AI Use Cases for Enterprise. Corporate Governance. Wells Fargo Type Fraud Prevention.

Photo by Jingming Pan on Unsplash

A bit of history ( and data sources for AI/ML model):

Wells Fargo — A Timeline of Recent Consumer Protection and Corporate Governance Scandals ( Source Article from Congressional Research Service (CRS))

Key Events and Scandals (2016–2020)

• 2016: The bank paid $185 million in fines for creating unauthorized accounts without customers’ knowledge. The CEO, John Stumpf, retired, surrendering $69 million in compensation.
• 2017: Wells Fargo admitted to illegal repossessions of servicemembers’ cars and wrongly fined mortgage clients. The OCC downgraded the bank’s Community Reinvestment Act rating due to discriminatory and illegal practices.
• 2018: The bank faced a series of fines and settlements, including a $1 billion settlement with the CFPB and OCC over issues related to auto-loan insurance and mortgage practices.
• 2019: CEO Timothy Sloan resigned, and Charles W. Scharf took over as the new CEO and president.
• 2020: The OCC issued lifetime bans and penalties to former executives, and the bank agreed to pay $3 billion to resolve criminal and civil investigations into past sales practices.