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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2022-12-20T18:44:00
Wells Fargo will pay a total of $3.7 billion to address “widespread mismanagement” of auto loans, mortgages, and deposit accounts as part of a settlement with the Consumer Financial Protection Bureau (CFPB).
The CFPB and Wells Fargo announced a consent order Tuesday that required the bank to pay a $1.7 billion fine and return $2 billion to millions of customers who were harmed by its alleged misconduct. The CFPB said in a press release Wells Fargo unlawfully repossessed customer vehicles, improperly denied mortgage modifications that led to wrongful foreclosures, illegally charged surprise overdraft fees, and unlawfully froze customer accounts from at least 2011 through 2022.
Labeling Wells Fargo a “corporate recidivist,” CFPB Director Rohit Chopra said in prepared remarks the order represents the regulator’s attempt to find “a permanent resolution to this bank’s pattern of unlawful behavior.” He called the settlement “a milestone in accountability and reform of Wells Fargo.”
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News and analysis for the well-informed compliance or audit exec.
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2023-08-04T16:10:00Z By Jeff Dale
ACI Worldwide is set to pay $20 million as part of a proposed settlement with states related to lax data handling and erroneous transactions that resulted in previous penalties against the company levied by the Consumer Financial Protection Bureau.
2022-11-02T16:03:00Z By Aaron Nicodemus
U.S. Bank disclosed the Consumer Financial Protection Bureau launched an investigation into the bank’s administration of unemployment benefits during the Covid-19 pandemic.
2022-10-25T12:30:00Z By Aaron Nicodemus
An appeals court’s finding the Consumer Financial Protection Bureau’s funding mechanism to be unconstitutional could affect a multitude of lawsuits filed against the agency, according to legal experts.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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