Thursday, May 2, 2013

Wells Fargo employees involved in military to tend flag at tournament

Wells Fargo, which last year reached a settlement with the federal government over claims that it violated laws that protect military members when they're on active duty, said Thursday that it is celebrating National Military Appreciation Month, which is this month.

The bank said its employees who are active-duty reservists or National Guard members will be tending the 17th-hole flag at the Wells Fargo Championship. The hole will have a U.S. flag, the bank said, adding that the employees will tend the flag Thursday, Friday and Saturday.

In golf, tending the pin, or flag, involves a person holding a flag in the hole to help the putter see where to hit the ball.

Wells Fargo, as part of the federal settlement, agreed to review its foreclosures from January 2006 to April 4, 2012, to make sure military members weren't foreclosed on in violation of the Servicemembers Civil Relief Act.

Among other things, the act prohibits foreclosures on the homes of members of the military while they are on active duty unless court approval is given to the lender.

Wells Fargo is not the only bank that's been scrutinized by the federal government over concerns about compliance with the act.

Last month, the U.S. Justice Department said Bank of America will pay roughly $36.8 million to military members whose homes were illegally foreclosed upon from 2006 to 2010. In that same announcement, the department said it is conducting an ongoing review of Bank of America, Wells Fargo and three other big banks - Citibank, JPMorgan Chase and Ally Financial - to pinpoint violations of the act.

Bank of America as of Thursday afternoon had not issued any press releases on what it might be doing for National Military Appreciation Month, but in an email a spokeswoman said the bank's support of the military "is an ongoing commitment."