The accounts of the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency will each receive $500 Million…
The pay off will settle compliants against the Bank….
What is surpriseing is this is action occurs on Donald Trump’s watch….
Wells Fargo is paying $1 billion to two federal regulators to settle an array of investigations into its mortgage and auto-lending practices.
The settlements with the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency were announced on Friday, as expected.
The bank is effectively paying $500 million to each regulator. The consumer bureau said it was imposing a $1 billion penalty but was deducting from that the amount that Wells Fargo was paying to the currency comptroller.
The joint action is the most significant one taken by federal banking regulators under the Trump administration. It is also the consumer bureau’s first enforcement measure since Mr. Trump appointed Mick Mulvaney, the director of the Office of Management and Budget, as interim director.
Mr. Mulvaney is a longtime critic of the consumer bureau.
The settlement is the latest in a bevy of fines and punishments that federal and state regulators have imposed on Wells Fargo since it was found that the bank had opened millions of false accounts in the names of it customers….
image…politico.com
Meanwhile Republicans seek to limit the powers of the CFPB which were already too limited in my view.
Hopefully ,those powers will be vastly expanded the in the future.Wells Fargo is but the tip of the iceberg as far as the depredations visited on consumers by significant numbers of American businesses.
I find that remarkable also….
I would assume that Democrats will change the leadership in the future…
I read that Mulvany is pissed that the CFPB staff has been leaking and pushing back on some of his actions…
And according to an AP analysis, big banks like Wells Fargo have saved over 3.5 Billion dollars due to the Trump/Republican tax cuts.
Sure makes you feel good doesn’t it?
Not one bit….
Neither does the fact that Amazon pays taxes to other countries multiples time more than to ours….