U.S. to fine Wells Fargo $1 billion — the most aggressive bank penalty of the Trump era

FinTech Collective

April 19, 2018

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FinTech Collective

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The reported fine of about $1 billion is related to misbehavior with regards to recommending auto insurance and mortgage rate locks their customers didn't need. The fine is the most aggressive move by regulators during the Trump administration to punish a big bank

Wells Fargo disclosed last week that an $1 billion penalty was possible. Wells Fargo has been struggling to rebuild its reputation since acknowledging in 2016 that it had opened millions of sham accounts customers didn’t want. Its longtime chief executive resigned, and Wells Fargo paid millions of dollars in fines and overhauled its board of directors. Last month, the Federal Reserve levied an unprecedented penalty against the bank, blocking its ability to expand.

https://www.washingtonpost.com/business/economy/regulators-planning-to-slap-wells-fargo-with-1-billion-fine/2018/04/19/ec1f58c6-4415-11e8-ad8f-27a8c409298b_story.html?noredirect=on&utm_term=.39c31a52f945