Wells Fargo will be fined $1 billion

Wells Fargo will be fined $1 billion

Wells Fargo will be fined $1 billion

Two federal regulators are close to fining Wells Fargo $1 billion for forcing customers into car insurance and charging mortgage borrowers unfair fees.

The hefty penalty will be announced as early as Friday by the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, according to a person familiar with the enforcement action. It will be the harshest action taken by the Trump administration against a Wall Street bank.

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http://money.cnn.com/2018/04/19/news/companies/wells-fargo-regulators-auto-lending-fine/index.html

 

Source:
http://money.cnn.com

by Donna Borak and Danielle Bronner-Wiener

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