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Wells Fargo fined $1B by OCC, CFPB

Jaclyn Jaeger | April 20, 2018

The Office of the Comptroller of the Currency, in a coordinated action with the Consumer Financial Protection Bureau, on Friday assessed a total civil money penalty of $1 billion against Wells Fargo Bank for engaging in abusive lending practices concerning its auto loans.

The OCC assessed a $500 million civil money penalty against Wells Fargo and ordered the bank to make restitution to customers harmed by its “unsafe or unsound practices,” the OCC stated. Wells Fargo must also develop and implement an effective enterprise-wide compliance risk management program. Separately, the CFPB assessed a $1 billion penalty against the bank and credited the $500 million collected by the OCC toward the fine. The $1 billion penalty represents the bggest fine ever levied by the CFPB, which was created in 2010...

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