Regulators Hit Wells Fargo, With Massive Fine for, Consumer Law Violations.<br />On December 20, regulators in the United States <br />ordered consumer banking giant Wells Fargo to <br />pay $3.7 billion in fines and refunds to customers.<br />On December 20, regulators in the United States <br />ordered consumer banking giant Wells Fargo to <br />pay $3.7 billion in fines and refunds to customers.<br />ABC reports that it is the largest fine to date <br />against Wells Fargo, which has spent years <br />trying to recover from a series of scandals. .<br />ABC reports that it is the largest fine to date <br />against Wells Fargo, which has spent years <br />trying to recover from a series of scandals. .<br />In 2018, the bank was ordered to <br />pay $1 billion to cover widespread <br />consumer law violations.<br />Now, the Consumer Financial Protection Bureau <br />ordered Wells to pay $2 billion to consumers in<br />addition to a $1.7 billion penalty against the bank.<br />Now, the Consumer Financial Protection Bureau <br />ordered Wells to pay $2 billion to consumers in<br />addition to a $1.7 billion penalty against the bank.<br />The regulator listed a number of consumer <br />financial law violations, including illegal <br />fees and interest on auto loans and mortgages. .<br />The violations also included <br />incorrectly applied overdraft fees <br />on savings and checking accounts.<br />According to the bureau, <br />the violations impacted <br />over 16 million customers.<br />ABC reports that Wells Fargo has repeatedly been the <br />target of U.S. regulators since 2016, when Wells employees <br />were found to have opened millions of accounts illegally.<br />ABC reports that Wells Fargo has repeatedly been the <br />target of U.S. regulators since 2016, when Wells employees <br />were found to have opened millions of accounts illegally.<br />Despite efforts to repair their reputation, <br />the bank has repeatedly been fined for <br />additional violations of consumer protection law.<br />ABC reports that the bank remains under a Federal Reserve <br />order banning the company from growing until regulators <br />deem that corporate culture problems have been resolved.
