Enforcement actions

Not a penny of the $1 billion fine against Wells Fargo will end up in the hands of customers harmed by practices flagged by regulators.

The costly order against Wells Fargo contains both unexpected good news for the bank and more potential problems for its CEO.

Months after President Trump vowed that Wells Fargo would pay a severe penalty, the CFPB and OCC hit the bank with a $1 billion fine to settle claims it overcharged customers for auto insurance and home loans.

The latest fine from regulators was leveled against the bank on Friday. But it's far from the only penalty it has paid in recent years, and more may be on the way.

The CFPB and OCC are expected to assess a $1 billion fine against Wells Fargo for allegedly overcharging customers for auto insurance and home loans.

In his first of two Capitol Hill hearings this week, Democrats hammered the acting director of the Consumer Financial Protection Bureau for ignoring what they view as the agency's core purpose.

The agency said Cross River Bank and an affiliated debt settlement company misled customers into thinking a debt consolidation program would settle their debts and boost their creditworthiness.

In the joint report with the Federal Trade Commission on debt collection practices, the CFPB said it had initiated four enforcement actions last year, had resolved one case and has five others pending.

The top examiner of Wells Fargo at the Office of the Comptroller of the Currency improperly revealed to the San Francisco bank the existence of a government investigation, according to the Treasury's inspector general.

Royal Bank of Scotland Group has agreed to pay $500 million to the state of New York after a $5.5B agreement last year with the FHA, and another probe is pending.