Federal regulators slapped Wells Fargo with yet another fine for failing to move fast enough to compensate customers who were victims of the bank’s “unsafe or unsound” practices.
The Office of the Comptroller of the Currency, the banking regulator within the Treasury Department, told the scandal-plagued bank it must pay $250 million because it couldn’t -— or wouldn’t — make good on its promises. The punishment stems from a 2018 order that found problems with the bank’s auto and home lending operations, including insufficient risk-management practices and improper fines imposed on customers.
At the time, as part of a $1 billion settlement, the bank agreed to improve its practices and pay restitution to customers. But that’s not happening fast enough, according to the OCC.
“Wells Fargo has not met the requirements of the OCC’s 2018 action against the bank. This is unacceptable,” said Acting Comptroller Michael J. Hsu.