Post by icemandios on Dec 20, 2022 15:29:55 GMT
1 minute readDecember 20, 20229:39 AM ESTLast Updated 28 min ago
U.S. CFPB orders Wells Fargo to pay $3.7 bln for mismanagement
Reuters
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Wells Fargo Bank branch is seen in New York
Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon
Dec 20 (Reuters) - Wells Fargo (WFC.N) has agreed to pay $3.7 billion to settle charges from a U.S. consumer watchdog over widespread mismanagement of automobile loans, mortgages and deposit accounts.
The Consumer Financial Protection Bureau (CFPB) has ordered Wells Fargo Bank to pay a $1.7 billion civil penalty and another $2 billion to redress more than 16 million consumer accounts affected by the numerous violations, it said in a statement.
The bank illegally assessed fees and interest charges on auto and mortgage loans, had cars "wrongly repossessed" and charged unlawful surprise overdraft fees, among other issues, CFPB said.
Wells Fargo said in a statement that the "broad-reaching settlement" will resolve issues that have been outstanding for several years, and noted it has "accelerated corrective actions and remediation" since 2020.
U.S. CFPB orders Wells Fargo to pay $3.7 bln for mismanagement
Reuters
Wells Fargo Bank branch is seen in New York
Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon
Dec 20 (Reuters) - Wells Fargo (WFC.N) has agreed to pay $3.7 billion to settle charges from a U.S. consumer watchdog over widespread mismanagement of automobile loans, mortgages and deposit accounts.
The Consumer Financial Protection Bureau (CFPB) has ordered Wells Fargo Bank to pay a $1.7 billion civil penalty and another $2 billion to redress more than 16 million consumer accounts affected by the numerous violations, it said in a statement.
The bank illegally assessed fees and interest charges on auto and mortgage loans, had cars "wrongly repossessed" and charged unlawful surprise overdraft fees, among other issues, CFPB said.
Wells Fargo said in a statement that the "broad-reaching settlement" will resolve issues that have been outstanding for several years, and noted it has "accelerated corrective actions and remediation" since 2020.