Wells Fargo agreed to pay $3.7 billion to settle charges that it harmed more than 16 million customers in the largest-ever fine handed down by the Consumer Financial Protection Bureau.
“This is an important initial step for accountability and long-term reform of this repeat offender,” Chopra said. Fines handed down by regulators for financial misconduct have skyrocketed in recent years, according to a report by Forex Suggest. In 2022, the total dollar amount of fines increased by 415% to $12 billion, the report shows. The average fine ballooned from $8 million in 2021 to $78 million in 2022, despite the total number of fines falling from 289 to 154 during that time.
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