September 8, 2016

The CFPB fined Wells Fargo Bank, N.A. $100 million for the widespread illegal practice of secretly opening unauthorized deposit and credit card accounts.  Wells Fargo employees opened more than 200 million accounts that may not have been authorized.  In addition to the $100 million CFPB penalty, the largest the CFPB has ever imposed, Well Fargo will pay full restitution to the victims and two other penalties totaling $85 million.  CFPB

Tagged in: Financial Institution Fraud,