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Public Justice Statement on $1 Billion Fine Assessed to Wells Fargo
Today, the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau announced that Wells Fargo has been fined a total of $1 billion for its schemes forcing customers into car insurance and charging borrowers unfair mortgage fees. The press release from the CFPB did not specify what portion of the $1 billion, if any, would go to injured consumers.
Public Justice’s executive director Paul Bland had this to say on the news of the fine:
“We agree with assessing Wells Fargo a large penalty for its conduct, but to be truly tough on this issue, the administration must start enforcing the law against less prominent scams – not just the ones that are all over cable news. This administration and Mick Mulvaney’s Consumer Financial Protection Bureau declining to protecting Americans against many forms of financial fraud is the bigger story here.”