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Big News Network | Monday April 23, 2018
Wells Fargo slapped with $1 billion fine for mortgage abuses
On Friday, the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency announced a penalty on Wells Fargo, slapping a $1 billion fine on the firm for insurance and mortgage abuses. The fine announced by two federal regulators on Wells Fargo was for forcing customers into car insurance and charging mortgage borrowers unfair fees. Further, the regulators, which each fined the bank $500 million, are said to have provided a roadmap for Wells to fix practices that led to consumer abuses, including the creation of a compliance committee to oversee the process. Last year, Wells Fargo apologized for charging as many as 570,000 clients for car insurance they didnít need. Further, an internal review by Wells Fargo found that about 20,000 of those customers may have defaulted on their car loans and had their vehicles repossessed in part because of those unnecessary insurance costs. The bank revealed in October that some mortgage borrowers were inappropriately charged for missing a deadline to lock in promised interest rates, even though the delays were Wells Fargo's fault. Following the announcement of  the fines, the bank is expected to not only update regulators on its progress but will also show how it plans to identify customers hurt by its misconduct and explain plans to compensate them. According to experts, Fridayís decision was the harshest action taken by the Trump administration against a Wall Street bank. Regulators reportedly said in their statement that the bank had already begun to take steps to fix the wrongdoing and the companyís CEO Timothy Sloan said...Read More