Violation Tracker Individual Record

Company: 
Wells Fargo & Company
Current Parent Company: 
Wells Fargo
Penalty: 
$85,000,000
Year: 
2011
Date: 
July 20, 2011
Primary Offense: 
banking violation
Secondary Offense: 
mortgage abuses
Violation Description: 

The Federal Reserve Board issued a consent cease and desist order and assessed an $85 million civil money penalty against Wells Fargo & Company addressing allegations that Wells Fargo employees steered potential prime borrowers into more costly subprime loans and separately falsified income information in mortgage applications.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Federal Reserve
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
California
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.