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Similarly, Wells Fargo was fined $3.7 billion by the CFPB in December 2022, in part for imposing “surprise overdraft fees.” The agency maintained the bank charged the fees to some customers ...
[1] [2] Since its establishment, the CFPB has actively gone after banks and other financial service providers that have been determined to be "bad actors", such as when it fined Wells Fargo $100 million due to the Wells Fargo cross-selling scandal. [1] The CFPB had been seen as a bane by the Republican Party and as a sign of government overreach.
In the fourth quarter of 2024, Wells Fargo reported a net income of $5.1 billion and strong underlying business performance. The company saw growth in fee income, net interest income, and customer ...
Wells shares surged nearly 43% in 2024, handily outperforming the S&P 500 index and a benchmark for large-cap banks. However, putting the regulatory woes behind would provide another major lift.
In 2022, President Biden announced a broad program of debt relief for student loan borrowers, and FSA spent several months building a program that eventually saw eight million applicants. [142] However, this debt relief program was enjoined by the lower federal courts and invalidated by the U.S. Supreme Court in June 2023.
In April 2018, Mulvaney announced a $1 billion fine against Wells Fargo for fraudulent practices. The case against Wells Fargo started prior to Mulvaney's tenure, and there were reports that Mulvaney considered dropping the case. Amid this reporting, Trump warned that the bank would be fined. [104]
Wells Fargo, the fourth biggest U.S. bank by assets and a relatively small player on Wall Street, racked up the most fines on Tuesday, with $200 million in penalties.
Operation Choke Point was an initiative of the United States Department of Justice beginning in 2013 [1] which investigated banks in the United States and the business they did with firearm dealers, payday lenders, and other companies that, while operating legally, were said to be at a high risk for fraud and money laundering.