First the president tweeted it. Then the company warned about it. Now it is official: Wells Fargo & Co. has agreed to a $1 billion settlement with federal regulators.

In December, President Donald Trump posted a tweet indicating that contrary to press reports, fines and penalties against Wells for recent scandals would be pursued and possibly increased substantially.

Trump was referring to regulatory actions to be taken against the San Francisco-based company for charging borrowers rate-lock extension fees even though loan delays were not the fault of its customers.

Source: Mortgage Daily