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Wells Fargo to pay $3.7 Billion over consumer banking violations

Source: Emily Flitter, N.Y.Times (Paid Registration)

The Consumer Financial Protection Bureau (CFPB) said Wells Fargo did not record customer payments on home and auto loans properly, wrongfully repossessed some borrowers’ cars and homes and charged overdraft fees even when customers had enough money to cover purchases they made with their bank cards. Wells Fargo stopped the conduct this year as part of a larger effort to clean up other unlawful practices stretching back to 2011.

Wells Fargo agreed to pay $1.7 billion in penalties and another $2 billion in damages. In all, the redress payments of $2 billion are destined to reach 16 million customers. Some of the money has already reached victims, including 11 million accounts to which $1.3 billion was restored to remediate improperly serviced auto loans.

Read Full Article: Wells Fargo to pay $3.7 Billion over consumer banking violations


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