President Donald Trump has apparently kept his promise that the Consumer Financial Protection Bureau, under the leadership of OMB Director Mick Mulvaney, isn't planning on dropping its pursuit of penalties against Wells Fargo for overcharging mortgage borrowers and forcing customers to buy auto insurance they didn't need.
According to Reuters, the CFPB is reportedly planning to levy a record fine against the bank that could exceed several hundred million dollars - and possibly be as high as $1 billion, per three people with knowledge of the agency's plans. If this comes to pass, it would be the largest fine ever levied by the CFPB. The agency previously fined Wells Fargo $100 million in September 2016. That is currently its largest ever fine.
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4 comments:
Fine after fine extorted from corrupt "institution" by gubmint "regulators". Over and over again. Both too big to fail. Is it just me, or is this the definition of insanity?
Fines are all well and good in these cases, but the money never seems to go to the victims.
857
Bingo!
Now you understand. Fines are the way the elites steal from publicly owned corporations. The share holders get raped. The consumer victims get nothing for their victimhood
948
Facism at its finest.
The merger of corporate greed with government power. Unstoppable!
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