Wells Fargo to pay $3.7B over consumer loan violations abc15
WASHINGTON — Consumer 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, as well as incorrectly applied overdraft fees against savings and checking accounts.
The bureau says the bad behavior by the bank impacted more than 16 million customers. In addition to improperly charging its auto loan customers with fees and interest, in some cases the bank wrongfully repossessed borrowers' vehicles. The bank also improperly denied thousands of mortgage loan modifications to homeowners.
Wells Fargo has been repeatedly sanctioned by U.S. regulators for violations of consumer protections law going back to 2016 when employees were found to have opened millions of accounts illegally in order to meet unrealistic sales goals. Since then, Wells executives have repeatedly said the bank is cleaning up its act, only to have the bank be found in violation of other parts of consumer protection law, including in its auto and mortgage lending businesses.
The bank had previously signaled to investors that it was expecting additional fines and penalties from regulators. The bank set aside $2 billion in the third quarter to cover potential regulatory matters.
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 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 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 violationsWASHINGTON (AP) — Consumer banking giant Wells Fargo agreed to pay $3.7 billion to settle charges that it harmed consumers by charging illegal fees and interest on auto loans and mortgages, a…
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 »