Reports: Wells Fargo to be fined $1B as early as Friday

NEW YORK (AP) — The New York Times and other news outlets are reporting that federal regulators plan to fine Wells Fargo as much as $1 billion as early as Friday for abuses tied to its auto lending and mortgage businesses.

The potential $1 billion fine would be largest ever imposed by the Office of the Comptroller of the Currency, the bank’s main federal regulator, and the Consumer Financial Protection Bureau.

San Francisco-based Wells Fargo said last week that it was in negotiations with federal regulators to pay as much as $1 billion in fines to settle various charges, but that negotiations were still ongoing.
This would be the first fine against a bank by the Trump administration since Mick Mulvaney, acting director of the CFPB, took over the bureau in late-November.

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