Can Wells Fargo take a day off?

It will take a miracle to get rid of the CFPB now that WF has found yet another way to screw customers. As someone who's worked in community banking for almost 20 years, I can't understand the mentality of these guys:

Mortgage scheme: (NY Post)

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The scandal-plagued bank’s Beverly Hills, Calif. branch routinely talked clients into paying higher interest rates in order to avoid fees for delays in processing mortgage-refinancing deals, a whistleblower told The Post.

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The latest accusation comes to light less than a week after a federal class-action suit accused the beleaguered bank of delaying mortgage loans and refinancings — and then tricking customers into paying extension, or “rate lock,” fees in order to keep their agreed-upon interest rate.

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quote:

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When clients confronted with fees complained that they weren’t at fault for a delayed refi, loan officers typically went to their managers for permission to cover the cost of extending a rate lock — and were typically denied.

Instead, Wells loan officers were given permission to strike another deal: charge a slightly higher interest rate in exchange for a “credit” to cover the rate-lock extension fee.

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And they understated the number of fake accounts opened by 70%: (NY Post)

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The nation’s third-largest bank opened 3.5 million fake accounts from 2009 to September 2016 — about 70 percent more than the 2.1 million Wells had previously estimated, according to a summary of an auditor’s Thursday report.

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We should all be informed consumers, but when a bank is intentionally delaying mortgage closings after they already have applicants on the hook, opening fraudulent accounts and then understating that amount by 70%... These are just the latest in the series of screwing customers or employees. (Overtime lawsuit)

These were the guys who didn't need capital in 2007-2008 because they were supposedly the good bank.

Justifying the Bureau's existence, one screwup at a time.