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Wells Fargo slammed with $1B fine

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Wells Fargo

Federal regulators slapped Wells Fargo with a $1 billion fine on Friday over customer abuses in its auto-lending and mortgage businesses, the latest in a series of blows to the troubled San Francisco-based bank.

The fine, levied by the Office of the Comptroller of the Currency and the CFPB, marks the biggest enforcement action taken during the Trump administration against a bank and dwarfs previous penalties by the two agencies. It is also the first significant action by the consumer protection bureau since Mick Mulvaney took over as acting director in November.

"We have said all along that we will enforce the law," Mulvaney, who was installed by President Donald Trump, said in a statement. "That is what we did here.“

The CFPB and the OCC each fined Wells Fargo $500 million. The CFPB ordered Wells to wire the money within 10 days of the effective date of the settlement with the bank.

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