Wells Fargo Fined $1 Billion For Loan, Mortgage Abuses


Federal regulators have hit Wells Fargo with a $1 billion fine for auto loan and mortgage abuses.

The penalty was announced on Friday by the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency. It marks the harshest action taken by the Trump admin against a Wall Street bank.

The bank has admitted to charging up to 570,000 customers improper fees, and pushing them to buy insurance they didn't need.

Other regulators have also down hard on Wells. 

In February, the Federal Reserve handed down unprecedented punishment against Wells Fargo for what it called "widespread consumer abuses," including its creation of as many as 3.5 million fake customer accounts.


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