Washington, San Francisco US bank Wells Fargo is once again paying dearly for its consumer credit scandals. The money house pays a total of 3.7 billion dollars (3.5 billion euros) in fines and compensation, as the US regulator Consumer Financial Protection Bureau (CFPB) announced on Tuesday. “Wells Fargo’s repeated violations of the law have put millions of American families at risk,” said CFPB Director Rohit Chopra.
The authority accuses Wells Fargo, among other things, of having collected illegal fees for car and home loans for years. In addition, the bank charged savings and checking accounts with unlawful overdraft interest and other illegal debits. Wells Fargo will pay over $2.0 billion in the settlement to compensate more than 16 million customers. In addition, the CFPB imposed a record fine of $1.7 billion.
Wells Fargo has been under pressure for years because of a series of scandals. The financial group has already received a number of sensitive penalties and sanctions. The focus was initially on an affair about fictitious accounts. In 2016, Wells Fargo admitted that employees had been opening unauthorized bank and credit card accounts on a massive scale for years. More serious violations of the rules followed later. The stock initially reacted with price losses on Tuesday.
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