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Wells Fargo Reaches $3.7b Deal with US CFPB

Wells Fargo Reaches $3.7b Deal with US CFPB

by Starling Insights

Starling Insights Editorial Board

Dec 29, 2022

Observations

CFPB USA Governance, Audit & Regulatory Failures Consumer Protection Culture & Consequences Culture & Conduct Supervision Culture & Misconduct

Wells Fargo has reached a $3.7 billion deal with the Consumer Financial Protection Bureau (CFPB) to resolve allegations that it harmed more than 16 million people with deposit accounts, auto loans, and mortgages. According to the CFPB, the bank illegally assessed fees and interest charges on loans for cars and homes, leading some vehicles to be repossessed unlawfully.

The settlement with CFPB includes a $1.7 billion penalty and more than $2 billion in consumer restitution. For example, the bank has already paid $1.3 billion to 11 million customers with auto-loan service issues.

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