Wells Fargo agrees to pay back 16 million customers in a $3.7 billion settlement

WASHINGTON — Consumer banking giant Wells Fargo has agreed to pay $3.7 billion to settle a laundry list of fees that have harmed consumers by charging illegal fees and interest on auto loans and mortgages, as well as improperly applying overdraft fees to savings and savings accounts. ongoing.

The Consumer Financial Protection Bureau on Tuesday ordered Wells to repay consumers $2 billion and fined the bank $1.7 billion. It’s the largest fine yet against any bank by the CFPB and the largest against Wells, which has spent years trying to rehabilitate itself after a series of scandals related to its sales practices.

“Wells Fargo’s repeated rinse cycle of law violations has harmed millions of American families,” CFPB Director Rohit Chopra said in a statement Tuesday. “This is an important initial step for long-term accountability and reform for this repeat offender.”

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