Consumer Protection
CFPB fines Wells Fargo $185M for secretly opening millions of unauthorized accounts
Sep 8, 2016
Employees opened over 2 million unauthorized deposit and credit card accounts to meet sales targets. CFPB levied $100M penalty (largest to date), OCC fined $35M, Los Angeles fined $50M. Over 5,300 employees terminated. CEO John Stumpf subsequently resigned.
Key Details
Agency
CFPB / OCC
Date
September 8, 2016
Severity
Critical
Penalty
$185000000
Location
Corporate-wide
Domain
Consumer Protection
Primary Source
https://www.consumerfinance.gov/about-us/newsroom/consumer-financial-protection-bureau-fines-wells-fargo-100-million-widespread-illegal-practice-secretly-opening-unauthorized-accounts/
Direct link to original government or public record