Charlotte Talks: Bell Tolls For Charlotte School Of Law / Another Exit From Wells Fargo

Aug 23, 2017

Wednesday, August 23, 2017

Charlotte School of Law was ordered shut after missing a deadline to prove its financial stability.
Credit John D. Simmons / The Charlotte Observer

What happens to all the students at the now-defunct Charlotte School of Law? The school's alumni president joins Mike Collins, then a look at the latest exit from Wells Fargo and the CEO's warning of more bad news ahead.

PART ONE

After months of uncertainty, the gavel has fallen on Charlotte School of Law. The for-profit school’s license expired, and North Carolina’s attorney general ordered the school to close, just as a new semester was about to get underway.

There appeared to be a flicker of some hope for the school only a few weeks ago with the possibility of federal loan money being restored (the money was revoked in December). 

But the nails then began going swiftly into the school’s coffin: the American Bar Association rejected a plan to allow the few remaining students – about 100 – to finish their education, and the University of North Carolina board, which oversees the school’s license, denied the school’s attempt to extend its license.

While the school faces a state investigation and lawsuits, where does all this leave the students? 

GUESTS

Lisa Worf, WFAE, assistant news director (@LisaWFAE)

Lee Robertson, attorney; president, Charlotte School of Law Alumni Association

Brian Clarke, Western Carolina University, assistant professor of business law; former Charlotte School of Law professor

PART TWO

The chairman of Wells Fargo's board, Stephen Sanger, and two other board members will exit as the bank continues to address the bogus account scandal.
Credit Joshua Komer / The Charlotte Observer

Another shoe has dropped in the Wells Fargo scandal. The bank announced last week that board chairman Stephen Sanger will step down later this year, and will be succeeded by former Federal Reserve governor and Wachovia executive Elizabeth Duke, who will be the only female board chair of an American bank. Two other board members will also step aside.

The departures are hardly the house-cleaning that critics, including Massachusetts Sen. Elizabeth Warren, have called for following revelations of Wells employees creating bogus accounts to meet sales goals.

Meanwhile, Wells CEO Tim Sloan warned employees Tuesday of more negative headlines ahead with the completion of the bank's review of the accounts scandal.

What will the board changes mean for the bank’s image-rebuilding?

GUESTS

Deon Roberts, The Charlotte Observer, banking and finance reporter (@DeonERoberts)

Stacy Cowley, The New York Times, consumer finance reporter (@StacyClowey)