Finance

Bank to Pay $1 Billion in Federal Penalties

Wells Fargo agreed last week to pay $1 billion in federal penalties for violating consumer protection laws with its auto loan and mortgage lending practices.

By Staff April 25, 2018

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Wells Fargo CEO and president Tim Sloan

The bank Wells Fargo agreed last week to pay $1 billion in federal penalties for violating consumer protection laws with its auto loan and mortgage lending practices. The bank paid $500 million to the Treasury Department's Office of the Comptroller of the Currency and $500 million to the Consumer Financial Protection Bureau. In a press release, the Office of the Comptroller wrote that it had discovered "deficiencies in the bank’s enterprise-wide compliance risk management program that constituted reckless, unsafe, or unsound practices" that violated the Federal Trade Commission Act. Headquartered in San Francisco, Wells Fargo has $1.9 trillion in assets.

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