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Wells Fargo Under Pressure to Pay $1B Over Consumer Abuses

The Consumer Financial Protection Bureau has been pushing Wells Fargo toward what would be a record settlement of more than $1 billion over consumer abuses. So reports Bloomberg.

CFPBThe news service cites “people with direct knowledge of the matter” as describing the demand, which indicates the regulator’s growing exasperation with Wells Fargo after several years of multiple sanctions.

The bank disclosed in a recent filing that its discussions with the CFPB include automobile and mortgage lending along with consumer-deposit accounts.

Read the full article from Bloomberg.

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