Date Received: 2024-02-07
Issue: Repossession
Subissue: Loan balance remaining after the vehicle is repossessed and sold
Consumer Complaint: Per the Privacy Act of 1974 and the Fair Credit Reporting Act, 15 USC 1681b, 604 Permissible purposes of consumer reports ( 2 ) In accordance with the written instructions of the consumer to whom it relates, 15 USC 6801 protection of nonpublic personal information ( a ) Privacy obligation policy It is the policy of the Congress that each financial institution has an affirmative and continuing obligation to respect the privacy of its customers and to protect the security and confidentiality of those customers nonpublic personal information. As well as 15 USC 6802 Obligations with respect to disclosures of personal information, ( a ) Notice requirements Except as otherwise provided in this subchapter, a financial institution may not, directly or through any affiliate, disclose to a nonaffiliated third party any nonpublic personal information, unless such financial institution provides or has provided to the consumer a notice that complies with section 6803 of this title. ( b ) Opt out ( 1 ) In general A financial institution may not disclose nonpublic personal information to a nonaffiliated third party unless ( A ) such financial institution clearly and conspicuously discloses to the consumer, in writing or in electronic form or other form permitted by the regulations prescribed under section 6804 of this title, that such information may be disclosed to such third party ; ( B ) the consumer is given the opportunity, before the time that such information is initially disclosed, to direct that such information not be disclosed to such third party ; and ( C ) the consumer is given an explanation of how the consumer can exercise that nondisclosure option. As a federally protected consumer, I am now and in the future opting out of any and all authorization I the consumer may have given you written, unwritten, verbal and non verbal as per 15 USC 6802.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: TX
Zip: 77056
Submitted Via: Web
Date Sent: 2024-02-07
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-02-07
Issue: Improper use of your report
Subissue: Reporting company used your report improperly
Consumer Complaint: On XX/XX/2024 I mailed a letter opting out of said companies reporting personal information to third-party companies such as credit bureaus, and other non-affiliated companies. I am making this complaint because I have gotten no response/effort from the company to comply with my request
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: TX
Zip: 77077
Submitted Via: Web
Date Sent: 2024-02-07
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-02-07
Issue: Trouble during payment process
Subissue: Trying to communicate with the company to fix an issue while managing or servicing yo
Consumer Complaint: Wells Fargo did a loan modification of the principal balance which we did not agree to. We confirmed deferred payments added to the end of the current Maturity date with XXXX in XXXX XXXX in XX/XX/XXXX. The loan modification was done without our consent nor with any prior information from Wells Fargo and we were not informed of the deferred payments principal balance being added to the original principal until XX/XX/XXXX. Wells Fargo can not add the deferred principal payment to the principal value! They are lying when they say they the total amount that will be paid has not been affected. It has been affected. They have added over {$18000.00} to the total amount of the mortgage. We've been going round and round with them. Here 's the content of the fax I just sent to XXXX : FAX TO : Wells Fargo Home Mortgage XXXX : XXXX XXXX XXXX : XXXX From : XXXX XXXX RE : Account # ending in XXXX Dear XXXX, Per your request, XXXX in Home Preservation confirmed that the Covid deferred payments would be moved to the end of the loan not added to the principal balance. At no time did you ever warn us that instead of being deferred, you would be adding the deferred payments to the principal. The first notice we received was on a statement after we resumed payments. You can not add the principal portion of the payments to the principal. That is a loan modification which at no time did we ever agree to. Please remove the second principal balance and defer the payments to after the current maturity date of XX/XX/XXXX per the information Wells Fargo sent to us during the Covid forbearance process and as we agreed upon with your agents. Further correspondence is requested to be electronically sent to : XXXX Thanks, XXXX XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NJ
Zip: 08540
Submitted Via: Web
Date Sent: 2024-02-07
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-02-08
Issue: Problem with a purchase shown on your statement
Subissue: Credit card company isn't resolving a dispute about a purchase on your statement
