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Patrick Rucker

EXCLUSIVE-Wells Fargo to pay at least $500 million in settlement with U.S. states

28 Dec 2018

NEW YORK/RALEIGH, N.C., Dec 28 Wells Fargo & Co will pay at least $500 million to settle claims made by U.S. states that the bank created phony accounts and other customer abuses, said a source familiar with a deal due to be announced on Friday.

Wells Fargo won't be allowed to grow unless problems fixed: Fed's Powell

10 Dec 2018

WASHINGTON/NEW YORK Wells Fargo & Co must keep a lid on its growth until the bank has hardened its risk management policies to prevent any further abuse of its customers, said Jerome Powell, chairman of the Federal Reserve.

Wells Fargo reform plans fail to satisfy Fed after scandals: sources

06 Dec 2018

WASHINGTON The Federal Reserve has rejected Wells Fargo & Co's plans to prevent further consumer abuses and told the scandal-plagued lender it needs stronger checks on management, according to three people with knowledge of the discussions.

Wells Fargo reform plans fail to satisfy Fed after scandals -sources

06 Dec 2018

WASHINGTON, Dec 6 The Federal Reserve has rejected Wells Fargo & Co's plans to prevent further consumer abuses and told the scandal-plagued lender it needs stronger checks on management, according to three people with knowledge of the discussions.

U.S. regulator gives banks break on supervision costs

30 Nov 2018

WASHINGTON U.S. banks will pay the industry's top regulator 10 percent less for supervision costs in 2019, saving them more than $90 million, the Office of the Comptroller of the Currency (OCC) said on Friday.

Wells Fargo fights to leave customers out of auto payout plan

21 Nov 2018

WASHINGTON/NEW YORK Wells Fargo & Co is fighting to shut some customers out of a sweeping plan to compensate around 600,000 drivers it pushed into car insurance they did not need, according to court documents and a source familiar with the effort.   

CFPB fines Spain's Santander $11.8 million over misleading loans, insurance

20 Nov 2018

WASHINGTON Santander Consumer USA Holdings Inc , a leading subprime auto lender, will pay $11.8 million to settle claims that it misled customers about the cost and terms of auto loans and insurance, a U.S. consumer watchdog said on Tuesday.

Wells Fargo executives knew auto insurance program was flawed: lawsuit

06 Nov 2018

WASHINGTON Wells Fargo & Co executives were warned that an auto insurance plan could be overcharging customers four years before the bank scrapped the program, according to a complaint released by a judge this week.

Exclusive - Wells Fargo says auto insurance remediation will not wrap up until 2020

30 Oct 2018

WASHINGTON Wells Fargo & Co will not finish paying back the estimated 600,000 customers it wrongly charged for auto insurance until at least 2020, the bank said in a letter to U.S. lawmakers seen by Reuters.

World News

Maduro rival Guaido claims Venezuela presidency with U.S. backing

Venezuelan opposition leader Juan Guaido declared himself interim president on Wednesday, winning the backing of Washington and many Latin American nations and prompting socialist Nicolas Maduro, who has led the oil-rich nation since 2013, to break relations with the United States.