Wells Fargo to pay $3.7 billion in fines, penalties for widespread consumer law violations in auto, mortgage loans

Apparently, Wells Fargo has been doing some of their customers filthy and now they’re going to have to pay the price for it!

According to @CNNBusiness, this Tuesday the major bank was hit with a $1.7 billion fine for “widespread mismanagement” over multiple years that harmed over 16 million consumer accounts.

Not only were they given the hefty civil penalty, but they were also ordered to pay more than $2 billion to compensate consumers for a range of “illegal activity.” The Consumer Financial Protection Bureau said Wells Fargo’s “illegal activity” included repeatedly misapplying loan payments, wrongfully foreclosing on homes, illegally repossessing vehicles, incorrectly assessing fees and interest, and charging surprise overdraft fees, the news site notes. Rohit Chopra, the CFPB’s director, said in a statement, “Wells Fargo’s rinse-repeat cycle of violating the law has harmed millions of American families.”