Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Wells Fargo to pay $3.7B over consumer law violations

 

December 21, 2022

Victor J. Blue, Bloomberg

Pedestrians in front of a Wells Fargo bank branch in New York on Jan. 13, 2022.

WASHINGTON - Consumer banking giant Wells Fargo agreed to pay $3.7 billion to settle charges that it harmed customers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applying overdraft fees against savings and checking accounts.

Wells was ordered to repay $2 billion to consumers by the Consumer Financial Protection Bureau, which also enacted a $1.7 billion penalty against the San Francisco bank Tuesday. It's the largest fine ever leveled against a bank by the CFPB and the largest yet against Wells, which has spent years trying to rehabilitate its image after a series of scandals tied to its sales practices.

Regulators made it clear, however, that they believe Wells Fargo has further to go on that front.

https://www.startribune.com/wells-fargo-to-pay-3-7b-over-consumer-law-violations/600237443/

 

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