Wells Fargo, the largest depository mortgage lender in America, has agreed to pay a civil penalty of $1.7 billion to settle multiple consent orders related to automobile lending, consumer deposit accounts and mortgage lending with the Consumer Financial Protection Bureau (CFPB).
According to the CFPB, the bank repeatedly misapplied loan payments, wrongfully foreclosed on homes, illegally repossessed vehicles and charged surprise overdraft fees, affecting 16 million customers’ accounts. Consequently, the bank will also pay more than $2 billion in redress to consumers.
“Wells Fargo’s rinse-repeat cycle of violating the law has harmed millions of American families,” CFPB’s director Rohit Chopra details ⇒
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