Fine Levied Against Wells Fargo After Systemic Failures, CRL Warns Against Regulators Declaring “Mission Accomplished” in Consumer Protection
WASHINGTON, D.C. – Today, the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB) issued a $1 billion fine against Wells Fargo, ordered the bank to make restitution to customers harmed by its practices, and required certain management changes. The enforcement action was triggered by the bank’s auto finance practices over recent years that led to an estimated 800,000 consumers pushed into auto insurance they did not need, an estimated 274,000 customers being pushed into delinquency, and wrongful vehicle repossessions estimated to be around 25,000