Wells Fargo to pay $3.7B over consumer loan violations.
WASHINGTON — Consumer banking giant Wells Fargo agreed to pay $3.7 billion to settle a laundry list of 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.
“Put simply: Wells Fargo is a corporate recidivist that puts one out of three Americans at risk for potential harm,” said CFPB Director Rohit Chopra, in a call with reporters. Wells Fargo has been repeatedly sanctioned by U.S. regulators for violations of consumer protections law going back to 2016, when Wells employees were found to have opened millions of accounts illegally in order to meet unrealistic sales goals. Since then, Wells executives have repeatedly said the bank is cleaning up its act, only to have the bank be found in violation of other parts of consumer protection law, including in its auto and mortgage lending businesses.
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