“Wells Refunds Millions to Clients,” The Wall Street Journal, July 20, 2018 B1. Wells Fargo refunds insurance premiums to hundreds of thousands of customers who bought “add-on” services such as pet insurance, identity theft, home warranties, debt protection, and legal services.
This comes amidst an investigation by the CFPB as to whether the way these products were marketed was legal.
The last two years have been tough for Wells Fargo. How deep did the cultural rot go?
File this one under (a) Governance and (b) Compliance. And I guess under (c) Information, as well, if you do business with Wells Fargo. Do the directors pay for this, too?