Wells Fargo Fined $1 Billion By U.S. Federal Regulators

Wells Fargo Bank is in the news again, and it’s yet another scandal on behalf of the U.S. bank. The bank has been fined $1 billion by federal regulators for abuses tied to mortgage and auto lending businesses. The reports say Wells Fargo will have to pay the Office of the Comptroller of the Currency half and the other $500 million will go to the Consumer Financial Protection Bureau. This fine is in reaction to the incident back in September 2016, when the bank was initially fined $100 million by the CFPB after employees of the bank were found to have opened nearly 3.5 million bank and credit card accounts without getting the proper authorization from customers. Hopefully, for Wells Fargo Bank and its customers, this is the last of the malpractice for a while.