Feds Fine Wells Fargo $1 Billion For Abuse Tied To Auto-Lending, Mortgages

on January 20, 2010 in San Francisco, California.
SAN FRANCISCO - JANUARY 20: Pedestrians walk by a Wells Fargo Bank branch office January 20, 2010 in San Francisco, California. Wells Fargo beat analyst expectations by posting a fourth quarter earnings of $2.82 bi... SAN FRANCISCO - JANUARY 20: Pedestrians walk by a Wells Fargo Bank branch office January 20, 2010 in San Francisco, California. Wells Fargo beat analyst expectations by posting a fourth quarter earnings of $2.82 billion or 8 cents a share compared to a loss of $2.73 billion or 84 cents a share one year ago. (Photo by Justin Sullivan/Getty Images) MORE LESS
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NEW YORK (AP) — Wells Fargo is being fined a combined $1 billion by two federal regulators for abuses tied to its mortgage and auto lending businesses.

The bank will pay $500 million to the Office of the Comptroller of the Currency, its main bank regulator, as well as $500 million to the Consumer Financial Protection Bureau.

This is the first fine that Mick Mulvaney, appointed as acting director of the CFPB by President Trump, has imposed since he took over the bureau in late November.

Wells Fargo was fined $100 million by the CFPB in September 2016 after its employees opened as many as 3.5 million bank and credit card accounts without getting customers’ authorization. The bank has been under investigation for other practices since then.

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  1. Maybe tRump will issue a pardon :grin:

  2. Maybe they should have tried selling steaks.

  3. How will this 1 Billion be paid and tracked? Where will it come from and where will it go? With all the fines being levied against corrupt businesses, our tax burden should be significantly reduced. Is it?

  4. Depends. Are you the CEO of a major bank?

  5. And of course, exactly NO ONE will go to prison for fraud or any other charge. The fine will hit the shareholders and can probably be written off to further the 3.9 billion tax cut the GOP already gave the banks this year. I hate this country.

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