Wells Fargo to pay $3.7 billion settlement over latest allegations of "illegal activity"
CBSN
Wells Fargo was ordered by U.S. government regulators to pay $3.7 billion in fines and refunds to customers, the largest fine to date against the bank, amid a laundry list of financial mismanagement allegations.
The Consumer Financial Protection Bureau (CFPB) alleged the bank illegally assessed fees and interest charges on auto loans and mortgages, wrongly repossessed customers' cars and misapplied payments to auto and mortgage loans. The watchdog agency also claimed Wells Fargo charged consumers illegal surprise overdraft fees and added incorrect charges to checking and savings accounts.
Wells Fargo, which has spent years trying to rehabilitate itself after a series of scandals tied to its sales practices, will pay a $1.7 billion fine to the CFPB. The remaining $2 billion will go toward compensating more than 16 million customers who were impacted by the "illegal activity," the agency said Tuesday.
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