EXCLUSIVE: Wells Fargo workers may have opened more than 30,000 fake Washington accounts

Biz Journals (sub. req.):

Wells Fargo said it issued Washington state refunds averaging $19.88 per account in cases where it may have charged fees without the permission of customers.

Bank Of America Ordered To Pay $46M Over Improper Foreclosure

Bank of America must pay $46 million for improperly foreclosing on a California couple’s home in 2010. 

U.S. Bankruptcy Court Judge Christopher Klein levied [PDF] the judgement against the bank this week, calling Bank of America’s actions in foreclosing on the couple’s home “heartless” and “brazen.”

In all, Klein ordered the bank to pay $46 million, most of which will be divvied up by law schools and consumer advocate agencies, with the couple receiving about $1 million.

Klein noted in the 107-page ruling that the fine should be enough to spur change with the bank’s mortgage practices, and not be seen as “petty cash or chump change.”

Read on.

Wells Fargo reaches $110 million class action settlement over fake accounts

Which is peanuts..

Earlier Tuesday, Wells Fargo announced that its Community Reinvestment Act rating is being downgraded by the Office of the Comptroller of the Currency, due in part to the bank’s fake account scandal that led to a $185 million fine from the Consumer Financial Protection Bureau, the OCC, and the city and county of Los Angeles.

But the fallout from the fake account fiasco, which stemmed from more than 5,000 of the bank’s former employees opening more than 2 million fake accounts to get sales bonuses, is far from over.

Read on.