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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.
