CFPB Issues Largest Penalty for Fair Lending Violations

The Consumer Financial Protection Bureau (CFPB) recently ordered Wells Fargo to pay $3.7B in redress to consumers for fees obtained through illegal automobile and mortgage lending practices. The CFPB has authority granted under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), to penalize institutions who violate federal consumer financial laws by engaging in unfair, deceptive, or abusive acts or practices.  Explore this article discussing the enforcement action in greater detail and providing more specificity on the violations of law.

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