Wells Fargo (WFC) ordered to pay $3.7bn by the CFPB
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Wells Fargo (WFC) to Resolve Matters with CFPB, Will Pay $1.7B
December 20, 2022 9:17 AM ESTWells Fargo (NYSE: WFC) said today that it has reached a broad-reaching settlement with the Consumer Financial Protection Bureau (CFPB) resolving multiple matters, the majority of which have been outstanding for several years, related to automobile lending, consumer deposit accounts, and mortgage lending. Current leadership has made significant progress to transform Wells Fargo; in fact, the CFPB recognized that since 2020, the company has accelerated corrective actions and remediation, including to address the matters covered by todays settlement. The required actions related to many of the matters described in the settlement are already substantially... More
CFPB Orders Wells Fargo (WFC) to Pay $3.7 Billion for Widespread Mismanagement of Auto Loans, Mortgages, and Deposit Accounts
December 20, 2022 8:52 AM ESTThe Consumer Financial Protection Bureau (CFPB) is ordering Wells Fargo Bank (NYSE: WFC) to pay more than $2 billion in redress to consumers and a $1.7 billion civil penalty for legal violations across several of its largest product lines. The banks illegal conduct led to billions of dollars in financial harm to its customers and, for thousands of customers, the loss of their vehicles and homes. Consumers were illegally assessed fees and interest charges on auto and mortgage loans, had their cars wrongly repossessed, and had payments to auto and mortgage loans misapplied by the... More
