Wells Fargo (WFC) has begun refunding customer who were harmed when the bank charged them for products including pet insurance, legal services, home warranties and other forms of insurance, a person familiar with the matter told CNNMoney on Thursday.
An ongoing review at Wells Fargo has found billing and telemarketing problems with so-called “add-on” products that are added to customer accounts, the source said.
Hundreds of thousands of Wells Fargo customers may have been charged for dozens of products they didn’t fully understand, The Wall Street Journal reported on Thursday.
What a disaster…
ON THURSDAY, THE Senate Banking Committee heard from Kathy Kraninger, an official at the Office of Management and Budget with no background in financial regulation or consumer protection.
Naturally, she has been nominated to run the Consumer Financial Protection Bureau.
During nearly three hours of questioning, Kraninger worked hard to prevent scrutiny of what exactly she did at OMB.
“I am trying to get an answer from you, and I just can’t. And this is maddening,” said Sen. Brian Schatz, D-Hawaii, reflecting a common refrain from banking committee Democrats. Time and again, Kraninger refused to describe any discussions or meetings she’d participated as the program associate director for general government programs at OMB, stressing the need to respect the “deliberative process” inside government.
“If you can’t even tell us what you’re doing on a day-to-day basis, how can we expect you to be accountable at CFPB?” asked Sen. Catherine Cortez Masto, D-Nev.