Fine had been widely anticipated and comes after Donald Trump warned that administration planned to hold the bank to accountWells Fargo has agreed to pay $1bn to settle claims tied to its auto insurance, mortgage and other financial products in what is the largest fine levied against a major bank so far in the Trump administration. The fine had been widely anticipated and comes after Donald Trump warned that they planned to hold Wells Fargo to account. Last year, Trump warned on Twitter: “Fines and penalties against Wells Fargo Bank for their bad acts against their customers and others will not be dropped, as has incorrectly been reported, but will be pursued and, if anything, substantially increased. The $1bn fine comes on top of the $4.25bn the bank has set aside for liabilities related to the fake accounts scandal and the mortgage-backed securities issues it had before the financial crisis. While pushing for aggressive new fines against Wells Fargo, the CFPB head, Mick Mulvaney, is also charged with limiting the powers of the consumer protection bureau.

Source: The Guardian April 20, 2018 14:10 UTC