Wells Fargo could face $1 billion penalty for auto and mortgage abuses

April 14, 2018

Wells Fargo may pay a $1 billion penalty for forcing customers into car insurance and charging mortgage borrowers unfair fees.

The beleaguered bank warned on Friday that it may revise its first quarter earnings results because of the fine. The bank says that the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency have offered to resolve their investigations for that amount.

By Danielle Wiener-Bronner, CNN Money