Violation Tracker Individual Record

Company: 
Wells Fargo Bank
Current Parent Company: 
Wells Fargo
Penalty: 
$35,000,000
Year: 
2016
Date: 
September 8, 2016
Primary Offense: 
banking violation
Secondary Offense: 
consumer protection violation
Violation Description: 

The Office of the Comptroller of the Currency assessed a $35 million civil money penalty against Wells Fargo Bank, N.A., and ordered the bank to make restitution to customers who were harmed by the bank?s unsafe or unsound sales practices, including the unauthorized opening of deposit or credit card accounts and the transfer of funds from authorized, existing accounts to unauthorized accounts.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Office of the Comptroller of the Currency
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.