Just a day after documents emerged indicating that the penalty for Wells Fargo & Co.’s fake account scandal could have been far greater, the Federal Reserve Board chair has suggested it might take action.
Internal Consumer Financial Protection Bureau documents released by Republican lawmakers indicate that the regulator could have fined Wells Fargo more than $10 billion for its illegal sales practices.
Instead, the CFPB settled in September 2016 with the San Francisco-based bank-holding company for just $100 million — though that was the largest penalty ever imposed by the bureau.
Source: Mortgage Daily
