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The $25 billion multistate mortgage settlement requires banks to conduct an extensive review of foreclosures against military borrowers, and could cost millions more in compensation.
February 10 -
U.S. Bancorp vice chairman Rick Hartnack said he was "dumbfounded" about the lack of common sense some loan officers at other banks showed in their mistreatment of military customers.
August 18 -
The banking industry tried last week to make up for its mistreatment of military customers, which received some deserved bad press, with a "Veterans on Wall Street" fundraiser.
July 12
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,
Capital One (COF) two months ago
Last year, Bank of America (BAC)
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.
