Wells Fargo says U.S. consumer watchdog has opened new probe on mishandling of accounts [View all]
Source: Reuters
Wells Fargo and Co. is facing a new probe from the U.S. consumer watchdog over how it disclosed and assessed monthly fees on certain consumer bank accounts in 2016, the bank disclosed in a regulatory filing on Thursday.
The Consumer Financial Protection Bureau (CFPB) is “investigating certain of the Company’s past disclosures to customers regarding the minimum qualifying debit card usage required for customers to receive a waiver of monthly service fees on certain consumer deposit accounts,” the bank said.
The probe is the latest regulatory hurdle for the San Francisco-based lender, which has been mired in scandal related to unauthorized product sales since it revealed here in 2016 that it had opened potentially millions of depository and credit card accounts without clients' permission.
In its latest filing, Wells Fargo reported that losses from all potential pending litigation related to its sales scandals as of March 31 could be as high as $2.6 billion, up from $2.4 billion at the end of last year.
Read more: https://www.reuters.com/article/wells-fargo-cfpb/wells-fargo-says-u-s-consumer-watchdog-has-opened-new-probe-on-mishandling-of-accounts-idUSL1N2MT2XU
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