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Wells Fargo’s Earnings May Change With Potential $1B Penalty

PYMNTS

The CFPB [Consumer Financial Protection Bureau] and OCC [Office of the Comptroller of the Currency] have collectively offered to resolve for an aggregate of $1bn in civil money penalties,” the bank said. The company said last summer that the number of fake accounts jumped to 3.5 The original account analysis reviewed 93.5

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Wells Fargo Accused On Mortgage Fee Violations

PYMNTS

The Wells Fargo class action lawsuit, filed this week in San Francisco federal court, accuses the bank of violating state and federal consumer protection laws, including the U.S. In addition, the bank has been accused of forcing unnecessary and unwanted insurance on auto loan customers, as well as closing accounts that customers needed.

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UK Cards: Signs of Debt Stress in Accounts 1-5 Years Old

FICO

These include higher-risk accounts being accepted for a card over a year ago; consumers taking up 0% offers, not paying off the balance in the offer period and facing more interest than they can afford on expiry; or a general downturn in the market. Analysis will show whether collections based on time on book would be appropriate.

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First-Party Fraud and the Hidden Drain on Revenues

FICO

Perhaps surprisingly, consumers sometimes use their own personal information to commit fraud. However, non-intrusive application and account analysis, and scoring, can identify and stop much first-party fraud, as well as fraud being conducted with synthetic identities.

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What Is First-Party Fraud?

FICO

Perhaps surprisingly, consumers sometimes use their own personal information to commit fraud. Most companies are reluctant to impose controls that may stop fraud, but which may also dissuade legitimate prospects, new accounts and current customers.