BREAKING: Wells Fargo agrees to a $3.7 billion settlement with the CFPB over consumer abuses.
Charles Scharf, chief executive officer of Wells Fargo & Co., listens during a House Financial Services Committee hearing in Washington, D.C., U.S., on Tuesday, March 10, 2020.has agreed to a $3.7 billion settlement with the Consumer Financial Protection Bureau over customer abuses tied to mortgages, auto loans and overdraft fees, the regulator said Tuesday.
The bank was ordered to pay a $1.7 billion civil penalty and "more than $2 billion in redress to consumers," the CFPB said in a statement."The bank's illegal conduct led to billions of dollars in financial harm to its customers and, for thousands of customers, the loss of their vehicles and homes," the agency said in its release.
CFPB Director Rohit Chopra said that Wells Fargo's "rinse-repeat cycle of violating the law" hurt millions of American families and that the settlement was an "important initial step for accountability" for the bank.
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