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2023 Tax Calendar
VIEWpoint Issue 2 | 2022
On Dec. 20, 2022, the Consumer Financial Protection Bureau (CFPB) ordered Wells Fargo Bank (Wells Fargo) to pay a total of $3.7 billion due to an assortment of federal consumer protection regulation violations. Wells Fargo must pay $2 billion in redress to consumers and a $1.7 billion civil penalty for legal violations. The 32-page consent order sets forth how Wells Fargo violated regulations in three main areas:
According to the CFPB, Wells Fargo is a repeat offender that has been the subject of multiple enforcement actions by the CFPB and other regulators for violations across its lines of business, including faulty student loan servicing, mortgage kickbacks, fake accounts and harmful auto loan practices.
For more information on how to avoid consumer protection violations in your regulatory compliance program, contact Doeren Mayhew today.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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