in an effort to lump as many outstanding issues into the settlement as possible, according to people familiar with the matter. 

Much of the $2 billion remediation included in the settlement has already been doled out to customers. The bank, for example, has paid $1.3 billion to 11 million customers who had auto-loan servicing issues, the CFPB said.

Wells Fargo has been working for years to resolve a series of regulatory matters stemming from a fake-accounts scandal in 2016. Afterward, other problems surfaced across the bank, including in its mortgage and auto-lending businesses.

The CFPB said the bank’s actions span over a decade. Wells Fargo incorrectly applied auto-loan payments because of technology and compliance failures from 2011 through 2022, the agency said. Errors in its home loan modification process went on from 2011 to 2018, the agency said.

The bank sometimes charged overdraft fees even when a customer had enough funds available to make a debit-card transaction or ATM withdrawal, CFPB said. Wells Fargo is required to refund customers about $205 million in fees since the beginning of last year that weren’t yet reversed. CFPB will oversee that process.

Mr. Chopra, an appointee of President Biden, has said he plans to target repeat offenders. “Corporate recidivism has become normalized and calculated as the cost of doing business,” he said in a speech earlier this year. He has also sought to make his agency more adversarial toward financial firms.

The CFPB said Wells Fargo has accelerated efforts to clean up its act since 2020. Tied to the settlement, the agency will terminate one of the consent orders it had placed on the bank in 2016 and clarify that a 2018 consent order will terminate in no more than three years.

Wells Fargo, led by CEO Charlie Scharf, had signaled for months that it expected another large regulatory penalty.



Photo:

Drew Angerer/Getty Images

“This far-reaching agreement is an important milestone in our work to transform the operating practices at Wells Fargo and to put these issues behind us,” Chief Executive

Charlie Scharf

said in a statement.

Mr. Scharf was brought in to clean up the bank in 2019. He has overhauled the top executive ranks, cut its workforce and gave priority to remaking the bank’s back-end systems for managing internal controls and risk. 

The bank had signaled for months that it expected another big regulatory penalty, and it took a $2 billion charge in the third quarter tied to resolving long-running legal and regulatory issues. The bank said Tuesday that it expects an operating losses expense of $3.5 billion in the current quarter.

Shares of the bank fell about 1.5%.

Write to Ben Eisen at ben.eisen@wsj.com

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Wells Fargo agrees to $3.7 billion settlement with CFPB over consumer abuses

Charles Scharf, chief executive officer of Wells Fargo & Co., listens during a House Financial Services Committee hearing in Washington, D.C., U.S., on Tuesday, March 10, 2020.

Andrew Harrer | Bloomberg | Getty Images

Wells Fargo agreed to a $3.7 billion settlement with the Consumer Financial Protection Bureau over customer abuses tied to bank accounts, mortgages and auto loans, the regulator said Tuesday.

The bank was ordered to pay a $1.7 billion civil penalty and “more than $2 billion in redress to consumers,” the CFPB said in a statement. In a separate statement, the San Francisco-based company said that many of the “required actions” tied to the settlement were already done.

“The bank’s illegal conduct led to billions of dollars in financial harm to its customers and, for thousands of customers, the loss of their vehicles and homes,” the agency said in its release. “Consumers were illegally assessed fees and interest charges on auto and mortgage loans, had their cars wrongly repossessed, and had payments to auto and mortgage loans misapplied by the bank.”

The resolution lifts one overhang for the bank, which has been led by CEO Charlie Scharf since October 2019. In October, the bank set aside $2 billion for legal, regulatory and customer remediation matters, igniting speculation that a settlement was nearing. But other regulatory hurdles remain: Wells Fargo is still operating under consent orders tied to its 2016 fake accounts scandal, including one from the Fed that caps its asset growth.

CFPB Director Rohit Chopra said Wells Fargo’s “rinse-repeat cycle of violating the law” hurt millions of American families and that the settlement was an “important initial step for accountability” for the bank.

Shares of the bank fell 2.5% in premarket trading.

This story is developing. Please check back for updates.

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California wells run dry as drought depletes groundwater

FAIRMEAD, Calif. (AP) — As California’s drought deepens, Elaine Moore’s family is running out of an increasingly precious resource: water.

The Central Valley almond growers had two wells go dry this summer. Two of her adult children are now getting water from a new well the family drilled after the old one went dry last year. She’s even supplying water to a neighbor whose well dried up.

“It’s been so dry this last year. We didn’t get much rain. We didn’t get much snowpack,” Moore said, standing next to a dry well on her property in Chowchilla, California. “Everybody’s very careful with what water they’re using. In fact, my granddaughter is emptying the kids’ little pool to flush the toilets.”

Amid a megadrought plaguing the American West, more rural communities are losing access to groundwater as heavy pumping depletes underground aquifers that aren’t being replenished by rain and snow.

More than 1,200 wells have run dry this year statewide, a nearly 50% increase over the same period last year, according to the California Department of Water Resources. By contrast, fewer than 100 dry wells were reported annually in 2018, 2019 and 2020.

