Wells Fargo Faces Fewer CFPB Complaints as Lawsuits Loom

By Jeff Bater and Chris Bruce, Bloomberg BNA

Consumer complaints against Wells Fargo have returned to levels reported before last September’s fake account scandal, although the risk of litigation could linger for years.

The Consumer Financial Protection Bureau database logged half the number of complaints against Wells Fargo in February compared to those recorded at the height of the bogus accounts scandal that rocked the bank last fall.

Announcement of the scandal Sept. 8 touched off a loud outcry against Wells Fargo, including immediate congressional hearings that ultimately helped prompt CEO John Stumpf’s resignation. That month, the CFPB database logged ...