From Casey, Fort Lauderdale, FL
I’ve had accounts at Wells Fargo, I even found a checking account in my group of accounts I never started. And yes, it accrued some charges from no use. After a complaint by me and a retroactive reimbursement, i decided to move past it. 6 months later the whole fiasco started all over again. To that I say Wells Fargo deserves the largest penalty in banking history. I’m done with the place.
Federal regulators are positioned to impose a $1 billion fine on Wells Fargo for years of selling unnecessary products to customers, the toughest action by the Trump administration against a major bank.
The penalty, part of an expected settlement on Friday between the bank and two regulators, the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, will punish Wells Fargo for forcing customers to buy auto insurance policies they did not need and other misdeeds, according to four people briefed on the regulatory action.
It is the latest blow to Wells Fargo. For years, it was regarded as one of the country’s best-run banks but lately has been reeling from a string of self-inflicted crises.
President Trump has been especially vocal about holding Wells to account, taking to Twitter last year to warn that the bank could face stiff penalties. But he has been equally adamant about dismantling banking rules, part of a broader regulatory rollback.
The consumer bureau is carrying out both agendas. The agency’s interim director, Mick Mulvaney, has pushed aggressively for the penalty against Wells. The consumer bureau’s portion of the penalty is likely to represent the largest fine in its history.