by Onize Ohikere
Posted 4/20/18, 10:24 am
Federal regulators on Friday slapped Wells Fargo with a $1 billion combined fine for mortgage and auto loan abuses. The fine includes a $500 million payment to the office of the Comptroller of the Currency—the bank’s main regulator—and $500 million to the Consumer Financial Protection Bureau (CFPB). This marks the first penalty issued since Mick Mulvaney took over as CFPB director in late November under the Trump administration. Wells Fargo has faced several scandals in recent years.