WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today ordered Wells Fargo Bank to pay a $3.7 billion settlement over customer abuses tied to its mortgage and automobile lending practices, and surprise overdraft fees and other incorrect charges to customer bank accounts. The bank’s actions led to billions of dollars in financial harm to its customers and, for thousands of customers, the loss of their vehicles and homes.
Mike Calhoun, president of the Center for Responsible Lending (CRL), issued the following statement:
Wells Fargo is a repeat offender for abusive customer practices, and it is critical that the CFPB holds the lender accountable for its illegal conduct. CFPB is the only financial regulator dedicated to protecting consumers, and voters repeatedly have expressed support for the vital work of this regulatory watchdog. Key to CFPB’s effectiveness has been its laser focus on protecting consumers and its depoliticized funding free from the corrosive influence of political ideologies and financial industry lobbyists. This victory for consumers announced today is a clear example of why Congress and the courts should keep the CFPB’s funding independent.