Wells Fargo To Pay $3.7 Billion Over Consumer Law Violations
December 20, 2022 9:41AM PST
Credit: MGN
WASHINGTON (AP) – Consumer banking giant Wells Fargo agreed to pay $3.7 billion to settle charges that it harmed consumers by charging illegal fees and interest on auto loans and mortgages, as well as incorrectly applied overdraft fees against savings and checking accounts.
The Consumer Financial Protection Bureau on Tuesday ordered Wells to repay $2 billion to consumers and enacted a $1.7 billion penalty against the bank.
It’s the largest fine to date against Wells, which has spent years trying to rehabilitate itself after a series of scandals tied to its sales practices.
The bank remains under supervision of the Federal Reserve.
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