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Wells Fargo Fined $1 Billion Over Consumer-Business Missteps

The settlement covers issues in Wells Fargo’s auto-lending and mortgage units.

By Laura J. Keller | Updated on April 20, 2018
Wells Fargo to pay $1 billion fine.

Wells Fargo & Co. will pay $1 billion to settle U.S. probes into mistreatment of consumers, the largest sanction of a U.S. bank under President Donald Trump, as the firm tries to resolve a year and a half of scandals across its operations.

The bank will pay $500 million in penalties each to the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, according to a statement Friday from the CFPB. Wells Fargo warned shareholders last week it would soon face a fine of that size, which it planned to book retroactively in the first quarter. The bank remains under a Federal Reserve penalty that bans growth in total assets.

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