Wells Fargo pays CFPB $3.7 billion settlement for consumer abuses.

By The Exchange Team

Wells Fargo settled with the CFPB for customer abuses related to checking accounts, mortgages, and auto loans for $3.7 billion.

The CFPB stated that the corporation must pay a record $1.7 billion civil penalty and more than $2 billion to 16 million customers.

In a second statement, the San Francisco bank stated many "necessary steps" related to the settlement had been performed.

"The bank's illegal behaviour caused billions of dollars in financial harm to its customers."

"As well as the loss of thousands of customers' vehicles and homes," the agency said in a statement.

"Consumers were unjustly levied fees and interest on auto and mortgage loans, had their automobiles wrongfully repossessed."

"And the bank misapplied payments to auto and mortgage loans."