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US fines Wells Fargo $1bn for misconduct

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New York: Wells Fargo agreed to pay $1 billion in fines over US allegations of bank misconduct that damaged consumers — the largest such penalty so far under the administration of President Donald Trump, who has lambasted the scandal-hit bank. The big US bank, which has been under fire in the wake of a 2016 fake accounts scandal, will pay the fines to resolve alleged deficiencies in its mortgage and auto loan businesses uncovered by the Office of the Comptroller of the Currency and the Bureau of Consumer Financial Protection.


The OCC and the consumer bureau found that Wells Fargo improperly charged some customers in its auto loan programme and in some cases, “improperly repossessed” vehicles from borrowers who were unable to pay, said a regulatory order from the agencies. Wells Fargo was fined “given the severity of the deficiencies and violations of law, the financial harm to consumers, and the bank’s failure to correct the deficiencies and violations in a timely manner,” the OCC said in a news release. The bank neither admitted nor denied the allegations. — Reuters


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