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CFPB & OCC Reach Settlement with Wells Fargo
On Friday, April 20, 2018, the CFPB, in a coordinated action with the OCC, announced a settlement with Wells Fargo Bank, after the agencies found Wells Fargo violated the Consumer Financial Protection Act through the way the bank administered its insurance program related to auto loans. Under the terms of the consent orders, Wells Fargo must pay a $1 billion penalty, with $500 million going to the OCC, and $500 to the CFPB, and will also undertake certain activities related to its risk management and compliance management programs.