Wells Fargo will pay $3.7 billion to settle allegations of mismanaging auto loans, mortgages and deposit accounts, according to the terms of a consent order with the Consumer Financial Protection Bureau.
The San Francisco-based bank allegedly illegally repossessed vehicles, charged surprise overdraft fees and froze consumer accounts, according to the order. | Wells FargoWells Fargo will pay $3.7 billion to settle allegations of mismanaging auto loans, mortgages and deposit accounts, according to theThe San Francisco-based bank allegedly illegally repossessed vehicles, charged surprise overdraft fees and froze consumer accounts, according to the order.
Wells agreed to the order without admitting or denying its findings. The scandal-plagued bank will pay $2 billion in redress to consumers and a $1.7 billion civil penalty. “Wells Fargo’s rinse-repeat cycle of violating the law has harmed millions of American families,” CFPB Director Rohit Chopra said in a statement. “The CFPB is ordering Wells Fargo to refund billions of dollars to consumers across the country. This is an important initial step for accountability and long-term reform of this repeat offender.”
Charlie Scharf, Wells Fargo’s chief executive officer, said in a statement that the “far-reaching agreement is an important milestone in our work to transform the operating practices at Wells Fargo and to put these issues behind us.” “We and our regulators have identified a series of unacceptable practices that we have been working systematically to change and provide customer remediation where warranted,” he said.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Wells Fargo agrees to $3.7 billion settlement with CFPB over consumer abuses
Baca lebih lajut »
Wells Fargo Reaches $3.7 Billion Deal With Regulators Over Consumer BankingWells Fargo reached a $3.7 billion deal with the Consumer Financial Protection Bureau to resolve allegations it illegally assessed fees and interest charges on loans for cars and homes
Baca lebih lajut »
Wells Fargo to pay $3.7B over consumer loan violationsConsumer banking giant Wells Fargo is being 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
Baca lebih lajut »
Wells Fargo to pay $3.7B over consumer loan violationsConsumer 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.
Baca lebih lajut »
Wells Fargo to pay $3.7B over consumer loan violationsThe Consumer Financial Protection Bureau on Tuesday ordered Wells Fargo to repay $2 billion to consumers and enacted a $1.7 billion penalty against the bank. FOX13
Baca lebih lajut »
Wells Fargo to pay $3.7B over consumer loan violationsConsumer banking giant Wells Fargo agreed to pay $3.7 billion to settle a laundry list of charges that it harmed consumers by charging illegal fees and interest on auto loans and mortgages.
Baca lebih lajut »