Wells Fargo Continues to Pay for Past Mistakes, but Its Future Looks Brighter
The Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency announced a $1 billion penalty against Wells Fargo for violations of the Consumer Financial Protection Act related to a mandatory auto loan insurance program and unscrupulous practices related to mortgage interest rate-lock extension. Importantly, these practices were previously identified, reported, and discontinued by Wells Fargo. Furthermore, the monetary penalty is essentially immaterial to shareholde...
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