Wells Fargo (WFC) is broadening its services for active-duty military personnel and veterans.
Maj. Jerry Quinn, a member of the U.S. Army for more than two decades, will lead the San Francisco bank's new military affairs program once he returns from a 10-month reservist assignment in the Middle East, Wells Fargo said Tuesday. He will be responsible for developing and managing services for customers with military ties and advising Wells on that market.
Banks have been criticized for their treatment of members of the armed forces and veterans, who are afforded certain protections like limits on fees and foreclosures. Wells Fargo agreed last year to repay as much as $10 million in fees to veterans who refinanced their mortgages with the company as part of a class-action settlement, according to media reports.
Capital One (COF) two months ago agreed to pay $12 million to thousands of military customers it was accused of overcharging for loans and improperly foreclosing upon, as part of a settlement with the Department of Justice and the Office of the Comptroller of the Currency.
Last year, Bank of America (BAC) agreed to pay $20 million in restitution as part of a similar deal with the Justice. In early 2011, JPMorgan Chase (JPM) overhauled its lending practices to military customers, after acknowledging that it had failed to comply with the law.
Quinn has been at Wells Fargo for eight years and previously worked in retail banking in Colorado. In the military, he serves as an advisor to brigade and division staffs in strategy and planning.
Brian McCullough will manage the program until Quinn returns. McCullough, who has been with Wells Fargo for nine years, served as an accounting senior consultant within corporate treasury in Charlotte, N.C. He is in his 18th year with the U.S. Air Force.
Wells will provide mentoring opportunities, offer interview and resume preparation and hire veterans through the Heros2Hired Program, Wells Fargo said. It also will increase its financial education training it provides through its Hands on Banking program and other nonprofits.