City of Los Angeles to replace Wells Fargo as main banking partner following scandal, stricter rules By: Oscar Flores, FOX 11

“Both moves were in response to the Wells Fargo fake accounts scandal in which approximately 3.4 million accounts were fraudulently created by bank employees who were given aggressive sales goals.” And judges have to even think twice about fraudulent foreclosures?

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LOS ANGELES, Calif. (FOX 11) – The city of Los Angeles is set to replace Wells Fargo as its main banking partner following the bank’s fake accounts scandal and stricter rules enacted in the aftermath.

The information was made public on Monday after a City Council committee approved a report outlining Bank of America and JPMorgan Chase as the top contenders to replace Wells Fargo.

Union Bank was recommended to continue handling the city’s Neighborhood Council Funding Program.

Read on.

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