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Consumer Fraud Forum Blog

Consumers Hitting Wells Fargo Where It Hurts

POSTED: William PinilisJanuary 18, 2017 at 11:30 AM / Consumer News, Banking

Wells Fargo is being punished by more than the federal government for its bogus account scam. Consumers are also dishing out their own form of punishment: They’re taking their business elsewhere.

Wells Fargo Pushing To Settle Claims In Arbitration

POSTED: William PinilisDecember 1, 2016 at 11:20 AM / Forced Arbitration, Arbitration Clauses, Banking

Wells Fargo wants claims over fake accounts settled out of court.  The bank is facing dozens of lawsuits over its bogus accounts scandal, but is trying to push the cases into arbitration.

Could Arbitration Clauses Keep Wells Fargo’s Customers Out of Court?

POSTED: William PinilisSeptember 20, 2016 at 11:39 AM / Consumer News, Forced Arbitration, Arbitration, Banking

Three plaintiffs have filed the first lawsuit against Wells Fargo following the news that bank employees opened at least two million unauthorized customer accounts.

New Report Shows Many Consumers Are Unhappy With Their Banks

POSTED: William PinilisSeptember 13, 2016 at 11:26 AM / Bank Fees, Banking

The Consumer Financial Protection Bureau has released a new report that shows a huge spike in complaints from bank customers. The bureau says American consumers report that they “experience problems” managing their accounts at banks and credit unions across the country.

Wells Fargo To Pay $185M In Fines For Years of Harm to Consumers

POSTED: William PinilisSeptember 9, 2016 at 9:35 AM / Consumer News, Consumer Protection, Banking

The Consumer Financial Protection Bureau has fined Wells Fargo Bank 100 million dollars after it was discovered that employees were secretly opening customer accounts. 

Taxpayers Screwed in Goldman Sachs Settlement

POSTED: William PinilisApril 26, 2016 at 10:00 AM / Consumer News, Banking

The U.S. Department of Justice announced earlier this month that Goldman Sachs would have to pay more than $5 billion for misconduct related to its sales of mortgage securities to investors in the run-up to the financial crisis.

Ex-Furniture Company Exec Pleads Guilty in $18M Loan Fraud

POSTED: William PinilisApril 20, 2016 at 11:56 AM / Fraud, Scams, Banking

Norman D'Souza, 50, of New Jersey, pled guilt earlier this month to conspiracy charges. He admitted that while a chief financial officer of a New Jersey-based maker of children's furniture maker he faked his companies' financial conditions to get $17 million in loans from a Manhattan bank and $1 million in...

The CFPB has Fined Citibank Over Illegal Debt Collections and Sales

POSTED: William PinilisMarch 14, 2016 at 9:42 AM / Legal, Banking

The Consumer Financial Protection Bureau has ordered Citibank to pay a $3 million penalty and provide nearly $11 million in consumer relief or refunds in a settlement over illegal debt sales and debt collection practices. The New York-based bank violated the law by selling credit card debt with inflated...

Too Big to Fail In One Astonishing Chart

POSTED: William PinilisJanuary 25, 2016 at 10:49 AM / Banking

Have you ever wondered how banks got “too big to fail”? This chart shows how over the last couple of decades, 37 banks have become 4 mega-banks. These same banks have, thus far, been immune to the consequences of any and all of their terrible decisions that places the entire world economy in jeopardy.

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