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Wells Fargo Hammered by Feds for Auto Loan/Insurance Scam

Wells Fargo continues to try and change its culture of defrauding customers to book fees. Wells Fargo was hit today with a $1 billion fine by The Consumer Financial Protection Bureau and The Office of The Comptroller of the Currency. The enormous fine is meant to punish the bank for disregarding its own advertising promise to lock in interest rates on mortgages, as well as coercing consumers to pay for insurance on top of their auto loans that they did not need.

First found on: finance.yahoo.com And then on: 1 other references