May 29 2023

Wells Fargo’s Very Bad Day

Wells Fargo’s Very Bad Day

Sales targets and compensation incentives (and perhaps a little bit of a breakdown in training) spurred Wells Fargo employees to covertly open fake accounts and fund them by transferring funds from consumers' authorized accounts, which would often result in fees or other charges. More than two million accounts may have been opened this way. The fallout includes full restitution, $185 million in fines, and more than 5,300 fired employees for engaging in this practice. While Wells Fargo is noted for being overly aggressive in its cross selling, this might be a good time for all financial institutions to take a look at whether there are unintended consequences for their sales incentive programs. [9/9/16]

Risk Watch Plus Webinar 8: Complaint Management

Complaints: Why you shouldn’t shun them, but invite them! In this era of exploding complaint volume, this certificated webinar (see instructions in video for how to get your free certificate of completion) takes a look at the risks, evolution, and need for a management strategy to effectively deal with complaints. Before that, we cover what’s hot in compliance, as seen by the editors of Risk InboX. This week’s hot items: 1) HUD cancels Obama era Fair Housing rule; 2) “HMDA” for boards and management; and 3) CFPB has added a new dimension to its complaint database. Click here to watch now.

What is the AffirmX Platform?

Video What makes the patented AffirmX Risk Intel Platform different than anything else out there? Take the next 3 minutes to see what this revolutionary tool can do for your financial institution. Watch Video

About Risk InboX

Each day, teams of subject matter experts and analysts at AffirmX and AdvisX comb through dozens of resources to keep tabs on the latest developments in areas of risk. We share our findings here, along with a brief note about why each item matters.

We welcome your input. Contact us here.

Subscribe above to have a daily digest sent to your inbox. You may unsubscribe at any time.


Sign Up Today!

* required



Email & Social Media Marketing by VerticalResponse