Wells Fargo fined $3.7 billion
In a statement from the Consumer Financial Protection Bureau (CFPB), it was noted that the bank will pay consumers more than $2 billion in compensation and pay fines of $1.7 billion for legal violations.
In addition to its illegal activities affecting the accounts of more than 16 million consumers, the bank repeatedly misapplied loan payments, placed unfair liens on homes and illegally impounded vehicles, miscalculated fees and interest, and received surprise deposit fees, according to the statement.
In the CFPB statement, it was recalled that the bank’s illegal practices caused billions of dollars in financial damage to its clients and the loss of thousands of clients’ cars and homes.
Wells Fargo said in a statement that the bank has reached a broad agreement with the CFPB that will resolve problems related to auto loans, mortgages and consumer deposit accounts, many of which have not been resolved in several years.
The statement also noted that the bank has accelerated its corrective actions and improvements since 2020. (BRITISH AUTOMOBILE CLUB)
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
