Why is John Stumpf even getting out of bed these days?
Wells Fargo & Co., reeling from weeks of pummeling over fraudulent customer accounts, is now facing a Justice Department sanction over improperly repossessing cars owned by members of the military, according to two people with knowledge of the investigation.
What the f@ck is going on over there? Are Wells Fargo bankers making decisions by consulting a demonically-possessed Magic 8 Ball?
Federal prosecutors and the bank’s regulator, the Office of the Comptroller of the Currency, are planning to punish the San Francisco-based lender for alleged violations of the Servicemembers Civil Relief Act, said the people, who asked not to be named because the investigation isn’t public. A penalty of as much as $20 million is expected from the OCC, one of the people said. That’s an unusually large fine for abuse of this law, which in most cases requires that firms obtain court orders before seizing vehicles from soldiers, sailors, airmen and Marines who are delinquent on their loans.
Yeah, that might be the most painful tiny fine in the history of bank punishments becasue the last thing Wells Fargo's shattered reputation needed right now was imagery of a crying child on a military base being comforted by her mother as their minivan is towed away by a trucker who can only say "Call your bank, lady."
And what makes this even more awesomely terrible is that Bloomberg broke this story while Stumpf was sitting in a congressional committee room trying to preserve what was left of his dignity. But buck up, Stumpfy, tomorrow is a new day...a day almost certain to be full of fresh new terrors and shame!