Timeline Of The Wells Fargo s Scandal - Abc News 3w63z
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Timeline of the Wells Fargo s Scandal - ABC News
11/2/16, 3(30 PM
Timeline of the Wells Fargo s Scandal Wells Fargo is embroiled in a scandal over assertions that bank employees opened s without customers’ authorization. Here's a timeline of key events since the allegations came to light:
Sept. 8, 2016 The alleged misconduct was revealed when the Consumer Financial Protection Bureau (CFPB), the Los Angeles City Attorney and the Office of the Comptroller of the Currency (OCC) fined the bank $185 million, alleging that more than 2 million bank s or credit cards were opened or applied for without customers' knowledge or permission between May 2011 and July 2015. A bank official acknowledged that it had terminated some 5,300 employees, roughly 1 percent of the workforce, in relation to the allegations, and the bank issued a statement saying, "We regret and take responsibility for any instances where customers may have received a product that they did not request." Read our story from the time, or see how the scandal affects customers.
Sept. 13, 2016 The bank announced that it would be ending its controversial employee sales goals program that was at the center of the allegations effective Jan. 1, 2017. According to the Los Angeles City Attorney, employees were opening and funding s without customers' permission or knowledge in order to "satisfy sales goals and earn financial rewards under the bank's incentivehttp://abcnews.go.com/Business/timeline-wells-fargo-s-scandal/story?id=42231128
Page 1 of 6
Timeline of the Wells Fargo s Scandal - ABC News
11/2/16, 3(30 PM
compensation program." The CFPB said the bank imposed the goals on its staff because it "sought to distinguish itself in the marketplace as a leader in 'cross-selling' banking products and services to its existing customers." Read our story from the time. The same day, Stumpf appeared on CNBC, where he rebuffed suggestions that he resign. "I think the best thing I could do right now is lead this company, and lead this company forward," he said.
Sept. 14, 2016 It was announced that the FBI and federal prosecutors in New York and California were probing the bank over the alleged misconduct, a development that opened the possibility of criminal charges. Read our story from the time.
Sept. 16, 2016 The House of Representative's Financial Services Committee opened an investigation into the bank's alleged misconduct as well as "the role of Washington regulators in monitoring and investigating" the alleged misconduct. A letter sent to the bank's general counsel asked him to make four senior executives available for transcribed interviews, including Carrie Tolstedt. Tolstedt, who government filings say is in her mid-50s, was the head of Wells Fargo's community banking division -- which oversees the banks most consumers are familiar with -- until her retirement was announced in July. The CFPB and OCC did not comment.
http://abcnews.go.com/Business/timeline-wells-fargo-s-scandal/story?id=42231128
Page 2 of 6
Timeline of the Wells Fargo s Scandal - ABC News
11/2/16, 3(30 PM
Read our story from the time. The same day, three Utah residents filed what is believed to be the first class-action lawsuit brought by customers against Wells Fargo over the allegations. Wells Fargo declined to comment on the suit, which was filed in U.S. District Court in Utah. Read our story from the time.
Sept. 20, 2016 Stumpf appeared in front of the Senate Banking Committee, where Sen. Elizabeth Warren, D-Massachusetts, called on him to resign and said he should face criminal charges. Republicans chided the embattled CEO as well, with Sen. Bob Corker, RTennessee, saying Stumpf would be engaging in "malpractice" if the bank didn't "claw back" money that it had paid to executives during the period that the s were being opened without customers' permission. Read our story from the time.
