Daily Rewind ⏪

Wells Fargo uncovers more fake accounts, White House sends emergency oil after Harvey, a major oil pipeline shuts down, and more.

Wells Fargo’s fake accounts scandal deepens:

• The embattled bank uncovered 1.4 million more fake accounts, bringing the total number of potentially fake bank and credit accounts to 3.5 million. That’s up from its earlier estimate of 2.1 million.
• Wells Fargo also discovered that thousands of customers were enrolled in online bill pay without their permission.
• It’s the latest development in a nearly year-long scandal. So far, Wells Fargo has agreed to a $142 million national class action settlement, a separate $6.1 million payment to duped customers, and more. Wells Fargo has blamed the debacle on unrealistic sales goals.

White House takes emergency measures to save the Gulf’s oil industry:

• The Trump administration is sending 500,000 barrels of oil to Louisiana after 13 refineries were forced to close due to Harvey. The goal is to shield Americans from higher gasoline prices, which are already rising due to the refinery closures.
• Harvey also forced a key energy pipeline to close today. The Colonial Pipeline transports more than 100 million gallons of gasoline, heating oil and aviation fuel as far as New York every day.
• In addition, a flooded chemical plant in Crosby, Texas caught fire this morning and spewed black smoke.

Other important news:

*Apple will unveil new iPhones on Sept. 12 (CNN Tech)

*White House cuts advertising budget for Obamacare (Bloomberg)

*U.S. plans to close three facilities in retaliation against Russia (CNN Politics)

That’s all for today. We’ll see you again tomorrow!

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