The U.S. Consumer Financial Protection Bureau hit Wells Fargo & Co with the watchdog's largest ever civil penalty on Tuesday as part of a $3.7 billion agreement to settle charges over widespread mismanagement of car loans, mortgages and bank accounts.
WASHINGTON, Dec 20 - The U.S. Consumer Financial Protection Bureau hit Wells Fargo & Co
The bank illegally charged fees and interest on auto loans and mortgages, had cars wrongly repossessed and imposed unlawful surprise overdraft fees, among other issues, the CFPB said. Wells Fargo said the settlement will resolve issues that have been outstanding for several years, and noted in a statement it has "accelerated corrective actions and remediation" since 2020.
Tackling corporate recidivism has emerged as a key priority under Biden, who entered the White House in early 2021. Last year, the Justice Department rolled out a series of policy changes aimed at better deterring repeat misconduct.
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