Record fine of $3.7 billion to Wells Fargo for over-charging customers
WASHINGTON D.C.: In the largest-ever civil penalty ever issued, the US Consumer Financial Protection Bureau has fined Wells Fargo $3.7 billion as part of an agreement to settle charges over widespread mismanagement of car loans, mortgages and bank accounts.
In a statement, the regulator said it ordered the bank to pay a $1.7 billion civil penalty, and another $2 billion to pay back more than 16 million customers