Omaha, Nebraska 2021-09-13 07:30:34 –
Washington, DC: Wells Fargo is facing business restrictions as it has been fined $ 250 million and failed to properly repay customers who have charged excessive or inappropriate fees.
“Wells Fargo does not meet the requirements of the OCC’s 2018 proceedings against banks, which is unacceptable,” said Deputy Monetary Authority Michael Su in a statement.
In 2018, Wells Fargo agreed to a joint $ 1 billion settlement with regulators. Regulators have discovered that banks have inadvertently insured hundreds of thousands of drivers and regularly assessed excessive and inappropriate rates for homebuyers.
In a statement, Wells Fargo CEO Charles Schaff said the new penalty indicates that more work is needed to address the “serious and long-standing flaws.”
“Our work to build the right foundation for a company of our size and complexity will not follow a straight line. We are managing multiple issues at the same time and progress is progressing with recession. It happens. Still, we believe we have made great strides, “he added, as Reuters quoted.
The penalty represents the latest accusations against banks that began dealing with widespread customer abuse nearly five years ago.
Wells Fargo again fined for defrauding customers Source link Wells Fargo again fined for defrauding customers