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09-09-2016, 02:13 AM
Wells Fargo fined $185 million over phony accounts
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California and federal regulators fined Wells Fargo a combined $185 million on Thursday, alleging the bank's employees illegally opened millions of unauthorized accounts for their customers in order to meet aggressive sales goals.
The San Francisco-based bank will pay $100 million to the Consumer Financial Protection Bureau, a federal agency created five years ago; $35 million to the ****** of the Comptroller of the Currency and $50 million to the City and County of Los Angeles. It will also pay restitution to affected customers.
It is the largest fine the CFPB has levied against a financial institution and the largest fine in the history of the Los Angeles City Attorney's ******. Read more... (http://mashable.com/2016/09/08/wells-fargo-fake-accounts/?utm_campaign=Mash-Prod-RSS-Feedburner-All-Partial&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial)
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California and federal regulators fined Wells Fargo a combined $185 million on Thursday, alleging the bank's employees illegally opened millions of unauthorized accounts for their customers in order to meet aggressive sales goals.
The San Francisco-based bank will pay $100 million to the Consumer Financial Protection Bureau, a federal agency created five years ago; $35 million to the ****** of the Comptroller of the Currency and $50 million to the City and County of Los Angeles. It will also pay restitution to affected customers.
It is the largest fine the CFPB has levied against a financial institution and the largest fine in the history of the Los Angeles City Attorney's ******. Read more... (http://mashable.com/2016/09/08/wells-fargo-fake-accounts/?utm_campaign=Mash-Prod-RSS-Feedburner-All-Partial&utm_cid=Mash-Prod-RSS-Feedburner-All-Partial)
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