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Wells Fargo Hit With $1 Billion In Fines Over Home And Auto Loan Abuses

Wells Fargo Hit With $1 Billion In Fines Over Home And Auto Loan Abuses

The Consumer Financial Protection Bureau is levying a $1 billion fine against Wells Fargo as punishment for the banking giant’s actions in its mortgage and auto loan businesses. Spencer Platt/Getty Images hide caption

The Consumer Financial Protection Bureau is levying a $1 billion fine against Wells Fargo as punishment for the banking giant’s actions in its mortgage and auto loan businesses.

The Consumer Financial Protection Bureau is levying a $1 billion fine against Wells Fargo – a record for the agency – as punishment for the banking giant’s actions in its mortgage and auto loan businesses.

Wells Fargo’s “conduct caused and was likely to cause substantial injury to consumers,” the agency said in its filings about the bank.

Wells Fargo broke the law by charging some consumers too much over mortgage interest rate-lock extensions and by running a mandatory insurance program that added insurance costs and fees into some borrowers’ auto loans, the CFPB said. Continue reading “Wells Fargo Hit With $1 Billion In Fines Over Home And Auto Loan Abuses”