Wells Fargo must pay $1 billion fine

Wells Fargo & Co. will pay $1 billion in penalties to regulators, as part of a consent order announced today with the Office of the Comptroller of the Currency and Consumer Financial Protection Bureau.

This new order was leveraged in response to fraudulent auto loan practices at Wells Fargo (NYSE: WFC) in regard to interest rate-lock extensions on home mortgages and collateral protection insurance placed on customers' auto loans. The CFPB previously levied a $142 million fine against Wells Fargo…

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