Violation Tracker Individual Record

Company: 
Wells Fargo Bank
Current Parent Company: 
Wells Fargo
Penalty: 
$100,000,000
Primary Offense: 
banking violation
Secondary Offense: 
consumer protection violation
Violation Description: 

The Consumer Financial Protection Bureau fined Wells Fargo Bank, N.A. $100 million for what the bureau said was the widespread illegal practice of secretly opening unauthorized deposit and credit card accounts. Spurred by sales targets and compensation incentives, employees boosted sales figures by covertly opening more than two million accounts and funding them by transferring funds from consumers' authorized accounts without their knowledge or consent, often racking up fees or other charges. Wells Fargo was ordered to pay full restitution to all victims and a $100 million fine to the CFPB's Civil Penalty Fund.

Year: 
2016
Agency: 
Consumer Financial Protection Bureau
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
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.