“The bank incorrectly applied borrowers’ payments, improperly charged fees and interest, and wrongfully repossessed borrowers’ vehicles.”
Every regulators favorite punching bag just got an early Christmas present from the Consumer Financial Protection Bureau (CFPB); a $3.7B fine. Wells Fargo Bank is still reeling from a flurry of hundreds of millions in fines and settlements topped off with the OCC’s $1B fine levied against them in 2018. But they’ve reached a new level of punishment from a Chopra led CFPB that is reaching the end of a friendly Congress while fighting back against the ruled unconstitutionality of their funding.
Wells Fargo’s $3.7B Xmas Present from the CFPB – Consumer Financial Protection Bureau – CFPB
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