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The June meeting of the Fed was a little tense about slow inflation progress
The US economy increased at an annual rate of 2% in the first three months of the year, down from 2.6% at the end of last year and 3.4% in the third quarter of 2022, according to a Wells Fargo report. The GDP grew at an annual rate of 2% in the fourth quarter of…
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Wells Fargo will pay billions of dollars to settle claims that it wrongly seized homes and cars.
The US Consumer Financial Protection Bureau (CFPB) has ordered Wells Fargo to stop charging surprise overdraft fees on bank accounts and make sure auto loan borrowers get refunds for certain add-on fees. “We and our regulators have identified…unacceptable practices that we have been working systematically to change and provide customer remediation where warranted,” Wells Fargo…
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It was found that Wells Fargo had wrongly seized homes and cars.
Wells Fargo has agreed to pay $3.7 billion to settle charges by US federal regulators that it “fraudulently” charged overdraft fees and illegally repossessed vehicles. The bank was found guilty of misapplying loan payments, foreclosing on homes, illegally repossessing vehicles and over-the-counter transactions, among other things. It has agreed to reach out to its customers…