CFPB orders Wells Fargo to pay $3.7 billion largest CFPB fine

The Consumer Financial Protection Bureau orders Wells Fargo to pay $3.7 billion in total penalties, including a record $1.7 billion civil money penalty plus $2 billion in consumer restitution, for widespread illegal conduct spanning millions of accounts. The CFPB finds Wells Fargo illegally charged surprise overdraft fees, wrongfully repossessed cars, incorrectly applied mortgage payments causing customers to lose their homes, and improperly denied mortgage modifications. CFPB Director Rohit Chopra calls it "a multibillion-dollar fine for repeat offenders." The action is part of Biden's broader CFPB crackdown on big bank consumer abuses.