Report: Wells Fargo faces fine of up to $1 billion


Wells Fargo & Co. will be subject to a record fine as high as $1 billion for auto insurance and mortgage lending abuses, according to a report from Reuters.

Citing what it says are three sources familiar with this situation, the news service said Mick Mulvaney, whom President Donald Trump picked in November to head the Consumer Financial Protection Bureau (CFPB) on an interim basis, is eying a penalty that would dwarf the agency’s previous record $142 million fine levied in response to the 2016…

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