Wells Fargo Uses Arbitration to Hide Sham Settlements

Wells Fargo recently became the center of attention when it came to light the company’s employees were creating sham accounts using its customers’ personal information. But now the company is using private arbitration to bury settlements from the public eye.

Wells Fargo Pays Biggest Fine Ever to CFPB for Setting Up Fraudulent Accounts

Imagine discovering that your bank has been moving your funds into a bank account you never authorized. Or worse, a credit card account. Wells Fargo is under the Consumer Financial Protection Bureau’s microscope after its community banking division was caught opening fraudulent accounts at its customers’ expense.