Daily Archives: December 28, 2016

Illinois Treasurer Says State Will Re-evaluate Relationship With Wells Fargo in October 2017

Earlier this year, the state of Illinois suspended $30 billion in investment activity with Wells Fargo for one year.

Illinois Treasurer Michael Frerichs announced that decision in early October after the bank admitted to improperly opening more than two million bank accounts without customers’ consent.

Frerichs, a Democrat from the Champaign County village of Gifford, says his office will re-evaluate the state’s relationship with Wells Fargo in Oct. 2017.  But that the bank is making progress.

Read on.

Wells Fargo finds fixing scandal’s damage to credit scores a tough nut to crack

Wells Fargo efforts to compensate victims of its fake accounts scandal is proving to be a difficult task, the Wall Street Journal reported Tuesday.

The San Francisco-based bank’s success in helping victims recover will go a long way in determining the fate of new CEO Tim Sloan and Wells Fargo’s success in putting the scandal behind it, the newspaper said.

The impact on victims’ credit scores is a particularly difficult issue to address since it can be hard to hypothesize what mortgages weren’t granted, jobs not offered or insurance rates raised as a result of unauthorized credit cards being granted. The effects reflect the pervasive role that credit scores play in modern life.

Some Wells customers say they only learned of the unauthorized credit cards when they began getting calls from debt collectors.

Read on.

Prosecutor to investigate Trump-related complaint against Florida AG Pam Bondi

TALLAHASSEE, Fla. (AP) – Gov. Rick Scott has assigned a complaint filed against Attorney General Pam Bondi to a prosecutor in southwest Florida.

The complaint stems from scrutiny this year over a $25,000 campaign contribution Bondi received from President-elect Donald Trump in 2013. Bondi asked for the donation around the same time her office was being asked about a New York investigation of alleged fraud at Trump University.

A Massachusetts attorney filed numerous complaints against Bondi, including one that asked State Attorney Mark Ober to investigate Trump’s donation.

Read on.