The bank, one of the largest in Pennsylvania, was hit with the biggest penalty ever – $100 million – issued by the U.S. Consumer Financial Protection Bureau (CFPB), which reported that Wells Fargo had created more than two million unauthorized bank and credit card accounts in its customers’ names.

CFPB Fines Wells Fargo $100 Million for opening unauthorized accounts 21 sep 2016 One of the nation’s largest banks, Wells Fargo Bank, N.A., must pay a fine of $100 million to the Consumer Financial Protection Bureau (CFPB) for violating multiple sections of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).

At the time, the potential fine was thought to be less than the $100 million fine levied against Wells Fargo by the CFPB for the bank’s fake account scandal in 2016. But it looks like Wells Fargo.

The Consumer Financial Protection Bureau levied the largest fine in its history – $100 million – against Wells Fargo Thursday for the "widespread unlawful" practices of employees who opened more.

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CFPB employees ultimately recommended a $100 million fine against Wells Fargo — representing the largest fine ever levied in the CFPB’s history at the time — to "sufficiently deter similar.

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Today the Consumer Financial Protection bureau (cfpb) fined wells Fargo Bank, N.A. $100 million for the widespread illegal practice of secretly opening unauthorized deposit and credit card accounts.

Last year, the CFPB and two other regulators reached a $185 million settlement with Wells Fargo after discovering the third-largest U.S. lender had opened as many as 2.1 million bank and card.

Last year, Wells Fargo. 2.1 million fake bank accounts for customers without their permission. That number has since grown to 3.5 million, noted the report. The CFPB got $100 million in the.

WASHINGTON – President Trump promised Friday to pursue banks found to have committed fraud against their customers, disputing reports that his administration would backtrack on a $100 million fine.

WASHINGTON (Reuters) – The top U.S. watchdog for consumer finance is seeking a record fine against Wells Fargo & Co that. would settle both those matters and dwarf the $100 million the CFPB fined.

At the time, the potential fine was thought to be less than the $100 million fine levied against Wells Fargo by the CFPB for the bank’s fake account scandal in 2016. But it looks like Wells Fargo.