There are “major shortcomings” in how some big U.S. banks are providing financial relief for customers and instituting safety measures for front-line workers during the coronavirus pandemic, according to a coalition of labor unions, employees and advocacy groups.
More than 100 workers at a Tom Steyer-founded bank have won collective bargaining rights in an industry with the lowest unionization rates in the country.
The bank still has far to go on its culture, according to Alex Ross, a Wells Fargo bankruptcy specialist who works to unionize the company with the Committee for Better Banks.
Between ATM fees, overdraft charges, monthly maintenance, and other charges, the typical checking account holder pays $7.69 every month, according to a recent survey from Bankrate.
The Office of the Comptroller of the Currency (OCC) banned former Wells Fargo Bank CEO John Stumpf from participating in the banking industry Thursday.
In settling with the OCC, Stumpf also agreed to pay a $17.5 million civil penalty to resolve longstanding problems during his tenure at the bank. Stumpf reached his deal with the OCC without admitting any wrongdoing.
John Stumpf left Wells Fargo & Co. with his image in tatters, lost more than $70 million through forfeitures and a clawback, and now faces a government fine and a lifetime ban from the financial industry.
Federal regulators are fining former Wells Fargo CEO John Stumpf $17.5 million and banning him from the banking industry for life for his role in a scandal in which company employees opened millions of fake accounts without customers' consent.
