Exclusive: U.S. watchdog seeks record fine against Wells Fargo for abuses - sources

[Eugene]

Source: Reuters

BUSINESS NEWS APRIL 9, 2018 / 1:27 PM / UPDATED 4 HOURS AGO

Exclusive: U.S. watchdog seeks record fine against Wells Fargo for abuses - sources

Patrick Rucker
4 MIN READ

WASHINGTON (Reuters) - The top U.S. watchdog for consumer finance is seeking a record fine against Wells Fargo & Co that could exceed several hundred million dollars for auto insurance and mortgage lending abuses, according to three sources with knowledge of the plans.

The penalty would be the first issued by Mick Mulvaney, whom President Donald Trump tapped in November to head the Consumer Financial Protection Bureau (CFPB).

The fine would fulfill Trump’s vow to come down hard on the country’s third-largest lender, which has been grappling with a sales practices scandal since September 2016.

The CFPB is readying sanctions alongside the Office of the Comptroller of the Currency (OCC), Wells Fargo’s day-to-day regulator. The agencies are ready to sanction Wells Fargo for layering extra insurance on drivers and collecting commissions on those policies, Reuters reported last month.

Both agencies have also been investigating the bank for wrongly levying fees on mortgage borrowers.

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Read more: https://www.reuters.com/article/us-wells-fargo-accounts-fine-exclusive/exclusive-u-s-watchdog-seeks-record-fine-against-wells-fargo-for-abuses-sources-idUSKBN1HG2PO

[Wellstone ruled]

1. About time,

these bastards have been scamming people with add on Insurance for decades. Been down that road with those suckers about thirty years ago under their previous name of Norwest Bank. Took a Lawyer almost a year to correct their add on Mortgage Insurance do to a Computer Error,so they said. Funny thing,we had paid off our Mortgage about a month earlier.


Court ordered them to pay us 500 dollars,wow,cost us three grand . Nothing changes does it.