Wells Fargo Bank, N.A.
On April 20, 2018, the Bureau issued an order against 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 of 2010 (CFPA) in the way it administered a mandatory insurance program related to its auto loans. The Bureau also found that Wells Fargo violated the CFPA in how it charged certain borrowers for mortgage interest rate-lock extensions. The order requires Wells Fargo to remediate harmed consumers and undertake certain activities related to its risk management and compliance management. The order also imposes a $1 billion penalty against the bank, $500 million of which will be remitted to the OCC for the satisfaction of its fine. On December 20, 2022, the order was modified.
Stipulation and consent to modification
Bureau of Consumer Financial Protection Announces Settlement With Wells Fargo For Auto-Loan Administration and Mortgage Practices