Wells Fargo has agreed to pay $3.7 billion to settle charges from a U.S. consumer watchdog over widespread mismanagement of automobile loans, mortgages and deposit accounts.
Dec 20 - Wells Fargo
The Consumer Financial Protection Bureau has ordered Wells Fargo Bank to pay a $1.7 billion civil penalty and another $2 billion to redress more than 16 million consumer accounts affected by the numerous violations, it said in a statement. Wells Fargo said in a statement that the "broad-reaching settlement" will resolve issues that have been outstanding for several years, and noted it has "accelerated corrective actions and remediation" since 2020.
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