Wells Fargo Bank, N.A.
Enforcement, Credit Cards, Deposits
The CFPB levied a $185 million fine on Wells Fargo, and mandated refunds for their wronged customers, for opening “as many as 2 million accounts that bank customers never wanted,” which the CFPB and others called a ‘major breach of trust’ and ‘outrageous.'” The investigations leading to CFPB’s record-fine “found that employees illegally transferred funds from genuine accounts into unauthorized ones, created PINs for unwanted debit cards and made up bogus email addresses to secretly sign customers up for online banking.” Wells Fargo claimed it fired 5,300 employees over involvement in the issue, agreed to apologize to its customers, and paid $100 million to the CFPB directly, “the largest fine the federal agency has ever imposed.”
Inactive or Resolved