The Consumer Financial Protection Bureau ordered Wells to repay $2 billion to consumers and enacted a $1.7 billion penalty against the bank.
FILE - A Wells Fargo sign stands in front of a branch of the bank in Bradenton, Fla., Tuesday, Feb. 22, 2022. Consumer banking giant Wells Fargo is being ordered to pay $3.7 billion in fines and refunds to customers by U.S. government regulators, the largest fine to date against the bank. – Consumer banking giant Wells Fargo agreed to pay $3.
The bank's pattern of behavior has made it necessary for regulators to take additional actions against Wells Fargo that go beyond the $3.7 billion in fines and penalties, Chopra said. Wells Fargo has been sanctioned repeatedly by U.S. regulators for violations of consumer protection laws going back to 2016, when employees were found to have opened millions of accounts illegally in order to meet unrealistic sales goals. Since then, executives have repeatedly said Wells is cleaning up its act, only for the bank to be found in violation of other parts of consumer protection law, including in its auto and mortgage lending businesses.
The bank had signaled to its investors that it anticipated additional fines and penalties from regulators and aside $2 billion in the third quarter for that reason.
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