Federal regulators fined Wells Fargo $1.7 billion on Tuesday for “widespread mismanagement” over multiple years that harmed over 16 million consumer accounts. The Consumer Financial Protection Bureau said Wells Fargo’s “illegal activity” included repeatedly misapplying loan payments, wrongfully foreclosing on homes, illegally repossessing vehicles, incorrectly assessing fees and interest and charging surprise overdraft fees. The CFPB ordered Wells Fargo to pay the $1.
7 billion civil penalty in addition to more than $2 billion to compensate consumers for a range of “illegal activity.” The misconduct described by the CFPB echoes previously reported revelations that have emerged about Wells Fargo since 2016 when the bank’s fake-accounts scandal created a national firestorm. “Wells Fargo’s rinse-repeat cycle of violating the law has harmed millions of American families,” Rohit Chopra, the CFPB’s director, said in a statement.
And no one goes to jail. Accountability is a concept that only applies to the poor.
They probably still made 5 billion on top of that doing these things. Doubt they still didn’t come out on top after fines and costs associated with exposure and settlement. This is normally how these things seem to work out. Isn’t an effective deterrent.
But by all means GOPers, keep voting for the people that lift restrictions for predators like Wells Fargo.
Again?
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