Daily Archives: March 15, 2017

Berkeley City Council may consider dropping Wells Fargo, again

At its meeting tonight, the Berkeley City Council will consider the implications of severing ties with Wells Fargo, the megabank that has been ensnarled in controversy over both its business practices and investment in the Dakota Access Pipeline.

A Finance Department report on the agenda tonight says it is “necessary” for the city to continue banking with Wells Fargo for the next three years as staff consider other options, but suggests individual services that could be switched over to another provider in the meantime.

Read on.

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Keller Rohrback L.L.P. Investigates Reports That Wells Fargo Charged Customers Millions in Improper Mortgage Fees

SEATTLE–(BUSINESS WIRE)–

(ATTORNEY ADVERTISING) Keller Rohrback L.L.P. is investigating recent reports that Wells Fargo (NYSE:WFC) has been improperly charging customers fees to extend their promised interest rate when their mortgage paperwork was delayed.

This Smart News Release features multimedia. View the full release here:http://www.businesswire.com/news/home/20170314006325/en/

According to former Los Angeles area Wells Fargo employees, the paperwork delays that prompted the fees were usually the bank’s fault, but management forced the employees to blame the customer for the delays. These fees could run between $1,000 to $1,500 or more, reportedly adding up to millions of dollars in the Los Angeles area alone.

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Trump to Nominate Goldman Banker to No. 2 Post at Treasury

WASHINGTON–The White House announced nominations for six top posts at the Treasury Department on Tuesday, including a senior Goldman Sachs Group Inc. private banker as the agency’s No. 2 official.

James Donovan, who is also an adjunct professor at the University of Virginia School of Law, will be nominated as the deputy to Treasury Secretary Steven Mnuchin, who is also an alumnus of the New York investment bank.

Mr. Trump will nominate former Bear Stearns Chief Economist David Malpass as the department’s undersecretary for international affairs and economist Adam Lerrick as deputy undersecretary for international finance. Sigal Mandelker, a former Justice Department official, was nominated as undersecretary for terrorism and financial intelligence.

Read on.