CHARLOTTE, N.C. — Wells Fargo is facing $3.7 billion in fines and restitution after reaching a settlement with federal regulators Tuesday to resolve multiple issues related to auto lending, mortgages and consumer deposit accounts.
The Consumer Financial Protection Bureau said it ordered the bank to pay a $1.7 billion fine, and refund more than $2 billion to customers for “widespread mismanagement” of those kinds of accounts.
Wells Fargo is entering a new consent order with the agency that will require the bank to pay the fine, pay back customers and stop charging surprise overdraft fees, among other things.
