Government bureau finds the bank mistreated millions of customers.
The Consumer Financial Protection Bureau (CFPB) has ordered Wells Fargo Bank to pay restitution of over $2 billion to customers and a civil penalty of $1.7 billion for its illegal conduct.
CFPB stated that the “company repeatedly misapplied loan payments, wrongfully foreclosed on homes and illegally repossessed vehicles, incorrectly assessed fees and interest, charged surprise overdraft fees, along with other illegal activity affecting over 16 million consumer accounts.“
CFPB Director Rohit Chopra stated, “Wells Fargo’s rinse-repeat cycle of violating the law has harmed millions of American families.” At least 16 million consumer accounts were affected by the institution’s mismanagement.
As the Lord Leads, Pray with Us…
- For Director Rohit Chopra to be led by the Lord as he heads the CFPB.
- For U.S. officials as they seek to protect consumers from predatory business practices.
Sources: Consumer Finance Protection Bureau, Yahoo Finance
