The Consumer Finance Protection Board (CFPB) fine agreed to by Wells Fargo of $100 million is the largest in the agency’s short history. (Another $85 million was tacked on by paying $35 million to the Office of the Comptroller of the Currency and $50 million to the City and County of Los Angeles.) The total fine of $185 million were assessed based upon the bank’s conduct of opening over 2 million phantom bank and credit card accounts, usually without customers’ knowledge.
