CFPB Orders Wells Fargo to Pay $3.7 Billion...

for Widespread Mismanagement of Auto Loans, Mortgages, and Deposit Accounts

Company repeatedly misapplied loan payments, wrongfully foreclosed on homes and illegally repossessed vehicles, incorrectly assessed fees and interest, charged surprise overdraft fees, along with other illegal activity affecting over 16 million consumer accounts

www.consumerfinance.gov

CFPB is ordering Wells Fargo Bank to pay more than $2 billion in redress to consumers and a $1.7 billion civil penalty for legal violations across several of its largest product lines.