Wells Fargo under pressure from CFPB to pay over $1 billion fine – Bloomberg News


November 4 (Reuters) – Wells Fargo (WFC.N) is under pressure from the US Consumer Financial Protection Bureau (CFPB) to pay more than $1 billion to settle a series of customer abuse investigations, Bloomberg News reported, citing people familiar with the matter .

The fourth-largest US bank declined to comment. reportwhile the CFPB did not immediately respond to a request for comment from Reuters.

Last week, Wells Fargo revealed it was in talks with the CFPB to settle “a number” of investigations, including auto and mortgage loans and consumer deposit accounts. Read more

The regulator’s request reflects its growing frustration with the bank, the newspaper said on Friday.

The potential fine comes after the bank posted $2 billion in operating losses related to litigation, customer remedies and regulatory issues in the third quarter and suffered a 31% drop in profit of the third quarter last month. Read more

The bank has been operating since 2018 under consent orders from the Federal Reserve and two other U.S. financial regulators to improve governance and oversight, with the Fed also capping its assets at $1.95 trillion.

Reporting by Mehnaz Yasmin in Bangalore; Editing by Shinjini Ganguli

Our standards: The Thomson Reuters Trust Principles.


About Author

Comments are closed.