Sept. 22, 2016 A group of Senate Democrats asked the U.S. Department of Labor (DOL) to open an investigation into whether Wells Fargo violated the Fair Labor Standards Act (FLSA). In response to the senators' request to the DOL, Wells Fargo spokeswoman Jennifer G. Dunn told ABC News today that "our team are our greatest asset." "We strive to make every one of them feel valued, rewarded and recognized and we pride ourselves on creating a positive environment for our team , including market-competitive compensation, careerhttp://abcnews.go.com/Business/timeline-wells-fargo-s-scandal/story?id=42231128
Page 3 of 6
Timeline of the Wells Fargo s Scandal - ABC News
11/2/16, 3(30 PM
development opportunities, a broad array of benefits and a strong offering of work-life programs," Dunn added. The DOL acknowledged receipt of the letter and a spokesman, Jason Surbey, said, "while we cannot discuss details of potential law enforcement decision-making, we do take the concerns raised in the letter very seriously." Separately, Stumpf resigned from his position on the Federal Advisory Council, which meets with the Federal Reserve four times a year to advise it on banking and economic issues, effective today. The San Francisco Federal Reserve Bank confirmed the move to ABC News. Read our story from the time.
Sept. 23, 2016 In a letter shared with ABC News, six senators slammed Wells Fargo bank for its use of forced arbitration clauses in its customer agreements, which the senators said enabled the company to keep its s scandal out of the public eye and the courts for years, and asked embattled CEO John Stumpf to provide information so that they can “better understand the situation at Wells Fargo” and "prevent similar fraudulent practices in the future." Arbitration, mandated in some if not all basic agreements that customers sign when they open s at the bank, "helps hide fraudulent schemes such as the sham s at Wells Fargo from the justice system, from the news media, and from the public eye," the senators wrote. A Wells Fargo spokeswoman told ABC News at the time: "We are reviewing the letter and will respond to the senators who requested this information but have no further comment at this time." Read our story from the time. http://abcnews.go.com/Business/timeline-wells-fargo-s-scandal/story?id=42231128
Page 4 of 6
Timeline of the Wells Fargo s Scandal - ABC News
11/2/16, 3(30 PM
Sept. 26, 2016 Two former Wells Fargo employees filed a lawsuit against the bank related to the s scandal. The plaintiffs are seeking class-action status for the lawsuit. The suit, filed on Sept. 22 in California Superior Court by former employees Alexander Polonsky and Brian Zaghi, seeks to represent employees or former employees who worked for the bank during the last 10 years and who, the suit alleges, were “either demoted, forced to resign, or terminated,” for not meeting “impossible” quotas the bank set as goals for employees to open s on behalf of customers. Wells Fargo officials said at the time that they "disagree with the allegations in the complaint and will vigorously defend against the misrepresentations it contains about Wells Fargo and all of the Wells Fargo team whose careers have been built on doing the right thing by our customers every day." "Wells Fargo works hard to foster a culture that is centered on doing what is right for our customers and exhibiting high ethical standards and integrity, and the vast majority of our team serve our customers’ best interests every day in every interaction," the statement added. Read our story from the time.
Sept. 27, 2016 The bank's independent directors announced that Stumpf will forgo $41 million worth of promised compensation as well as his usual salary as they launch an independent investigation. The announcement came two days before Stumpf was set to testify at a House hearing over the s scandal.
http://abcnews.go.com/Business/timeline-wells-fargo-s-scandal/story?id=42231128
Page 5 of 6
Timeline of the Wells Fargo s Scandal - ABC News
11/2/16, 3(30 PM
The directors also announced that Tolstedt had left the company. She was slated to leave at "year's end," according to a retirement announcement. Tolstedt, who has been the subject of scrutiny in recent weeks, will not receive a bonus for the year and will not receive severance pay, the directors said in a statement. Similar to Stumpf, she will forgo promised share compensation worth about $19 million. Stumpf, who has been CEO since 2007, will also not receive a bonus, the statement said. Separately, in remarks prepared for Stumpf's appearance before the House Financial Services Committee on Thursday, which were obtained and reviewed by ABC, the CEO is expected to say that the bank is moving up the date it will end its controversial sales program from Jan. 1, 2017 to Oct. 1, 2016. Read our story. This is a developing story and has been updated as new information has become available.
