This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-43834511
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
Wells Fargo hit by record $1bn penalty | Wells Fargo hit by record $1bn penalty |
(35 minutes later) | |
Wells Fargo has been fined a record $1bn by two US regulators to resolve investigations into car insurance and mortgage lending breaches. | Wells Fargo has been fined a record $1bn by two US regulators to resolve investigations into car insurance and mortgage lending breaches. |
The penalties have been imposed by the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency. | |
The bank must also reimburse customers in addition to the fine. | |
Both regulators said Wells agreed to settle without admitting any wrongdoing. | |
The fine is one of the largest on a big bank since Donald Trump was elected president. | |
The CFPB said Wells Fargo broke the law in the way it administered a mandatory insurance programme related to car loans. | |
The bureau has come under fire from Mr Trump, who wants to reduce its powers. | |
The latest penalty follows a sales scandal at Wells Fargo's retail banking business. | |
Last August, the lender said up to 3.5 million accounts may have been created for customers without their permission. | |
The accounts were created over a period of eight years. | The accounts were created over a period of eight years. |
Previous version
1
Next version