Share
Business ProfileforWells Fargo
Current Alerts For This Business
On September 9, 2021, The Office of the Comptroller of Currency (OCC) issued a Cease and Desist order against Wells Fargo Bank, N.A., based on the bank’s failure to establish an effective home lending loss mitigation program. Case #: AA-ENF-2021-29 and AA-ENF-2021-30.
The order requires the bank to take comprehensive corrective actions to improve the execution, risk management and oversight of the bank’s loss mitigation program. The order restricts the bank, while the order is effective, from acquiring certain third-party residential mortgage servings and requires the bank to ensure that borrowers are not transferred out of the bank’s loan servicing portfolio until remediation is provided, except for an investor pursuant to a contractual right.
The OCC also assessed a $250 million-dollar civil penalty against Wells Faro Bank, N.A., based on the banks violations of the 2018 Complaint Consent Order, https://www.occ.gov/static/enforcement-actions/ea2018-025.pdf.
The bank neither admits or denies any nor denies the allegations filed by The OCC.
The OCC penalty will be paid to the U.S. Treasury.
Additional business information
On December 20, 2022, Wells Fargo Bank agreed to settle allegations (File No: 2022-CFPB-0011) brought against the company by the Consumer Financial Protection Bureau (CFPB).
The enforcement action taken by CFPB, stems from allegations that Wells Fargo Bank caused the repossession of vehicles due to the systematic failure of servicing their automobile loans, caused homes to go into foreclosure due to the improper denial of thousands of mortgage loan modifications, overdraft fees charged to consumers despite having enough money in their account to cover the transaction at the time the bank authorized it and froze more than a million accounts based on faulty automated filters.
According to the settlement, without any admission of liability Wells Fargo has agreed to pay more than $2 billion to those affected by their actions and $1.7 billion in civil penalties.
At-a-glance
Related Categories
Overview
Products & Services
Business Details
This is a multi-location business.
- Headquarters
- 1 Montgomery St 2nd Fl, San Francisco, CA 94104-4505
- BBB File Opened:
- 11/9/1978
- Years in Business:
- 172
- Business Started:
- 1/1/1852
- Business Started Locally:
- 1/1/1852
- Business Incorporated:
- 4/14/1999
- Licensing Information:
- This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.BBB records show a license number of 1512 for this business, issued by Department of Business Oversight
These agencies may include:
Department of Business Oversight
1515 K Street, Suite 200
Sacramento CA 95814
http://www.dbo.ca.gov/About_DBO/contact_us.asp
BBB records show a license number of 1512 for this business, issued by Department of Business OversightThese agencies may include:
Department of Business Oversight
1515 K Street, Suite 200
Sacramento CA 95814
- Type of Entity:
- Corporation
- Number of Employees:
- 275000
- Alternate Business Name
- Wells Fargo Dealer Services
- Wells Fargo Guard Services
- Wells Fargo Bank
- Business Management
- Mr. Scott Sorge, Complaint Manager
- Contact Information
Customer Contact
- Mr. Scott Sorge, Complaint Manager
- Additional Contact Information
Fax Numbers
- (415) 975-7745Primary Fax
Phone Numbers
- (866) 878-5865Other Phone
- (415) 975-7745
Customer Complaints
6,245 Customer Complaints
Need to file a complaint? BBB is here to help. We'll guide you through the process. How BBB Processes Complaints and Reviews
File a ComplaintMost Recent Customer Complaint
04/08/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
Customer Reviews
974 Customer Reviews
What do you think? Share your review.
Most Recent Customer Review
Eva Lopez
04/20/2024
Local BBB
BBB serving the San Francisco Bay Area and Northern Coastal California
BBB Business Profiles may not be reproduced for sales or promotional purposes.
BBB Business Profiles are provided solely to assist you in exercising your own best judgment. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles.
When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.
BBB Business Profiles generally cover a three-year reporting period. BBB Business Profiles are subject to change at any time. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.
As a matter of policy, BBB does not endorse any product, service or business.