Banking regulator fines Wells Fargo $250 million over remediation shortcomings

September 9, 2021

WASHINGTON (Reuters) – A top U.S. banking regulator fined Wells Fargo $250 million and placed new restrictions on the bank’s business after finding shortcomings in its earlier efforts to pay back customers it had previously harmed.

The Office of the Comptroller of the Currency said the bank had not met the requirements of a 2018 consent order, when the regulator ordered the bank to pay back customers who were charged excessive fees.

(Reporting by Pete Schroeder; Editing by Leslie Adler)

Source Link Banking regulator fines Wells Fargo $250 million over remediation shortcomings