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 didnt 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 countrys 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
Yo_Mama_Been_Loggin
(108,035 posts)In exchange for certain favors.
BumRushDaShow
(129,096 posts)Loans for Jared.
Sherman A1
(38,958 posts)I my opinion some folks need to spend time as a guest of the penal system and a corporate charter needs to be revoked.
BumRushDaShow
(129,096 posts)is that Buffet and Paulson got Wells Fargo to buy up other banks (like mine, which made this the 5th time it changed hands), and although I specifically got an account with a credit union because of this, it is mess for large cities that got impacted by mega-mergers that were allowed to happen, where former "community banks" got sucked into the Citis and Wells Fargos and others.