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Wells Fargo to pay $250 million for “reckless practices”

Wells Fargo has been slapped with a $250 million civil money penalty by the Office of the Comptroller of the Currency for “unsafe or unsound practices” pertaining to their home lending loss mitigation program this week.

According to the OCC, the fine is also a result of the bank violating the terms of a 2018 compliance consent order, which alleged that Wells Fargo did not implement or maintain a compliance risk management program proportionate with the bank’s size, complexity and risk profile, resulting in “reckless practices.”

Specifically, the agency accused the bank of charging customers mortgage interest rate lock extension fees, details ⇒

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