![]() "Because of the severity of these violations, Wells Fargo is paying the largest penalty the CFPB has ever imposed," said CFPB Director Richard Cordray. It's also on the hook to pay full restitution to all victims of the scheme. It also will pay $50 million to the City and County of Los Angeles, along with a $35 million penalty to the Office of the Comptroller of the Currency. The bank must pay $100 million to the CFPB - the largest fine ever levied by the federal consumer watchdog. More than 2 million deposit and credit card accounts may have been created without customer authorization. ![]() Thousands of Wells Fargo employees opened the accounts in secret so they would get bonuses for hitting their sales targets, according to investigators. Wells Fargo Bank has been ordered to pay $185 million in fines and penalties to settle what the Consumer Financial Protection Bureau calls "the widespread illegal practice of secretly opening unauthorized deposit and credit card accounts." ![]() Regulators announced Thursday that Wells Fargo is being fined $185 million to settle allegations that it secretly opened unauthorized accounts for customers in order to meet sales goals. ![]()
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