Wells Fargo's $1 billion fine doesn't fit the 'crime': Securities attorney [CNBC]
Comcast Corporation - Class A (CMCSA)
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Source: CNBC
The $1 billion that Wells Fargo must pay to settle lending abuses is not high enough, securities attorney Andrew Stoltmann says. The executives and the board of directors were responsible for this, and I don't think the actual fine fits the crime, he says. Published 1 Hour Ago CNBC.com show chapters The $1 billion that Wells Fargo must pay to settle lending abuses is not high enough, securities attorney Andrew Stoltmann told CNBC on Friday. The Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency announced the settlement on Friday . The CFPB said Friday the violations were connected with how Wells Fargo administered a mandatory insurance program in its auto loan business and how it charged certain borrowers for mortgage interest rate lock products. Stoltmann said the fine is about 2 to 2.5 percent of the firm's net income from last year. The executives and the board
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