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Wells Fargo fined $3.7 bn by US CFPB over consumer loan violations
short by Bhawana Chaudhary / on Tuesday, 20 December, 2022
Wells Fargo agreed to a $3.7 billion settlement with US Consumer Financial Protection Bureau (CFPB) over widespread mismanagement of automobile loans, mortgages and deposit accounts. The regulator ordered the bank to repay $2 billion to consumers and enacted a $1.7 billion penalty. "The bank's illegal conduct led to billions of dollars in financial harm to its customers," CFPB said.
read more at Reuters