Wells Fargo under pressure from CFPB to pay over $1 billion in fine- Bloomberg News
Reuters
Published Nov 04, 2022 06:02PM ET
Updated Nov 04, 2022 06:25PM ET
(Reuters) -Wells Fargo is under pressure from the U.S. Consumer Financial Protection Bureau (CFPB) to pay more than $1 billion to settle a slew of investigations into customer mistreatment, Bloomberg News reported, citing people familiar with the matter.
The fourth-largest U.S. bank declined to comment on the report, while the CFPB did not immediately respond to a Reuters request for comment.
Last week, Wells Fargo (NYSE:WFC) revealed that it was in talks with CFPB to settle "a number" of probes, including for automobile and mortgage lending as well as consumer deposit accounts.
The regulator's demand reflects its escalating frustration with the bank, the news report said on Friday.
The potential fine comes after the bank posted $2 billion in operating losses related to litigation, customer remediation, and regulatory matters in the third quarter and took a 31% hit to its third-quarter profit last month.
The bank has operated since 2018 under consent orders from the Federal Reserve and two other U.S. financial regulators to improve governance and oversight, with the Fed also capping its assets at $1.95 trillion.
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Written By: Reuters
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