Wells Fargo called the deal an “important milestone” for the bank’s progress after a series of scandals.
A bank spokeswoman told AFP that “essentials” of the damages provided for in the agreement have already been paid out to the bank’s clients.
This financial firm explained that it “worked to make changes” after regulators found “unacceptable practices.”
The first complaints date back to 2015 and were filed by the CFPB and another financial sector regulator, the Office of the Comptroller of the Currency. (OCC, Office of Comptroller of the Currency).
In particular, the bank was accused of irregularities in the management of automotive loans, which generated undue expenses or unjustified vehicle seizures.
In addition, the bank rejected for several years thousands of mortgage debtors to modify the conditions of their credits, a possibility that was contemplated by law and contracts.
This refusal, according to the CFPB, led to the seizure of some real estate, since the debtors could not honor their commitments.
“Wells Fargo’s repeated violations of the law harmed millions of American families,” CFPB Director Rohit Chopra was quoted as saying in a statement.
Wells Fargo paid $3 billion in 2020 in a complaint dating back to 2016opening from the year 2022 of millions of false accounts by customer managers to collect premiums.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
