Wells Fargo to pay $3.7B over consumer law violations

Wells Fargo

Washington, DC (WOAY) – The Consumer Financial Protection Bureau(CFPB) has ordered Consumer Banking Giant Wells Fargo to pay $3.7 billion for numerous consumer law violations.

Wells agreed to repay $2 billion to consumers and a $1.7 billion penalty to settle charges claiming it harmed consumers by charging illegal fees and interest on auto loans and mortgages.

CFPB also charges Wells with incorrectly applied overdraft fees against savings and checking accounts.

It’s the largest fine to date against Wells, which has spent years trying to rehabilitate itself after a series of scandals tied to its sales practices.

The bank remains under the Federal Reserve’s supervision.

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