Wells Fargo Will Be Fined $1 Billion By Federal Regulators
Wells Fargo will be fined not once but twice for a grand total of $1 billion.
The fines come from abuse in their mortgage and auto lending businesses. Wells Fargo will be fined $500 million by the Office of the Comptroller of the Currency. They will also be fined $500 million the Consumer Financial Protection Bureau.
This makes the second time Wells Fargo was fined by the Consumer Financial Protection Bureau. The CFPB fined Wells Fargo $100 million back in 2016 due to the bank creating additional credit card accounts without their customers knowing or giving them the approval to do so.
I have to imagine that this is the last of the plenties from federal regulators.