Federal regulators ordered Wells Fargo to pay $3.7 billion in fines and refunds to customers, marking the largest fine to date against the nation's third largest bank.
Federal regulators ordered Wells Fargo to pay $3.7 billion in fines and refunds to customers, marking the largest fine to date against the nation's third largest bank.
Wells Fargo, which has spent years trying to rehabilitate itself after a series of scandals tied to its sales practices, will pay a $1.7 billion fine to the CFPB. The remaining $2 billion will go toward compensating more than 16 million customers who were impacted by the"illegal activity," the agency "Wells Fargo's rinse-repeat cycle of violating the law has harmed millions of American families," CFPB Director Rohit Chopra said in a statement.
"As we have said before, 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," CEO Charlie Scharf Wells Fargo said its settlement with the CFPB will remedy"unacceptable practices" that have lingered at the bank for years. "We have made significant progress over the last three years and are a different company today," Scharf said.
"Put simply: Wells Fargo is a corporate recidivist that puts one out of three Americans at risk for potential harm," Chopra said.
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