Update on welfargo
Wells Fargo, the nation’s fourth-largest bank, has been criticized for opening unrequested bank and credit card accounts for clients. Gary Cameron / Reuters file SHARE THIS - July 30, 2020, 10:01 AM EDT By Gretchen Morgenson Citing a recent investigation by NBC News , two U.S. senators have asked the chief executive of Wells Fargo to answer extensive questions about the bank’s practice of pausing mortgage payments for borrowers without their consent under a federal program designed to help homeowners financially hurt by COVID-19. The senators, Elizabeth Warren of Massachusetts and Brian Schatz of Hawaii, both Democrats and members of the Senate Banking Committee, wrote a letter on July 29 requesting information and documents about Wells Fargo’s policy of placing customers in so-called forbearance programs they did not request. The conduct can harm borrowers’ credit reports by showing that they are not making payments even when they are and can