Wells Fargo to pay $3.7 billion in penalties and refunds

After finding violations related to loans and mortgages, Wells Fargo must pay US regulators US $ 3,700 million in fines and refunds

Wells Fargo must pay the US regulators the amount of US$ 3.700 million for fines and reimbursements, before the accusations of crimes related to mortgages and loans.

According to the Consumer Financial Protection Office (CFPB), the financial institution faces charges for “collecting illegal fees and interest on auto loans and mortgages, as well as overdraft fees incorrectly applied to checking and savings accounts.”

In this sense, the CFPB ordered this Tuesday the reimbursement by the bank of 2,000 million dollars to customers. In addition, a fine of 1,700 million was imposed, considered the highest applied by the regulatory entity.

Scandals related to sales, illegal charging of fees and interest, illegal expropriation of vehicles from customers, as well as the illegal opening of millions of accounts by employees to meet established goals, have long haunted Wells Fargo.

According to the CFPB, the bank’s damages extend to more than 16 million customers. “Wells Fargo’s repeated cycle of violation of the law has harmed millions of American families,” Rohit Chopra, director of the agency, said in a statement.


Source: elnuevoherald

(Photo: the-sun, via web)

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