Wells Fargo Said to Be Target of $1 Billion U.S. Fine [The New York Times]
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Source: The New York Times
By EMILY FLITTER and GLENN THRUSH APRIL 19, 2018 Photo An expected $1 billion penalty against Wells Fargo would mark the toughest action that the Trump administration has taken against a major bank. Credit Daniel Tepper/Bloomberg Federal regulators are poised to impose a $1 billion penalty on Wells Fargo for a variety of alleged misdeeds, including forcing customers to buy auto insurance policies that they didn’t need, according to people briefed on the regulatory action. The expected penalty, levied by the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, is likely to be announced Friday. It would mark the toughest action that the Trump administration has taken against a major bank. And it is the latest blow to Wells Fargo, which for years was regarded as one of the country’s best-run banks but lately has been reeling from a string of self-inflicted crises. President Tru
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