Loading ...Wells Fargo Ordered To Pay $3.7 Billion Over Widespread Illegal Activity
“Wells Fargo’s rinse-repeat cycle of violating the law has harmed millions of American families…“
Wells Fargo has been ordered to pay $3.7 billion by the Consumer Financial Protection Bureau (CFPB) for a variety of illegal activity, including wrongfully foreclosing on homes, illegally repossessing vehicles, incorrectly assessing fees and interest, and charging surprise overdraft fees.
The fine consists of more than $2 billion in redress to customers, and a $1.7 billion civil penalty.
“Wells Fargo’s rinse-repeat cycle of violating the law has harmed millions of American families,” said CFPB Director Rohit Chopra. “The CFPB is ordering Wells Fargo to refund billions of dollars to consumers across the country. This is an important initial step for accountability and long-term reform of this repeat offender.”
The issue I have with all those FINES on institutions (in general), are that they never are being divided onto the victims and only end up in the coffers of GOV.
The globalist agenda will be severely constrained if Powell keeps raising interest rates — so is this a “warning shot” to ALL the big banks that they better stop Powell from fighting the DAVOS/WEF agenda or they will face multi-billion $$ fines OR is this a valid fine for fraudulent action??
The big banks vs the globalists………….
This appears to be the final settlemnt and restitution phase of their past bad behavior over a number of years. The CEO they brought in a couple years back has worked to clean things up so this is pretty much old news. Having worked for a number of banks(not Wells Fargo) I have said before, they and almost all financial institutions including brokers, accounting and insurance companies as well, are involved in criminal activity. They all talk the talk, but if it means stopping a client from doing something illegal or losing that client’s business they usually choose to keep the client and look the other way.
Interesting CM…thanks for the inside scoop