US bank Wells Fargo was hit with a new fine of $250-million for failing to meet requirements in an agreement to pay previously harmed customers.
The penalty was set by the Comptroller of the Currency , one of the main US banking sector regulators.
Wells Fargo admitted to opening 3.5 million fake accounts between 2002 and 2017, allowing its employees to earn bonuses related to the sale of new products, and charge unnecessary insurance premiums to more than half a million customers on their car loans. In addition to the penalty, Wells Fargo will face"limits on the bank's future activities until existing problems in mortgage servicing are adequately addressed," Hsu said.
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