Consumer Complaint: Wells Fargo Bank, one of the largest and most influential banks in the United States, has been involved in a series of scandals and legal violations that have harmed millions of consumers and damaged its reputation. The bank has been accused of opening unauthorized accounts, charging illegal fees, mismanaging auto and mortgage loans, and failing to comply with risk management standards. These practices have resulted in billions of dollars in fines and penalties from various regulators, including the Consumer Financial Protection Bureau ( CFPB ), the Office of the Comptroller of the Currency ( OCC ), and the Federal Reserve. However, despite the severity and frequency of these violations, Wells Fargo Bank seems to disregard the authority and effectiveness of third-party regulators, especially the CFPB, which was created after the XXXX financial crisis to protect consumers from abusive and deceptive financial practices. The bank has repeatedly challenged the CFPBs jurisdiction and enforcement actions, and has attempted to undermine its independence and credibility. For instance, the bank has sued the CFPB over its {$100.00} XXXX fine in XXXX for the fake accounts scandal, claiming that the agency exceeded its statutory authority and violated the due process clause of the Constitution1. The bank has also lobbied Congress to weaken the CFPBs structure and funding, and to limit its rulemaking and supervisory powers2. In light of Wells Fargo Banks persistent and pervasive misconduct, the question arises : can the CFPB have stronger regulatory measures to hold the bank accountable and prevent future harm to consumers? The answer is not simple, as the CFPB faces many legal and political challenges in its efforts to regulate Wells Fargo Bank and other large financial institutions. However, some possible measures that the CFPB could take or advocate for include : Increasing the amount and frequency of civil penalties and restitution orders. The CFPB has the authority to impose civil penalties up to {$1.00} XXXX per day for each violation of federal consumer financial laws, and to order restitution to consumers who have been harmed by such violations3. However, some critics argue that these penalties are not sufficient to deter Wells Fargo Bank and other large banks from engaging in illegal practices, as they represent a small fraction of their profits and revenues. Therefore, the CFPB could consider imposing higher and more frequent penalties, and ensuring that the harmed consumers receive adequate compensation. Seeking injunctive relief and structural remedies. The CFPB also has the authority to seek injunctive relief and other equitable remedies in federal court to stop or prevent violations of federal consumer financial laws, and to require compliance with such laws3. For example, the CFPB could seek an injunction to prohibit Wells Fargo Bank from engaging in certain practices, such as opening unauthorized accounts or charging illegal fees, or to require the bank to implement certain changes, such as improving its internal controls, governance, and culture, or divesting some of its assets or businesses. These remedies could have a more lasting and transformative impact on the banks behavior and operations than monetary penalties. Coordinating with other regulators and law enforcement agencies. The CFPB is not the only regulator or law enforcement agency that has jurisdiction over Wells Fargo Bank and other large financial institutions. The CFPB could coordinate and cooperate with other federal and state regulators and agencies, such as the OCC, the Federal Reserve, the Department of Justice, the Securities and Exchange Commission, and the state attorneys general, to share information, resources, and expertise, and to pursue joint or parallel enforcement actions. This could enhance the CFPBs leverage and credibility, and increase the pressure and consequences for Wells Fargo Bank and other violators. Advocating for legislative and judicial reforms. The CFPBs authority and effectiveness are not only dependent on its own actions, but also on the legislative and judicial environment in which it operates. The CFPB could advocate for legislative and judicial reforms that would strengthen its independence, funding, and powers, and protect it from political interference and legal challenges. For example, the CFPB could support bills that would make its director removable only for cause, rather than at will by the president, and that would provide it with a dedicated funding source, rather than subject to congressional appropriations4. The CFPB could also defend its constitutionality and legitimacy in court, and challenge any rulings or precedents that would limit its jurisdiction or enforcement actions. In conclusion, Wells Fargo Banks headquarters disregard third-party regulators, such as the CFPB, and continue to engage in illegal and harmful practices that affect millions of consumers. The CFPB faces many legal and political challenges in its efforts to regulate Wells Fargo Bank and other large financial institutions, but it could take or advocate for stronger regulatory measures, such as increasing the amount and frequency of civil penalties and restitution orders, seeking injunctive relief and structural remedies, coordinating with other regulators and law enforcement agencies, and advocating for legislative and judicial reforms. These measures could help the CFPB to hold Wells Fargo Bank accountable and prevent future harm to consumers.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: TX
Zip: 78626
Submitted Via: Web
Date Sent: 2024-02-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-02-08
Issue: Incorrect information on your report
Subissue: Account information incorrect
