Wells Fargo May Have Found More Fake Accounts Created by Employees
“Today’s regulatory filing reminds us of this, because it includes evidence of much of
that work, particularly as we have identified problems that we have committed to fix.”
One of those problems came to light last week, when published an article about Wells Fargo’s policy
of charging some customers who took out car loans for auto insurance that they did not need or want.
But Wells Fargo also indicated that it has a new regulatory issue looming: an investigation by the federal Consumer Financial Protection Bureau into whether customers were harmed by the bank’s practice of freezing,
and in some cases closing, bank accounts suspected of being affected by fraudulent activity.
The bank said in a regulatory filing that its review of potentially unauthorized accounts could reveal a “significant
increase” in the number of accounts involved, up from the 2.1 million that it previously estimated.