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More Wells Fargo scrutiny from Congress

Published 03/07/2018, 12:02 PM
© Reuters.  More Wells Fargo scrutiny from Congress
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  • Senator Dick Durbin today sent a letter to Wells Fargo (NYSE:WFC), asking the bank to cease any plans it has to add to college partnerships until it has fully addressed the Federal Reserve's orders from last month, according to the WSJ.
  • Wells Fargo has programs with a number of colleges in which a student's college ID more or less doubles as a debit card. Colleges reap nice fees from banks for these sorts of arrangements, and the banks get themselves young, soon to be upwardly-mobile customers.
  • Senator Durbin would also like to know if Wells has informed students of the issues which begat the Fed's unprecedented enforcement actions. "Students need to know the real story," says Durbin.
  • Previously: Wells Fargo tied to gunmakers - Bloomberg (March 7)
  • Now read: Green Dot Portfolio: February 2018 Update


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