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Elizabeth Warren: Wells Fargo's cleanup efforts are 'utterly inept'

Elizabeth Warren wants to know: How is it that Wells Fargo keeps making mistakes?In a letter dated Tuesday, th...

Posted: Feb 15, 2018 6:16 AM
Updated: Feb 15, 2018 6:16 AM

Elizabeth Warren wants to know: How is it that Wells Fargo keeps making mistakes?

In a letter dated Tuesday, the Democratic senator slammed CEO Tim Sloan over the bank's "utterly inept" efforts to compensate customers after a series of scandals.

She demanded that Wells Fargo respond to a series of questions about its processes by the end of the month.

"The bank is providing the customers it harmed with inaccurate information or making them jump through hoops just to get their money back," the letter reads. "This is an inexcusable response."

Wells Fargo is working to clean up after the string of blunders that followed the bank's fake accounts scandal. The company said last year that it wrongly charged homebuyers fees to lock in mortgage rates. Wells Fargo also charged hundreds of thousands of customers for auto insurance they didn't need.

But the bank's attempts to square these mistakes with customers haven't been going well.

The Wall Street Journal reported last weekend that Wells Fargo in some instances sent out incorrect information about auto insurance refunds, or sent communications about the process to the wrong people.

Additionally, the bank has yet to reach out to many improperly fined mortgage clients. It plans to ask mortgage customers to agree to a refund by mail in order to receive any money, according to the Journal.

Related: Wells Fargo's 17-month nightmare

"We are focused on making things right for our customers and ensuring this large-scale remediation happens correctly and as quickly as possible," Catherine Pulley, a Wells Fargo spokeswoman, told CNNMoney in a statement in response to the Journal story.

Pulley said in a statement Wednesday that Wells Fargo "will address any questions Senator Warren or her colleagues on Capitol Hill have."

The company is in the middle of issuing auto insurance refunds and expects to be "substantially" done by mid-year, Pulley said.

She said that Wells Fargo has begun to issue refunds to customers who directly reached out to question the mortgage fee, and is working with regulators to get refunds to the remaining people affected.

Problems with the refund procedure come after the Federal Reserve handed down an unprecedented penalty against Wells Fargo earlier this month.

The Fed, lambasting the bank's "widespread consumer abuses," said that Wells Fargo can't get any bigger than it was at the end of last year until it cleans up its act. The bank also agreed to remove three people from its board of directors by April, and a fourth by the end of the year.

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 657037

Reported Deaths: 12450
CountyCasesDeaths
Marion901321624
Lake48105871
Allen35552632
Hamilton31839393
St. Joseph29538510
Elkhart25261412
Vanderburgh21115377
Tippecanoe19765197
Johnson16242352
Porter15838267
Hendricks15723296
Clark11843179
Madison11672314
Vigo11503228
Monroe10248158
Delaware9788178
LaPorte9720194
Howard9017194
Kosciusko8514107
Bartholomew7373147
Warrick7369146
Hancock7362128
Floyd7139164
Wayne6586188
Grant6395157
Morgan6040124
Boone603388
Dubois5868111
Dearborn540266
Henry539492
Marshall5390104
Cass537199
Noble506775
Jackson462063
Shelby458490
Lawrence4154111
Gibson399681
Harrison395160
Clinton392353
DeKalb382078
Montgomery381583
Knox354484
Miami354063
Whitley346235
Huntington338176
Steuben335955
Wabash328775
Putnam325959
Ripley325161
Adams320249
Jasper312943
White295351
Jefferson292770
Daviess284296
Fayette270255
Decatur269388
Greene259978
Posey259731
Wells255374
Scott248446
LaGrange240170
Clay238944
Randolph225076
Spencer215830
Jennings213544
Washington207727
Sullivan202038
Fountain200341
Starke185950
Owen181652
Jay177328
Fulton176437
Carroll175618
Perry172435
Orange170450
Rush163922
Franklin158335
Vermillion158040
Tipton145441
Parke137915
Pike127232
Blackford120027
Pulaski105643
Newton96431
Brown94639
Benton91113
Crawford90113
Martin80114
Switzerland7507
Warren74612
Union66810
Ohio52711
Unassigned0425

Ohio Coronavirus Cases

Data is updated nightly.

Cases: 958153

Reported Deaths: 16968
CountyCasesDeaths
Franklin1109381191
Cuyahoga944201702
Hamilton72486944
Montgomery46927869
Summit39637941
Butler35004461
Lucas34724755
Stark29011826
Warren22137269
Lorain21738385
Mahoning19251533
Lake18178300
Clermont18172206
Delaware16261128
Licking14820194
Fairfield14378157
Trumbull14136454
Greene13470209
Medina13188218
Clark12121332
Wood11384193
Portage10829152
Allen10710231
Richland10165198
Miami9937179
Columbiana8049179
Muskingum8036123
Tuscarawas7974233
Pickaway795898
Marion7936134
Wayne7791216
Erie6783181
Ross6065135
Geauga5978129
Hancock5941110
Scioto5867105
Ashtabula5811140
Lawrence519073
Union505052
Darke5006122
Belmont484787
Sandusky472393
Jefferson4709107
Huron4701116
Seneca4620103
Athens456231
Mercer4559101
Auglaize453896
Washington451286
Shelby438867
Knox397884
Putnam3964101
Madison388747
Ashland374594
Fulton374364
Defiance3670101
Brown366742
Crawford354296
Preble350570
Logan349757
Clinton336162
Highland323652
Ottawa318467
Williams299578
Jackson287056
Guernsey283234
Champaign282545
Fayette265642
Perry265239
Morrow256624
Henry242665
Hardin241856
Holmes2416104
Coshocton230246
Van Wert227749
Gallia219446
Adams213732
Pike212025
Wyandot207652
Hocking192148
Carroll178828
Paulding158423
Meigs133536
Noble127842
Monroe114936
Harrison99132
Morgan98834
Vinton76215
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