Wells Fargo Faces US Demand for Record Fine Exceeding $1 Billion
- CFPB stance is said to reflect frustration with repeat abuses
- Firm previously said it’s in talks to settle variety of probes
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Wells Fargo & Co. is under pressure from the Consumer Financial Protection Bureau to pay more than $1 billion to settle a series of investigations into mistreatment of customers, a deal that would shatter the agency’s previous record -- also with Wells Fargo.
The regulator’s demand in confidential talks, described by people with direct knowledge of the matter, reflects its escalating frustration with the bank, which has been punished multiple times by authorities over the past six years for a variety of past abuses. In March, CFPB Director Rohit Chopra vowed to ratchet up sanctions on large, repeat offenders, potentially even limiting their ability to engage in certain businesses.