Wells Fargo nears $1 billion settlement for loan abuses

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Wells Fargo nears $1 billion settlement for loan abuses

Wells Fargo nears $1 billion settlement for loan abuses

Reuters-

Wells Fargo & Co (WFC.N) is close to settling a record fine of $1 billion imposed by two U.S. regulators for its risk management business, a source familiar with the matter told Reuters on Thursday.

Last week, the U.S. Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) proposed Wells Fargo to pay the penalty to resolve probes into auto insurance and mortgage lending abuses at the third largest U.S. bank.

Wells Fargo declined to comment.

[REUTERS]

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One Response to “Wells Fargo nears $1 billion settlement for loan abuses”

  1. Charles Reed says:

    If they don’t take care of the SEC abuse of the WaMu’s Ginnie Mae MBS the penalty only going to get greater in size! $11 billion in fraudulent foreclosures!

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