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CFPB Director Rohit Chopra calls Wells Fargo's $3.7 billion settlement an 'initial step' - Dallas Business Journal

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In banking news, analysts see WellsFargo's $3.7 billion settlement with the CFPB as an important step but more needs to be done

Wells Fargo's hefty $3.7 billion settlement with the Consumer Financial Protection Bureau doesn't mean the bank's out of the woods yet.

"Wells Fargo has consistently been one of the most problematic repeat offenders of the banks and credit unions we supervise," Chopra said."Wells Fargo is a corporate recidivist that puts one third of American households at risk of harm. Wells said that many of the required actions in Tuesday’s regulatory settlement are"already substantially complete."

The reaction on Wall Street was muted, with Wells Fargo shares slipping 2%, down 84 cents to close at $40.98. Analysts saw the CFPB settlement as an important step but were quick to say that more needs to be done.

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CFPB Director Rohit Chopra calls Wells Fargo's $3.7 billion settlement an 'initial step' - Dallas Business JournalIn banking news, analysts see WellsFargo's $3.7 billion settlement with the CFPB as an important step but more needs to be done
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