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Wells Fargo fined $1 billion for insurance and mortgage abuses

Apr 20, 2018

Wells Fargo fined $1 billion for insurance and mortgage abuses

Two federal regulators are fining Wells Fargo $1 billion for forcing customers into car insurance and charging mortgage borrowers unfair fees.

The penalty was announced Friday by the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency.

It is the harshest action taken by the Trump administration against a Wall Street bank.

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