Since the scandal broke, Wells Fargo overhauled its board of directors and management, paid more than a billion dollars in fines and penalties, and has spent eight years trying to show the public that the bad practices are a thing of the past.
Why did Wells Fargo go out of business?
The outage comes as NBC News reports phony bank accounts have resurfaced at Wells Fargo. The bank has paid billions in fines and has cycled through two CEOs since the issue was first reported in 2011. This time, the issue was blamed on third-party fraudsters.
Why is Wells Fargo shutting down its personal lines of credit?
Here's what that means for the economy Wells Fargo is shutting down all of its existing personal lines of credit, sparking outrage from consumers and advocates. A spokesperson for the bank said Wells Fargo made the decision last year as part of an effort to simplify its product offerings.
