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Which Banks Opened Thousands Of Fake Accounts? Who Knows?


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(RTTNews.com) - Comptroller of the Currency Joseph Otting, the nation's bank regulator, revealed to the members of Congress that Wells Fargo wasn't the only U.S. bank but several other banks also opened thousands of accounts without customers' authorization.

About Ten thousand of fake account-opening activity was uncovered at 40 major banks, the Office of the Comptroller of the Currency told a House committee at a hearing.

The new mortgages, auto loans, credit cards, checking, savings and money market accounts represent a fraction of the estimated 600 million accounts the banks opened during the three-year period, he said.

"The OCC did not find pervasive or systemic issues in regard to improper account openings but did find the need for banks to improve their policies, procedures and controls," Otting told the Senate Banking Committee on Thursday.

The problem was discovered during a review of all the major banks in the US prompted by the Wells Fargo & Co. scandal.

However, the regulator has no plans to name the banks it found to be opening those accounts.

Customers will be reimbursed "if they can document an account was opened inappropriately," Otting added.


Read the original article on RTTNews (http://www.rttnews.com/2905291/which-banks-opened-thousands-of-fake-accounts-who-knows.aspx)


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This article appears in: Stocks , 401k , Banking and Loans , Politics , Retirement
Referenced Symbols: WFC


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