http://abcnews.go.com/Business/timeline-wells-fargo-s-scandal/story?id=42231128
Page 6 of 6
11/2/16, 3(30 PM
Timeline of the Wells Fargo s Scandal Wells Fargo is embroiled in a scandal over assertions that bank employees opened s without customers’ authorization. Here's a timeline of key events since the allegations came to light:
Sept. 8, 2016 The alleged misconduct was revealed when the Consumer Financial Protection Bureau (CFPB), the Los Angeles City Attorney and the Office of the Comptroller of the Currency (OCC) fined the bank $185 million, alleging that more than 2 million bank s or credit cards were opened or applied for without customers' knowledge or permission between May 2011 and July 2015. A bank official acknowledged that it had terminated some 5,300 employees, roughly 1 percent of the workforce, in relation to the allegations, and the bank issued a statement saying, "We regret and take responsibility for any instances where customers may have received a product that they did not request." Read our story from the time, or see how the scandal affects customers.
Sept. 13, 2016 The bank announced that it would be ending its controversial employee sales goals program that was at the center of the allegations effective Jan. 1, 2017. According to the Los Angeles City Attorney, employees were opening and funding s without customers' permission or knowledge in order to "satisfy sales goals and earn financial rewards under the bank's incentivehttp://abcnews.go.com/Business/timeline-wells-fargo-s-scandal/story?id=42231128
Page 1 of 6
Timeline of the Wells Fargo s Scandal - ABC News
11/2/16, 3(30 PM
compensation program." The CFPB said the bank imposed the goals on its staff because it "sought to distinguish itself in the marketplace as a leader in 'cross-selling' banking products and services to its existing customers." Read our story from the time. The same day, Stumpf appeared on CNBC, where he rebuffed suggestions that he resign. "I think the best thing I could do right now is lead this company, and lead this company forward," he said.
Sept. 14, 2016 It was announced that the FBI and federal prosecutors in New York and California were probing the bank over the alleged misconduct, a development that opened the possibility of criminal charges. Read our story from the time.
Sept. 16, 2016 The House of Representative's Financial Services Committee opened an investigation into the bank's alleged misconduct as well as "the role of Washington regulators in monitoring and investigating" the alleged misconduct. A letter sent to the bank's general counsel asked him to make four senior executives available for transcribed interviews, including Carrie Tolstedt. Tolstedt, who government filings say is in her mid-50s, was the head of Wells Fargo's community banking division -- which oversees the banks most consumers are familiar with -- until her retirement was announced in July. The CFPB and OCC did not comment.
http://abcnews.go.com/Business/timeline-wells-fargo-s-scandal/story?id=42231128
Page 2 of 6
Timeline of the Wells Fargo s Scandal - ABC News
11/2/16, 3(30 PM
Read our story from the time. The same day, three Utah residents filed what is believed to be the first class-action lawsuit brought by customers against Wells Fargo over the allegations. Wells Fargo declined to comment on the suit, which was filed in U.S. District Court in Utah. Read our story from the time.
Sept. 20, 2016 Stumpf appeared in front of the Senate Banking Committee, where Sen. Elizabeth Warren, D-Massachusetts, called on him to resign and said he should face criminal charges. Republicans chided the embattled CEO as well, with Sen. Bob Corker, RTennessee, saying Stumpf would be engaging in "malpractice" if the bank didn't "claw back" money that it had paid to executives during the period that the s were being opened without customers' permission. Read our story from the time.
