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Senators press Wells Fargo to explain spike in overdraft profits
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Banking, Consumer Protection
Monday, January 23, 2017
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A group of Senate Banking Committee Democrats recently sent Wells Fargo CEO Tim Sloan a letter requesting an explanation for the significant spike in profits from overdraft fees during a three-month period prior to the company’s settlement over its unfair and deceptive sales practices.
The senators are seeking to find out if there is a connection between the practices listed in the settlement and the influx in overdraft income. Read on to find out what specific information the senators are requesting.
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