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Wells Fargo hit with $1 billion fine for auto loan and mortgage abuses

Wells Fargo hit with $1 billion fine for auto loan and mortgage abuses

But they do involve significant parts of the bank’s businesses: auto lending and mortgages

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Wells Fargo will pay $1 billion to federal regulators to settle charges tied to its mortgage and auto lending business, the latest chapter in a wide-ranging scandal at the banking giant. However, it appears that none of the money will go directly the victims of Wells Fargo’s abuses.

Wells will pay $500 million to the Office of the Comptroller of the Currency, its main national bank regulator, as well as a net $500 million to the Consumer Financial Protection Bureau. The action by the CFPB is notable because it is the first penalty imposed by the bureau under Mick Mulvaney, who President Donald Trump appointed to take over the consumer watchdog agency in late November. Read more