Sept. 22, 2016 A group of Senate Democrats asked the U.S. Department of Labor (DOL) to open an investigation into whether Wells Fargo violated the Fair Labor Standards Act (FLSA). In response to the senators' request to the DOL, Wells Fargo spokeswoman Jennifer G. Dunn told ABC News today that "our team are our greatest asset." "We strive to make every one of them feel valued, rewarded and recognized and we pride ourselves on creating a positive environment for our team , including market-competitive compensation, careerhttp://abcnews.go.com/Business/timeline-wells-fargo-s-scandal/story?id=42231128
Page 3 of 6
Timeline of the Wells Fargo s Scandal - ABC News
11/2/16, 3(30 PM
development opportunities, a broad array of benefits and a strong offering of work-life programs," Dunn added. The DOL acknowledged receipt of the letter and a spokesman, Jason Surbey, said, "while we cannot discuss details of potential law enforcement decision-making, we do take the concerns raised in the letter very seriously." Separately, Stumpf resigned from his position on the Federal Advisory Council, which meets with the Federal Reserve four times a year to advise it on banking and economic issues, effective today. The San Francisco Federal Reserve Bank confirmed the move to ABC News. Read our story from the time.
Sept. 23, 2016 In a letter shared with ABC News, six senators slammed Wells Fargo bank for its use of forced arbitration clauses in its customer agreements, which the senators said enabled the company to keep its s scandal out of the public eye and the courts for years, and asked embattled CEO John Stumpf to provide information so that they can “better understand the situation at Wells Fargo” and "prevent similar fraudulent practices in the future." Arbitration, mandated in some if not all basic agreements that customers sign when they open s at the bank, "helps hide fraudulent schemes such as the sham s at Wells Fargo from the justice system, from the news media, and from the public eye," the senators wrote. A Wells Fargo spokeswoman told ABC News at the time: "We are reviewing the letter and will respond to the senators who requested this information but have no further comment at this time." Read our story from the time. http://abcnews.go.com/Business/timeline-wells-fargo-s-scandal/story?id=42231128
Page 4 of 6
Timeline of the Wells Fargo s Scandal - ABC News
11/2/16, 3(30 PM
Sept. 26, 2016 Two former Wells Fargo employees filed a lawsuit against the bank related to the s scandal. The plaintiffs are seeking class-action status for the lawsuit. The suit, filed on Sept. 22 in California Superior Court by former employees Alexander Polonsky and Brian Zaghi, seeks to represent employees or former employees who worked for the bank during the last 10 years and who, the suit alleges, were “either demoted, forced to resign, or terminated,” for not meeting “impossible” quotas the bank set as goals for employees to open s on behalf of customers. Wells Fargo officials said at the time that they "disagree with the allegations in the complaint and will vigorously defend against the misrepresentations it contains about Wells Fargo and all of the Wells Fargo team whose careers have been built on doing the right thing by our customers every day." "Wells Fargo works hard to foster a culture that is centered on doing what is right for our customers and exhibiting high ethical standards and integrity, and the vast majority of our team serve our customers’ best interests every day in every interaction," the statement added. Read our story from the time.
Sept. 27, 2016 The bank's independent directors announced that Stumpf will forgo $41 million worth of promised compensation as well as his usual salary as they launch an independent investigation. The announcement came two days before Stumpf was set to testify at a House hearing over the s scandal.
http://abcnews.go.com/Business/timeline-wells-fargo-s-scandal/story?id=42231128
Page 5 of 6
Timeline of the Wells Fargo s Scandal - ABC News
11/2/16, 3(30 PM
The directors also announced that Tolstedt had left the company. She was slated to leave at "year's end," according to a retirement announcement. Tolstedt, who has been the subject of scrutiny in recent weeks, will not receive a bonus for the year and will not receive severance pay, the directors said in a statement. Similar to Stumpf, she will forgo promised share compensation worth about $19 million. Stumpf, who has been CEO since 2007, will also not receive a bonus, the statement said. Separately, in remarks prepared for Stumpf's appearance before the House Financial Services Committee on Thursday, which were obtained and reviewed by ABC, the CEO is expected to say that the bank is moving up the date it will end its controversial sales program from Jan. 1, 2017 to Oct. 1, 2016. Read our story. This is a developing story and has been updated as new information has become available.
http://abcnews.go.com/Business/timeline-wells-fargo-s-scandal/story?id=42231128
Page 6 of 6
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