During this period, the bank was also under attack for its practice of opening unwanted accounts for customers to meet sales quotas.
Wells Fargo has already been admonished by bankruptcy judges in North Carolina and Pennsylvania for unsolicited loan changes: One judge called the practice “beyond the pale of due process.”
Why would the bank do it?
It stood to profit and it would have received as much as $1,600 from government programs for every loan it adjusted, a class-action lawsuit asserts.
Now the bank is at risk of court sanctions and federal scrutiny.
The Fed Shows Its Confidence
As expected, the Federal Reserve raised its benchmark interest rate.
“Our decision reflects the progress the economy has made and is expected to make,” Janet L. Yellen, the Fed’s chairwoman, told reporters on Wednesday.
The central bank also gave…
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