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Wells Fargo Said to Be Target of $1 Billion U.S. Fine

April 19, 2018View for printing

Federal regulators are poised to impose a $1 billion fine on Wells Fargo for years of selling unnecessary products to customers, the toughest action by the Trump administration against a major bank.

The penalty, part of an expected settlement on Friday between the bank and two regulators, the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, will punish Wells Fargo for forcing customers to buy auto insurance policies they did not need and other misdeeds, according to four people briefed on the regulatory action.

By EMILY FLITTER and GLENN THRUSH

https://www.nytimes.com/2018/04/19/bu ... av=top-news
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