Consumer Bureau Action Tracker

CFPB – Wells Fargo


State

Nationwide

target

Wells Fargo Bank, N.A.

Topics

Enforcement, Deposits, Credit Cards

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.”

  • “Additionally, Wells Fargo said it terminated approximately 5,300 employees and managers over a five-year period for their involvement with the unauthorized accounts. The firings, representing roughly 1% of the total workforce during that time.” [Kevin McCoy, “Wells Fargo fined $185M for fake accounts; 5,300 were fired”, USA Today, 09/08/16]

Status

Inactive or Resolved


2016-CFPB-0015 9/8/2016 9/8/2016

Consumer Financial Protection Bureau Fines Wells Fargo $100 Million for Widespread Illegal Practice of Secretly Opening Unauthorized Accounts
http://www.consumerfinance.gov/policy-compliance/enforcement/actions/wells-fargo-bank-2016/

  • Consumer Financial Protection Bureau (CFPB)
  • Administrative filing
  • None
  • Bank
  • $185,000,000
  • Not Available

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