919. Wells Fargo Surpasses FTX Scams by 4X | Banks vs Crypto
Dec 22, 2022 ·
20m 31s
Federal regulators fined Wells Fargo a record $3.7 billion on Tuesday for “widespread mismanagement” over multiple years that harmed over 16 million consumer accounts. The Consumer Financial Protection Bureau said...
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Federal regulators fined Wells Fargo a record $3.7 billion on Tuesday for “widespread mismanagement” over multiple years that harmed over 16 million consumer accounts.
The Consumer Financial Protection Bureau said Wells Fargo’s “illegal activity” included repeatedly misapplying loan payments, wrongfully foreclosing on homes, illegally repossessing vehicles, incorrectly assessing fees and interest and charging surprise overdraft fees. The CFPB ordered Wells Fargo (WFC) to pay the $1.7 billion civil penalty in addition to more than $2 billion to compensate consumers for a range of “illegal activity.” CFPB officials say this is the largest penalty imposed by the agency.
~This episode is sponsored by Trezor~
Trezor website ➜ https://trezor.go2cloud.org/aff_c?offer_id=134&aff_id=32241
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The Consumer Financial Protection Bureau said Wells Fargo’s “illegal activity” included repeatedly misapplying loan payments, wrongfully foreclosing on homes, illegally repossessing vehicles, incorrectly assessing fees and interest and charging surprise overdraft fees. The CFPB ordered Wells Fargo (WFC) to pay the $1.7 billion civil penalty in addition to more than $2 billion to compensate consumers for a range of “illegal activity.” CFPB officials say this is the largest penalty imposed by the agency.
~This episode is sponsored by Trezor~
Trezor website ➜ https://trezor.go2cloud.org/aff_c?offer_id=134&aff_id=32241
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