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Wells Fargo agreed to a $3.7 billion settlement with the Consumer Financial Protection Bureau over customer abuses tied to bank accounts, mortgages and auto loans, the regulator said Tuesday.
The bank was ordered to pay a $1.7 billion civil penalty and „more than $2 billion in redress to consumers,“ the CFPB said in a statement. In a separate statement, the San Francisco-based company said that many of the „required actions“ tied to the settlement were already done.
„The bank’s illegal conduct led to billions of dollars in financial harm to its customers and, for thousands of customers, the loss of their vehicles and homes,“ the agency said in its release.
