Wells Fargo (WFC) will pay $1 billion to settle federal charges into consumer abuses related to its auto lending and mortgage businesses, the U.S. government said Friday. The action comes less than two years after Wells was fined nearly $200 million for illegally opening millions of phony ...
"While today's order addresses a number of consumer abuses, it should not be read as a sign that Wells Fargo has moved past its longstanding problems or that the CFPB's work here is done," Choprasaid. The CFPB head said that regulators should consider wh...
In March, Wells Fargo announced it had reached a preliminary $110 million settlement resolving 12 putative class actions making similar allegations of fraud. According to the Consumer Financial Protection Bureau (CFPB), which shared in a $185 million fine brought against Wells Fargo for the fraud,...
Wells Fargo has been busy assaulting the reputation of bankers—and bizarrely, bankers don’t seem to care. Not even a little bit. Seriously, Wells has been exposed for loudly and publicly brutalizing its customer base, and we trusted industry players sheepishly shrug it off with an, “Ah,...