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Wells Fargo on Thursday was ordered to pay a total of $185 million – including a $100 million fine from CFPB, the largest fine set ever by the bureau – for allegedly secretly opening unauthorized deposit and credit card accounts for consumers to boost sales figures.

Wells Fargo is also being ordered to pay restitution to the victims, to pay $50 million to the city and county of Los Angeles and to pay $35 million to the Office of the Comptroller of the Currency. The $100 million CFPB fine will go to the bureau's Civil Penalty Fund.

Wells Fargo also fired 5,300 employees involved in the offending behavior, according to the consent order.

CFPB said thousands of bank employees opened more than 2 million deposit and credit card accounts without permission in order to collect fees and other charges.

"Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses," said CFPB Director Richard Cordray. "Because of the severity of these violations, Wells Fargo is paying the largest penalty the CFPB has ever imposed. Today's action should serve notice to the entire industry that financial incentive programs, if not monitored carefully, carry serious risks that can have serious legal consequences."

Thursday's CFPB enforcement action was taken under the Dodd-Frank Act's provisions on unfair, deceptive or abusive acts and practices (UDAAP). The order covers actions dating back to Jan. 1, 2011, and it also requires Wells Fargo to hire an independent consultant to conduct a review of its procedures.

A NAFCU webcast on UDAAP is set for Sept. 27; the webcast will focus on the broad definition of UDAAP, how CFPB enforcement actions have defined UDAAP so far and possible future targets for UDAAP actions.