Wells Fargo, Back in the Hot Seat, Could Face Over $1B in Fines

Wells Fargo appears to be back in the crosshairs of federal regulators, with Bloomberg reporting this month that the bank is expected to be fined more than $1 billion by the Consumer Financial Protection Bureau to settle investigations into its business practices.

Details on these inquiries were not made available, and the CFPB and Wells Fargo declined to comment to NerdWallet. However, in a filing with the Securities and Exchange Commission made in late October, Wells Fargo said it’s in “resolution discussions” with the CFPB on investigations regarding automobile lending, consumer deposits and mortgage lending.

Wells Fargo and the CFPB

This is hardly the start of Wells Fargo’s run-ins with the CFPB and other federal regulators. The bank’s fake accounts scandal — in which Wells Fargo admitted in 2016 to creating millions of fraudulent accounts for customers without their consent — was followed by a string of CFPB reprimands and other federal actions.

According to the most…

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This article was written by Cara Smith and originally published on www.nerdwallet.com