CFPB Fines Wells Fargo for Auto Insurance Featured

By Staff Writer April 23, 2018

The Consumer Financial Protection Bureau announced a settlement with Wells Fargo Bank N.A. in a coordinated action with the Office of the Comptroller of the Currency (OCC).

The Bureau found that Wells Fargo violated the Consumer Financial Protection Act (CFPA) in the way it administered a mandatory insurance program related to its auto loans.

Under the terms of the consent orders, Wells Fargo will remediate harmed consumers and undertake certain activities related to its risk management and compliance management.

The Bureau assessed a $1 billion penalty against the bank for this violation and a mortgage violation. The CFPB credited the $500 million penalty collected by the OCC toward the satisfaction of its fine.

Last modified on Monday, 23 April 2018 12:53

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