14 Sep 2016
When Wells Fargo was hit last week with $185 million in fines after thousands of its employees were caught setting up fake accounts that customers didn’t ask for, regulators heralded the settlement as a breakthrough.
The Consumer Financial Protection Bureau noted that the $100 million it will collect as part of the deal was the agency’s “largest penalty” ever. The head of the Office of the Comptroller of the Currency, a banking regulator, said its $35 million penalty would “demonstrate that such practices will not be tolerated and banks will be held responsible.” “This is a major victory for consumers,” said Los Angeles City Attorney Mike Feuer, touting the $50 million that the city extracted from the bank.
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