Consumer Complaint: This is in regards to the Wells Fargo auto loan XXXX. I spoke with Wells Fargo on numerous occasions to inquire about the late payments on this account. I spoke with XXXX from Wells Fargo deferment department during these periods and advise him and the department that not only did I have XXXX in XXXX but I was laid off during these periods from 2 separate jobs due to unforeseen company closings. The late payments I am referencing are XXXX, XXXX, XXXX and XXXX of XXXX & XXXX. I was unemployed and struggling financially to keep up with my payments. I was still able to manage to make my payments within that time but they were late. Upon speaking with the deferment department I advised them of my current situation and they were more than willing to work with me on this matter and also advised me that I could in the near future once my loan has been paid back to reach out to Wells Fargo Corporate to have the late payments removed. I have since sent numerous letters to Wells Fargo corporate office and have not heard any response. I have been asking for Wells Fargo to please remove these negative marks from my Credit as I am in the process of purchasing a home for me and my family and these marks are hurting me a negative way. If you could please consider my request I would appreciate it very much. During those time periods I was experiencing temporary hardship and still trying to re-establish my family after recovering from the XXXX pandemic. I am now back on track 100 % with stable income and I am looking to build a stable future with my family. Thank you for your consideration into this matter.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: TX
Zip: 774XX
Submitted Via: Web
Date Sent: 2024-02-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-02-08
Issue: Other transaction problem
Subissue:
Consumer Complaint: On XX/XX/year> @ XXXXXXXX XXXX I initiated a wire transfer from XXXX to XXXX XXXX XXXX, for {$4500.00} to their Wells Fargo account. The funds settled according to XXXX, yet neither XXXX nor Wells Fargo have been able to provide proof that the wire transfer was received. I have attempted to recall the wire transfer through XXXX multiple times, yet Wells Fargo have not responded to the attempts. I visited a Wells Fargo bank in person and spoke with a manager. However, because the Wells Fargo account belongs to XXXX XXXX, they were not able to look into this issue and suggested I escalate this issue with XXXX. XXXX XXXX does not appear to have a customer service line to connect to any live individual. I attempted to call the dealership where I got the car, however they were not able to provide any information either.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: XXXXX
Submitted Via: Web
Date Sent: 2024-02-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-02-08
Issue: Problem with a purchase shown on your statement
Subissue: Credit card company isn't resolving a dispute about a purchase on your statement
Consumer Complaint: Dear Wells Fargo Executives, I have been trying to contact you for several months regarding an issue with my account. Despite my removal requests, you have advised me to contact you repeatedly, but you have failed to follow up. I have reached out to you multiple times via phone and letters, yet you have done nothing to resolve the issue. I have been a victim of fraud, identity theft, and three data breaches to date ( including the XXXX and XXXX data breaches ). However, Wells Fargo Card Services still appears on my credit file, and this account and balance do not belong to me. I have provided all the necessary information, which must be removed immediately to avoid further violations. I will file reports and complaints until this issue is resolved. Sincerely, XXXX XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 93065
Submitted Via: Web
Date Sent: 2024-02-08
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-02-08
Issue: Trouble during payment process
Subissue: Payment process
Consumer Complaint: Wells Fargo stated in their response to my complaint # XXXX the following : " Regardless of whether you provide additional information, we are outside of the regulatory mandated timeframe in which we must respond. '' Is it Wells Fargo 's intention to be uncooperative within the CFPB complaint process? I have a question about the XX/XX/XXXX letter Wells Fargo inserted in their online response where it is stated " Our records indicate that your loan is in default for failure to make payments due. '' I disagree with that assertion and it is a desperate attempt by Wells Fargo to use their letter to distract from my research which proves there was no payment delinquency or justification for a payment increase. Since Wells Fargo has introduced this letter, the burden of proof of missing payments is on the bank. What payments were missing? Wells Fargo mailed me a letter dated XX/XX/XXXX which included an attached check for {$200.00}. Wells Fargo admitted an error may have occurred We apologize for any inconvenience this caused. Since Wells Fargo has admitted an " error '' had occurred '' and provided a check for financial acknowledgement, the error qualifies me under Section 28 of the Consent Order as a victim. Unfortunately, the {$200.00} check is not an acceptable amount to make me whole and will not be cashed. It is woefully inadequate to compensate me for the loss of my home which has a current market value of {$650000.00}. In addition, under Section 79 of the Consent Order, Wells Fargo agreed to help the Bureau determine the identity and location of, and the amount of harm sustained by, each Affected Consumer. Is Wells Fargo going to comply with the Consent Order and formally declare me as a victim to the CFPB Enforcement Officer?
