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SCPO Jason McLaughlin
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Lori Strain
Lori Strain
4 y
Hi all –
16 year veteran of WF and can say that the previous actions of less than 1% of our team members do not reflect what the company stands for. I am proud of our company’s commitment to remediate in full transparency which you can read more about at http://www.wellsfargo.com/commitment. We have had a long-standing commitment to Veterans which is what Kevin shared and hope you take a minute to read. It is more than just our commitment to hiring but also what we give back to our veterans and families. Happy Tuesday!
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SCPO Jason McLaughlin
SCPO Jason McLaughlin
4 y
Lori Strain - How is illegally repossessing active duty service members cars, overcharging veterans on refinancing fees, unlawfully foreclosing on active duty service members, and charging both for car insurance they didn't need represent a long-standing commitment to anything other than swindling vets and service members until you get caught? Wells Fargo destroyed lives, and only after a protracted legal battle did this "commitment" happen.
You may have changed your stripes, but the "commitment" is definitely not "long-standing". By the way, this was released yesterday:

http://money.cnn.com/2017/11/14/investing/wells-fargo-repossess-cars-military/index.html
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Lori Strain
Lori Strain
4 y
Sir, unfortunately the actions of 1% do not reflect the values that I and 99% of the rest of our team members stand for. As with many long standing and large institutions, unethical people will do unethical things but that does not mean the institution or it's people stand for that. The Military is no exception to unethical behavior however I would NEVER believe the institution of our branches or the men or women that serve honorably should be lumped in with the unsavory.
In late 2016, Wells Fargo entered into consent orders with the Department of Justice (DOJ) and the OCC to address issues related to compliance with SCRA.
o Our SCRA remediation announced in late 2016 is on track to be completed as required by the consent orders.
As part of our ongoing SCRA compliance across consumer lending and the related consent order work, we continue to review and scrutinize other accounts that could be eligible for remediation. As part of our reviews, we found additional customers that were eligible for remediation. Most of these customers had auto loans with Wells Fargo before the 2008 merger with Wachovia. Their accounts were housed in an archive database that wasn’t included in the initial remediation. We also identified other auto customers who were not included in the initial remediation.
We take our responsibilities under SCRA seriously. Along with ongoing SCRA compliance, our teams have been working over the last several years to improve our processes for customers. Specifically, Wells Fargo has:
o Created a Consumer Lending Group SCRA Center of Excellence in 2015, which centralized our work and expertise around SCRA to create a consistent experience for our service member customers.
o The COE is staffed with Team Members who focus completely on SCRA and our military customers.
o We are focused on proactive enrollment for any accounts believed to be eligible for SCRA benefits.
o We conduct daily checks of the Department of Defense’s database to identify eligible service members for SCRA benefits and protections.
Impacted customers who had their vehicles wrongly repossessed and their interest rates weren’t appropriately adjusted to meet SCRA requirements. Customers receive compensation in an amount equal to the overcharged interest and $10,000 for the repossession, plus an additional amount for lost equity.
Since 2012 alone, we have donated more than $100 million to support military service members, veterans, and their families!
Feel free to learn more at https://www.wellsfargo.com/military/veterans
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Lt Col John (Jack) Christensen
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Mixed emotions here. Wells Fargo got into the military banking business when they bought out a bank in North Central US that had bought out Kelly Field National Bank a few years prior to that. The drop in service as pertains to military was significant after Wells Fargo took over. This change in service drove me to USAA bank, that had started into banking just prior to this, for general banking needs. Glad to see Wells Fargo touting their military services, but too little too late in my mind.
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SPC Margaret Higgins
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MSgt Kevin Washer: Wells Fargo is where I bank. GOD Bless Wells Fargo for supporting service members and their families. -Margaret
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