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CFPB, OCC fine Wells Fargo $1B
The CFPB and the Office of the Comptroller of the Currency (OCC) on Friday announced a settlement with Wells Fargo Bank that includes a $1 billion fine for violating the Consumer Financial Protection Act (CFPA). The bank must also reimburse affected consumers and take steps to strengthen its risk and compliance management.
The penalty comes as regulators determined Wells Fargo violated the CFPA by forcing customers to unnecessarily buy auto insurance policies and in how it charged certain borrowers for mortgage interest rate-lock extensions.
The bank has told the CFPB that it has discontinued the practices that led to the violations and has already begun to remediate with consumers.
Wells Fargo will be credited for the $500 million penalty collected by the OCC toward the $1 billion total.
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