Monday, 24 September, 2018


Wells Fargo faces huge fine over auto, mortgage abuses

Mick Mulvaney the Acting Director of the Consumer Financial Protection Bureau says he's not trying to destroy the bureau which he once pushed to abolish and now leads Wells Fargo faces huge fine over auto, mortgage abuses
Conrad Doyle | 11 April, 2018, 22:36

On Monday, news broke that the top USA watchdog for consumer finance, the Consumer Financial Protection Bureau (CFPB), is going after the bank with a record fine of at least several hundred millions of dollars.

Mulvaney is pushing for a figure as high as $1 billion, three people with knowledge of the discussions told Reuters. The CFPB did not return a request for comment from FOX Business.

The 2016 fine CFPB previously levied upon Wells Fargo had been the agency's largest ever; however, Mulvaney's billion-dollar penalty could easily surpass that record.

The penalty regarding Wells' auto insurance and mortgage lending abuses would be the first issued by the CFPB's new head Mick Mulvaney, who was appointed by President Donald Trump in November, as highlighted in the initial report by Reuters.

The agencies are ready to sanction the bank for layering extra insurance on drivers and collecting commissions on those policies, Reuters reported last month.

Some officials hope to reach an agreement with Wells Fargo before the bank reports its earnings April 13.

As reported previous year by the New York Times, a former Wells Fargo mortgage banker, who sued the bank for wrongful termination, alleged that the bank continually engaged in the falsification of records in order to hold customers to blame for their mortgage processing delays.

If the penalty by CFPB is imposed, it would be the second enforcement action taken against Wells Fargo in 2018. Sources familiar with the talks said the potential amount will exceed the $100 million settlement Wells Fargo entered with the CFPB in September 2016 to settle its phony accounts scandal. "I will cut [regulations] but make penalties severe when caught cheating", said President Trump through Twitter.

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