Wells Fargo ordered to pay $3.7 billion over widespread consumer-account violations
Company: Wells Fargo & Company
Summary
The CFPB found Wells Fargo illegally assessed fees and interest, wrongfully repossessed vehicles, improperly denied mortgage modifications leading in some cases to wrongful foreclosures, charged surprise overdraft fees and committed other violations affecting more than 16 million consumer accounts. The 2022 order required more than $2 billion in redress and a $1.7 billion penalty. Source: https://www.consumerfinance.gov/archive/newsroom/cfpb-orders-wells-fargo-to-pay-37-billion-for-widespread-mismanagement-of-auto-loans-mortgages-and-deposit-accounts/