Wells Fargo & Co. is making progress toward meeting the requirements of a settlement agreement it reached last year with the Los Angeles city attorney’s office but still has a few problems to sort out, according to a report from the bank.
“It shows movement toward making consumers whole and changing Wells Fargo’s business practices for the better — that’s a positive thing,” City Atty. Mike Feuer said Friday. “But by Wells’ own admission, there’s more to be done.”
Last year, Wells Fargo agreed to pay $185 million to Feuer’s office and federal regulators to end investigations into the bank’s creation of as many as 2.1 million unauthorized accounts. As part of its agreement with Feuer’s office, the bank agreed to take several steps to address harm done to California customers.
That included notifying customers that they should visit a branch to review their accounts, pledging to provide printed proof of account closures, refunding fees related to unauthorized accounts and offering a mediation service where customers could demand additional help or repayment.