Violation Tracker Individual Record

Company: 
Wachovia Bank, National Association
Current Parent Company: 
Wells Fargo
Penalty: 
$168,900,000
Year: 
2008
Date: 
April 25, 2008
Offense Group: 
financial offenses
Primary Offense: 
banking violation
Violation Description: 

The Office of the Comptroller of the Currency entered into a settlement agreement with Wachovia Bank requiring it to make restitution to consumers harmed by its relationships with several telemarketers and third party payment processors. The bank agreed to pay a penalty of $10 million, provide $8.9 million for consumer education programs directed at the elderly, and provide restitution to customers in an amount originally estimated at a maximum of $125 million but later set at $150 million (https://www.occ.gov/news-issuances/news-releases/2008/nr-occ-2008-143.html).

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Office of the Comptroller of the Currency
Civil or Criminal Case: 
civil
Case ID: 
AA-EC-08-13
Facility State: 
North Carolina
Facility City: 
Charlotte
HQ Country of Parent: 
USA
HQ State of Parent: 
California
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.