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NY
Zip: 117XX
Submitted Via: Web
Date Sent: 2024-02-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-02-08
Issue: Fraud or scam
Subissue:
Consumer Complaint: See CFPB claim number : XXXX & XXXX for details Please have Wells Fargo explain how they are exempt from the What is the Electronic Fund Transfer Act 2023? The Act requires financial institutions to adopt certain practices respecting such matters as transaction accounting, and error resolution, requires financial institutions and others to have certain procedures for preauthorized transfers, and sets liability limits for losses caused by unauthorized transfers. The questions and answers below pertain to compliance with the Electronic Fund Transfer Act ( EFTA ) and Regulation E. This is a Compliance Aid issued by the Consumer Financial Protection Bureau. The Bureau published a Policy Statement on Compliance Aids, available here, that explains the Bureaus approach to Compliance Aids. 5. A third party fraudulently induces a consumer into sharing account access information that is used to initiate an EFT from the consumers account. Does the transfer meet Regulation Es definition of an unauthorized EFT? Yes. As discussed in Electronic Fund Transfers Error Resolution : Unauthorized Fund Transfers Question 1, Regulation E defines an unauthorized EFT as an EFT from a consumers account initiated by a person other than the consumer without actual authority to initiate the transfer and from which the consumer receives no benefit. 12 CFR 1005.2 ( m ). Comment 1005.2 ( m ) -3 explains further that an unauthorized EFT includes a transfer initiated by a person who obtained the access device from the consumer through fraud or robbery. Similarly, when a consumer is fraudulently induced into sharing account access information with a third party, and a third party uses that information to make an EFT from the consumers account, the transfer is an unauthorized EFT under Regulation E. For example, the Bureau is aware of the following situations where a third party has fraudulently obtained a consumers account access information, and thus, are considered unauthorized EFTs under Regulation E : ( 1 ) a third-party calling the consumer and pretending to be a representative from the consumers financial institution and then tricking the consumer into providing their account login information, texted account confirmation code, debit card number, or other information that could be used to initiate an EFT out of the consumers account, and ( 2 ) a third party using phishing or other methods to gain access to a consumers computer and observe the consumer entering account login information. EFTs stemming from these situations meet the Regulation E definition of unauthorized EFTs.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 92240
Submitted Via: Web
Date Sent: 2024-02-08
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2024-02-08
Issue: Incorrect information on your report
Subissue: Information belongs to someone else
Consumer Complaint: This letter is to inform you that I recently received a copy of my credit report that your company publishes and after reviewing it I found an item on the report that was inaccurate. The account in question is listed below. Please send me copies of the documents that vou have in vour files as of this date that you used to verify the accuracy of the accounts listed below. Under the Fair Credit Reporting Act, 15 U.S.C. 1681g I have the right to demand that you disclose to me all of the documents that you have recorded and retained in your file at the time of this request concerning the account that you are reporting in my credit report. Please don't respond to my request by saying that this account have been verified. Send me copies of the documents that you have in your files that were used to verify it. If you do not have any documentation in your files to verify the accuracy of the disputed account then please delete it immediately as required under Section 611 ( a ) ( 5 ) ( A ) ( ). By publishing this inaccurate and unverified item on my credit report and distributing it to 3rd parties you are damaging my reputation and credit worthiness Under the FCRA 15 U.S.C. 16811, all unverified accounts must be promptly deleted Therefore, if you are unable to provide me with a copy of the verifiable proof that you have on file for each of the accounts listed below within 30 days of receipt of this letter then you must remove these accounts from my credit report. Please provide me with a copy of an updated and corrected credit report showing this item removed. I demand the following account be properly verified or removed immediately.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: GA
Zip: 30115
Submitted Via: Web
Date Sent: 2024-02-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A