DAMN…. That IS a LOT of Bad conduct the Bank is admitting to have done…..
Wells Fargo has agreed to pay $1.7 billion in fines and $2 billion in redress to settle claims that it engaged in widespread banking violations over the last decade that harmed millions of consumers, the Consumer Financial Protection Bureau said on Tuesday.
The bank misapplied customer payments on auto loans, wrongfully repossessed some borrowers’ cars and charged overdraft fees even when customers had enough money to cover purchases they made with their bank cards, according to an order filed by the consumer protection bureau. Wells Fargo stopped the conduct this year as part of a larger effort to clean up other abusive practices stretching back a decade, the filing said.
As part of its settlement with the regulator, Wells Fargo has also been repaying customers, returning improperly charged fees and offering some financial relief to those whose finances and credit ratings were hurt by the bank’s practices. The damages are expected to eventually total $2 billion.
“This far-reaching agreement is an important milestone in our work to transform the operating practices at Wells Fargo and to put these issues behind us,” Charles Scharf, Wells Fargo’s chief executive, said in a statement. Wells Fargo is “a different company today,” he added….