Consumer Financial Protection Bureau orders bank to repay $2bn to consumers and a $1.7bn penalty Consumer banking giant Wells Fargo agreed to pay $3.7bn to settle a laundry list of charges that it harmed consumers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applied overdraft fees against savings and checking accounts.The
Source: https://www.washingtontimes.com/news/2022/dec/20/wells-fargo-to-pay-37b-over-consumer-loan-violatio/?utm_source=RSS_Feed&utm_medium=RSS
Consumer banking giant Wells Fargo was ordered to pay $3.7 billion in fines and refunds to customers by U.S. government regulators, the largest fine to date against the bank, which has spent years trying to rehabilitate itself after a series of scandals tied to its sales practices.
Source: https://www.theguardian.com/business/2022/dec/20/wells-fargo-settlement-banking-illegal-fees-interest
Summary automatically generated by NewSUM A.I. from the following sources:
- Wells Fargo to pay $3.7B over consumer loan violations (washington times)
- Wells Fargo agrees to pay $3.7bn over illegal fees and interest (the guardian)
