Wells Fargo Agrees To Pay $3 Billion Fine Over Fake Account Scandal

Wells Fargo Agrees To Pay $3 Billion Fine Over Fake Account Scandal

Assessment

Interactive Video

Social Studies

University

Hard

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Wells Fargo was involved in a scandal where employees created fake accounts to boost sales. The bank settled with the DOJ and SCC, admitting to collecting unauthorized fees, harming credit ratings, and misusing personal information. A $3 billion fine was imposed, highlighting leadership failures. The DOJ agreed not to prosecute if Wells Fargo cooperates with investigations.

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5 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was the primary reason Wells Fargo employees created fake accounts?

To test new banking software

To comply with government regulations

To inflate sales numbers

To improve customer service

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What did Wells Fargo admit to in their settlement with the DOJ?

Expanding their global operations

Reducing interest rates for customers

Providing excellent customer service

Collecting unauthorized fees and harming credit ratings

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following was NOT a consequence of the Wells Fargo scandal?

Harm to customer credit ratings

Criminal prosecution of the bank

Leadership changes within the bank

A $3 billion fine

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What did US Attorney Nick Hanna say the case illustrated?

An improvement in customer satisfaction

A success in banking innovation

A failure of leadership at multiple levels

A breakthrough in financial technology

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Under what condition did the DOJ agree not to criminally prosecute Wells Fargo?

If the bank increased its sales targets

If the bank cooperated with ongoing investigations

If the bank reduced its interest rates

If the bank expanded its services internationally