The groundwater crisis is most severe in the San Joaquin Valley, California’s agricultural heartland, which exports fruits, vegetables and nuts around the world.

Shrinking groundwater supplies reflect the severity of California’s drought, which is now entering its fourth year. According to the U.S. Drought Monitor, more than 94% of the state is in severe, extreme or exceptional drought.

California just experienced its three driest years on record, and state water officials said Monday they’re preparing for another dry year because the weather phenomenon known as La Nina is expected to occur for the third consecutive year.

Farmers are getting little surface water from the state’s depleted reservoirs, so they’re pumping more groundwater to irrigate their crops. That’s causing water tables to drop across California. State data shows that 64% of wells are at below-normal water levels.

Water shortages are already reducing the region’s agricultural production as farmers are forced to fallow fields and let orchards wither. An estimated 531,00 acres (215,000 hectares) of farmland went unplanted this year because of a lack of irrigation water, according to the U.S. Department of Agriculture.

As climate change brings hotter temperatures and more severe droughts, cities and states around the world are facing water shortages as lakes and rivers dry up. Many communities are pumping more groundwater and depleting aquifers at an alarming pace.

“This is a key challenge not just for California, but for communities across the West moving forward in adapting to climate change,” said Andrew Ayres, a water researcher at the Public Policy Institute of California.

In Sonoma County, north of San Francisco, supervisors on Tuesday approved a six-month moratorium on drilling of new groundwater wells. It follows a lawsuit alleging the county wasn’t appropriately managing groundwater.

Madera County, north of Fresno, has been hit particularly hard because it relies heavily on groundwater. The county has reported about 430 dry wells so far this year.

In recent years, the county has seen the rapid expansion of thirsty almond and pistachio orchards that are typically irrigated by agricultural wells that run deeper than domestic wells.

“The bigger straw is going to suck the water from right beneath the little straw,” said Madeline Harris, a policy manager with the advocacy group Leadership Council for Justice and Accountability. She stood next to a municipal well that’s run dry in Fairmead, a town of 1,200 surrounded by nut orchards.

“Municipal wells like this one are being put at risk and are going dry because of the groundwater overdraft problems from agriculture,” Harris said. “There are families who don’t have access to running water right now because they have dry domestic wells.”

Residents with dry wells can get help from a state program that provides bottled water as well as storage tanks regularly filled by water delivery trucks. The state also provides money to replace dry wells, but there’s a long wait to get a new one.

Not everyone is getting assistance.

Thomas Chairez said his Fairmead property, which he rents to a family of eight, used to get water from his neighbor’s well. But when it went dry two years ago, his tenants lost access to running water.

Chairez is trying to get the county to provide a storage tank and water delivery service. For now, his tenants have to fill up 5-gallon (19-liter) buckets at a friend’s home and transport water by car each day. They use the water to cook and take showers. They have portable toilets in the backyard.

“They’re surviving,” Chairez said. “In Mexico, I used to do that. I used to carry two buckets myself from far away. So we got to survive somehow. This is an emergency.”

Well drillers are in high demand as water pumps stop working across the San Joaquin Valley.

Ethan Bowles and his colleagues were recently drilling a new well at a ranch house in the Madera Ranchos neighborhood, where many wells have gone dry this year.

“It’s been almost nonstop phone calls just due to the water table dropping constantly,” said Bowles, who works for Chowchilla-based Drew and Hefner Well Drilling. “Most residents have had their wells for many years and all of a sudden the water stops flowing.”

His company must now drill down 500 and 600 feet (152 to 183 meters) to get clients a steady supply of groundwater. That’s a couple hundred feet deeper than older wells.

“The wells just have to go deeper,” Bowles said. “You have to hit a different aquifer and get them a different part of that water table so they can actually have fresh water for their house.”

In March, Gov. Gavin Newsom signed an executive order to slow a frenzy of well-drilling over the past few years. The temporary measure prohibits local agencies from issuing permits for new wells that could harm nearby wells or structures.

California’s groundwater troubles come as local agencies seek to comply with the Sustainable Groundwater Management Act, which Gov. Jerry Brown signed in 2014 to prevent groundwater overpumping during the last drought. The law requires regional agencies to manage their aquifers sustainably by 2042.

Water experts believe the law will lead to more sustainable groundwater supplies over the next two decades, but the road will be bumpy. The Public Policy Institute of California estimates that about 500,000 acres (202,000 hectares) of agricultural land, about 10% of the current total, will have to come out of production over the next two decades.

“These communities are going to be impacted from drinking water supplies and loss of jobs,” said Isaya Kisekka, a groundwater expert at the University of California, Davis. “There’s a lot of migration of farmworkers as this land gets fallowed.”

Farmers and residents in the Valley are hoping for help from above. “Hopefully we get a lot of rain,” Chairez said. “There’s a big need: water. We need water, water, water.”

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Follow Terry Chea on Twitter: @terrychea

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The Associated Press receives support from the Walton Family Foundation for coverage of water and environmental policy. The AP is solely responsible for all content. For all of AP’s environmental coverage, visit https://apnews.com/hub/climate-and-environment

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