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Where the $1 billion from the Wells Fargo settlement goes

Source: Tobie Stanger, Consumer Reports

Wells Fargo bank will pay $1 billion in civil penalties and compensate hundreds of thousands of victims of its abusive lending practices, according to settlements by the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency.

In a departure from how the CFPB worked under its former director, Richard Cordray, the consent order issued by the bureau doesn’t say how much Wells Fargo has to give back to consumers allegedly harmed by the bank’s activities.

Read Full Article: Where the $1 billion from the Wells Fargo settlement goes

 
 
 

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