Wells Fargo

The dramatic collapse of the U.S. economy is pummeling America's largest banks. Wells Fargo has posted its first quarterly loss since 2008 and JPMorgan Chase has set aside billions to cover bad loans.

The bank agreed to settle charges brought by the Justice Department and the Securities and Exchange Commission over accounts, debit cards and other products that customers did not request.

Some consumers were charged too much to extend the lock on their mortgage interest rates, and the bank's mandatory insurance program added unneeded costs and fees to borrowers' auto loans.

Wells Fargo is facing another scandal. This time, the bank acknowledges it signed up nearly 500,000 auto-loan customers for insurance they didn't need. Thousands lost their cars to repossession.

Ohio Gov. John Kasich says he is suspending Wells Fargo from doing business with state agencies, and excluding the bank from participating in any state…