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The Times of India
The Times of India
Business
Bloomberg

Wells Fargo to pay $3.7 billion for mistreating customers

Wells Fargo CFPB Charlie Scharf Rohit Chopra Consumer Financial Protection Bureau Wells Fargo & Co. New York

NEW YORK: Wells Fargo & Co agreed to a $3.7 billion settlement with the Consumer Financial Protection Bureau to settle a variety of allegations of mistreating customers, including a $1.7 billion fine that’s the biggest in CFPB history.

The agreement includes more than $2 billion in “redress to consumers,” the CFPB said in a statement Tuesday that cited “widespread mismanagement” of auto loans, mortgages and deposit accounts.

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