Wells Fargo's Record $3.7 Billion Fine Shows Continued Progress on its Asset Cap
It's not often that a $3.7 billion settlement results in good news, but when it comes to Wells Fargo (NYSE: WFC), I see this as a positive development on what has been a long and bumpy road toward getting its costly asset cap removed.
The fine came from the Consumer Financial Protection Bureau (CFPB), which is penalizing Wells Fargo for improperly and illegally charging fees and interest on mortgage and auto loans. The infractions also include wrongly repossessing customers' vehicles and incorrectly processing payments on auto and mortgage loans.
Roughly $2 billion of the settlement will go to harmed customers, and $1.7 billion is a civil fine from the CFPB, and the largest one the government agency has issued in its history.
Source Fool.com
