Feds Fine Wells Fargo $1 Billion over Loan Payment Duplicity
The Consumer Financial Protection Bureau, or CFPB, has levied one billion dollars in fines against Wells Fargo. It’s the second major sanction against the bank in less than two years. This time around, Wells Fargo is being punished for duplicitously charging customers on car insurance payments and home loans.
The fine is the first under the leadership of Mick Mulvaney, who was appointed director of the CFPB last year and promised looser regulation of financial institutions.
Sarah Wyman spoke with Bartlett Naylor, a financial policy advocate for Public Citizen. He says the fine itself comes as no surprise, and for real change to happen, punishments need to move beyond cash. That one billion dollar fine… isn’t as big as it seems.