Friday, September 9, 2016

CFPB levies $100 million fine against Wells Fargo

The Consumer Financial Protection Bureau levied the largest fine in its history — $100 million — against Wells Fargo Thursday for the “widespread unlawful” practices of employees who opened more than 2 million fake depository and credit accounts to get sales bonuses. These accounts, opened under existing customers’ names without their knowledge, often racked up fees or other charges.

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