Home / Trending / Wells Fargo hit by record $1bn penalty

Wells Fargo hit by record $1bn penalty

Wells Fargo branch

Image copyright
Getty Images

Wells Fargo has been fined a record $1bn by two US regulators to get to the bottom of investigations into automotive insurance coverage and loan lending breaches.

The consequences were imposed by the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency.

The superb follows a gross sales scandal at Wells Fargo’s retail banking trade.

Last August the lender stated up to 3.5 million accounts may have been created for patrons with out their permission.

The accounts had been created over a length of 8 years.

About Aamir

Check Also

Court rules Obamacare is unconstitutional

Court rules Obamacare is unconstitutional

Image copyright AFP A federal pass judgement on in america state of Texas has dominated …