Wells Fargo's home state of California passed a law aimed at curtailing the bank's use of closed-door arbitration to shroud complaints from aggrieved customers affected by its scandals.
The bank plans to contact all customers who paid fees for rate lock extensions during a three-and-a-half year period and to refund any who believe they should not have been charged.
Wells Fargo CEO Tim Sloan took heat from Senate Democrats, who questioned his fitness for the job, the bank's use of mandatory arbitration clauses and even whether its charter should be revoked.
The workers who have been brought back do not include any of the more than 5,000 employees who were fired for alleged misconduct, according to the company.
Readers comment on the ripple effects of the Equifax breach, who benefits from the CFPB's final arbitration rule, gender-related issues in financial services, and more.
The week of Oct. 2 is shaping up to be a significant one for the financial services industry on Capitol Hill, as lawmakers grill the top executives of Equifax and Wells Fargo, as well as the top regulator of Fannie Mae and Freddie Mac.
The agencies will give eight of the largest U.S. banks an extra year to file upcoming resolution plans, and suggested they may stretch out the filing schedule on a more ongoing basis.
The first-of-its-kind study was an acknowledgment that as consumers rely more on digital banking channels, the nation's largest banks are competing more against each other and less against smaller institutions.
