Wells Fargo Could Pay $1 Billion To Settle Federal Probes


Wells Fargo could pay up to $1 billion in fines to two federal regulators to settle claims they inappropriately charged customers for unnecessary or unwanted banking and insurance products, the bank revealed Friday.

The San Francisco-based bank said in its first quarter earnings report that its preparing to pay a fine to the Consumer Financial Protection Bureau (CFPB) and Office of the Comptroller of the Currency (OCC).

The CFPB and OCC have been investigating Wells Fargo over reports that the bank had charged customers for auto insurance products they did not need, along with unnecessary fees to lock in mortgage interest rates.

Read more at The Hill.



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