January 23, 2017 12:48 AM ET

Banks

Company Overview of Wells Fargo Bank, National Association

Company Overview

Wells Fargo Bank, National Association provides personal, small business, and commercial banking services. It offers personal accounts and services, such as checking accounts, savings accounts and CDs, debit and prepaid cards, and credit cards; foreign exchange, online banking, online bill pay, transfer, mobile banking, and global remittance services; identity theft protection plans; mortgage loans, home equity lines and loans, personal lines and loans, student loans, and auto loans; auto, specialty vehicle, life, homeowners', renters', and umbrella liability insurance solutions; and wealth management and investing solutions. The company provides small business accounts and services, includi...

101 North Phillips Avenue

One Wachovia Center

Sioux Falls, SD 57104

United States

Founded in 1852

Phone:

605-575-6900

Fax:

605-575-4815

Key Executives for Wells Fargo Bank, National Association

Chief Financial Officer
Age: 50
Senior Vice President of Eugene Operations and Retail Bank Area President
President of Northern and Central California Region and Executive Vice President
Market President of The Fredericksburg, Culpeper, and Warrenton
South Florida Regional President
Compensation as of Fiscal Year 2016.

Wells Fargo Bank, National Association Key Developments

Baron & Budd Reaches $50 Million Common Fund Settlement with Wells Fargo Regarding Improper Markup of Fees for Broker Price Opinions

Baron & Budd announced that it has reached a $50 million non-reversionary common fund settlement with Wells Fargo Bank, N.A. which resolves a case alleging improper mark ups of fees for broker price opinions (BPOs). Critically, class members will not have to fill out paperwork or provide 'proof' of their claims to obtain compensation. (Bias et al. v. Wells Fargo: Case No.: 12-cv-00664 YGR, U.S. District Court, Northern District of California). A BPO is an informal type of home appraisal prepared by a real estate broker that a lender will typically demand once a borrower defaults on a residential loan. Plaintiffs in the case alleged that their mortgage agreements allowed Wells Fargo to pass through the costs of obtaining the BPOs from third party real estate brokers, but Wells Fargo secretly charged more for the BPOs than the company paid for them. Many homeowners sued, alleging violations of the Racketeering Influenced and Corrupt Organizations (RICO) Act as well as fraud. Plaintiffs’ RICO claim was certified as a class action months earlier. Under the terms of the settlement, Wells Fargo will be required to automatically mail checks to more than 250,000 mortgage holders, and class members will not need to fill out a claim form or provide any other type of documentation in order to obtain compensation.

Wells Fargo Bank, N.A. Reaches Agreements with Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, and the Office of the Los Angeles City Attorney for Opening Unauthorized Accounts

Wells Fargo Bank, N.A. announced that it reached agreements with the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, and the Office of the Los Angeles City Attorney, regarding allegations that some of its retail customers received products and services they did not request. The amount of the settlements, which Wells Fargo had fully accrued for at June 30, 2016, totaled $185 million, plus $5 million in customer remediation. The company's commitment to addressing the concerns covered by these agreements has included: An extensive review by a third party consulting firm going back into 2011, which the company completed prior to these settlements. The review included consumer and small business retail banking deposit accounts and unsecured credit cards opened during the period reviewed. As a result of this review, $2.6 million has been refunded to customers for any fees associated with products customers received that they may not have requested. Accounts refunded represented a fraction of one percentage of the accounts reviewed, and refunds averaged $25. Disciplinary actions, including terminations of managers and team members who acted counter to values. Investments in enhanced team-member training and monitoring and controls. The company commits to send customers a confirming email within one hour of opening any deposit account, and send an application acknowledgement and decision status letter after submitting an application for a credit card.

Freddie Mac Seeks Loan Auction

Federal Home Loan Mortgage Corporation (OTCPK:FMCC) announced a $1.1 billion non-performing loan transaction, an auction of seasoned non-performing residential whole loans. The non performing loans are currently serviced by Wells Fargo Bank, National Association or Ditech Financial LLC. Bids are due from qualified bidders on September 29, 2016. The sales are expected to settle in December 2016. The non-performing loans are offered as one pool. Advisors to Freddie Mac on the transaction are Wells Fargo Securities, LLC and First Financial Network, Inc.

Similar Private Companies By Industry

Company Name Region
1854 Bancorp United States
1st Bank Of Sea Isle City United States
1st Financial Bank USA United States
1st Manatee Bank United States
1st National Bank United States

Recent Private Companies Transactions

Type
Date
Target
Bankruptcy
January 4, 2017
Bonanza Creek Energy Inc.
Bankruptcy
November 9, 2016
Erickson Incorporated
Bankruptcy
July 22, 2016
Atinum Midcon I, LLC
 

The information and data displayed in this profile are created and managed by S&P Global Market Intelligence, a division of S&P Global. Bloomberg.com does not create or control the content. For inquiries, please contact S&P Global Market Intelligence directly by clicking here.

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Lawyers Committee for Civil Rights Under Law United States
Bertelsmann AG Europe
Bloomberg L.P. United States
The Advertising Council, Inc. United States
Rush University United States

Sponsored Financial Commentaries

Sponsored Links

Request Profile Update

Only a company representative may request an update for the company profile. Documentation will be required.

To contact Wells Fargo Bank, National Association, please visit www.wellsfargo.com. Company data is provided by S&P Global Market Intelligence. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.