Wells Fargo to Pay $1B Fine for Customer Abuses
Wells Fargo has agreed with federal regulators to pay a $1 billion fine for abusing auto and mortgage customers. The Bureau of Consumer Financial Protection said Wells Fargo violated the Consumer Financial Protection Act by forcing customers to buy auto loans and charging some mortgage borrowers interest rate-lock extensions.
According to the consent order, Wells Fargo quit the abusive practices at the end of September 2016.
CNN reports the move is the toughest action the Trump Administration has taken against a Wall Street bank.