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Violation Tracker Individual Record

Company: Wells Fargo Bank N.A.
Current Parent Company: Wells Fargo
Penalty: $575,000,000
Year: 2018
Date: December 28, 2018
Offense Group: financial offenses
Primary Offense: banking violation
Secondary Offense: consumer protection violation
Mega-Scandal: Bogus Bank Accounts
Violation Description: Wells Fargo Bank N.A. paid $575 million to settle multistate litigation alleging that it violated consumer protection laws by (1) opening millions of unauthorized accounts and enrolling customers into online banking services without their knowledge or consent, (2) improperly referring customers for enrollment in third-party renters and life insurance policies, (3) improperly charging auto loan customers for force-placed and unnecessary collateral protection insurance, (4) failing to ensure that customers received refunds of unearned premiums on certain optional auto finance products, and (5) incorrectly charging customers for mortgage rate lock extension fees.
Level of Government: state
Action Type: agency action
Agency: Multistate Attorneys General Case
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)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.