Positive public relations hasn't exactly been a strong suit for California-based Wells Fargo the past couple years. Indeed, the bank has been under a withering spotlight for both allegations and proven charges focused on various types of consumer fraud.
Unquestionably, that has hurt the financial services company in a big way, and far transcending the adverse press it has received.
Reportedly, Wells Fargo was forced to fork over a whopping $185 million to regulators in 2016 following disclosures that employees nationwide systematically defrauded legions of customers by opening unauthorized bank accounts. And the bank paid back an additional $80 million last autumn to consumers fraudulently charged for auto insurance.
And now the saga continues, with recent news that California regulators are seeking to suspend and possibly revoke Wells Fargo's license to sell insurance products in the state. That harsh move reportedly owes to about 1,500 insurance policies established for customers without their knowledge or consent.
As we note on our license-defense website at Century Law Group (the firm serves clients from various offices throughout California), the entity with oversight of insurance professionals and companies and related enforcement power is the California Department of Insurance.
The DOI has plenary powers. Those are not unlimited, though, and a party potentially impacted negatively by a DOI action can often mitigate an adverse outcome by enlisting aid from a proven license-defense firm.
Our lawyers proudly assume that role with regularity on behalf of individuals and companies all across the state that are facing licensing challenges. The Wells Fargo disclosures reveal that virtually any entity can have a compelling need for strong licensing-linked assistance.
We welcome contacts to our firm to discuss how our legal team can bring its decades of collective experience to bear for a client needing aggressive and knowledgeable legal representation in a given case.