Wells Fargo agrees to $3.7 billion settlement with CFPB over consumer abuses

Finance


Charles Scharf, chief executive officer of Wells Fargo & Co., listens during a House Financial Services Committee hearing in Washington, D.C., U.S., on Tuesday, March 10, 2020.

Andrew Harrer | Bloomberg | Getty Images

Wells Fargo has agreed to a $3.7 billion settlement with the Consumer Financial Protection Bureau over customer abuses tied to mortgages, auto loans and overdraft fees, the regulator said Tuesday.

“Wells Fargo’s rinse-repeat cycle of violating the law has harmed millions of American families,” Rohit Chopra, head of the CFPB, said in the release. “The CFPB is ordering Wells Fargo to refund billions of dollars to consumers across the country. This is an important initial step for accountability and long-term reform of this repeat offender.”

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