The president is firing back at reports his administration will drop fines and penalties against Wells Fargo & Co., suggesting they could even be increased.

News reports Thursday indicated that the new acting head of the Consumer Financial Protection Bureau, Mick Mulvaney, was reviewing whether the bank should pay tens of millions of dollars over alleged mortgage abuse.

In October, the San Francisco-based bank-holding company disclosed that it improperly charged some borrowers fees for mortgage rate lock extensions.

Source: Mortgage Daily