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Wells Fargo faces $1-bn fine from regulators for auto, mortgage loan issues

The US Federal Reserve has also imposed restrictions on the bank's growth, forbidding it to expand its balance sheet


Wells Fargo & Co has been offered a penalty of $1 billion by regulators to resolve outstanding investigations related to auto insurance and mortgage lending abuses, the third-largest US bank by assets said on Friday. Reuters reported on Monday that the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency were preparing a fine of up to $1 billion for Wells Fargo's auto insurance and mortgage lending abuses. The bank said it may have to revise its quarterly results to reflect the final settlement. "The CFPB and OCC have collectively ...

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First Published: Fri, April 13 2018. 20:16 IST