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Violation Tracker Individual Record

Company: Wells Fargo Bank, N.A.
Current Parent Company: Wells Fargo
Penalty: $2,090,000,000
Year: 2018
Date: August 1, 2018
Offense Group: financial offenses
Primary Offense: toxic securities abuses
Secondary Offense: investor protection violation
Mega-Scandal: Toxic Securities
Violation Description: Wells Fargo Bank, N.A. and several of its affiliates agreed to pay a civil penalty of $2.09 billion under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) based on the bank's alleged origination and sale of residential mortgage loans that it knew contained misstated income information and did not meet the quality that Wells Fargo represented.
Level of Government: federal
Action Type: agency action
Agency: Justice Department Civil Division
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: California
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.