Wells Fargo Said to Be Target of $1 Billion U.S. Fine
Source: New York Times
Federal regulators are poised to impose a $1 billion penalty on Wells Fargo for a variety of alleged misdeeds, including forcing customers to buy auto insurance policies that they didn’t need, according to people briefed on the regulatory action.
The expected penalty, levied by the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, is likely to be announced Friday.
It would mark the toughest action that the Trump administration has taken against a major bank. And it is the latest blow to Wells Fargo, which for years was regarded as one of the country’s best-run banks but lately has been reeling from a string of self-inflicted crises.
President Trump has advocated a rollback of regulations on the banking and other industries. He has nominated industry-friendly officials to oversee key government agencies, including the consumer bureau, which is being run on an interim basis by Mick Mulvaney. Mr. Mulvaney has pledged to defang the agency, criticizing it for wasteful spending and overzealous oversight that is strangling banks and other lenders.
Read more: https://www.nytimes.com/2018/04/19/business/wells-fargo-cfpb-penalty.html
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Loans for Jared. 
