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Violation Tracker Individual Record

Company: Wells Fargo & Company
Current Parent Company: Wells Fargo
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Penalty: $85,000,000
Year: 2011
Date: July 20, 2011
Offense Group: financial offenses
Primary Offense: banking violation
Secondary Offense: mortgage abuses
Mega-Scandal: Predatory Lending
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 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.