Federal regulators slapped Wells Fargo & Co. with a penalty of $1 billion on Friday, punishing the san francisco bay area bank for abuses that harmed home loan and car loan borrowers, as well as for exactly exactly what regulators stated had been a pervasive and “reckless” shortage of danger administration.
The penalty, established by any office associated with Comptroller for the Currency while the customer Financial Protection Bureau, may be the largest levied against an economic firm since President Trump took workplace. Trump had tweeted in December that charges resistant to the bank might be “substantially increased.”
Continue reading “Wells Fargo to pay for $1 billion in fines over car, home loan financing abuses”