Baltimore Fair Lending Lawyer: Wells Fargo Unwanted Credit Cards
Foxnews.com reports that employees facing pressure to produce results may have gone as far as to issue unauthorized credit card accounts. The employess used customer confidential information to open accounts without first obtaining information. If true this a case lack of controls compounded by the perverse incentives that can arise when the sole purpose of the enterprise is to make profits. If proven true that would be another black mark against lending institutions for violating the trust of the people they serve.
In its defense, the bank has alleged that the problems were caused by a few employees who may have being punished or fired. The bank is not taking this suit laying down and intends to fight the penalties sought by the city.