Wells Fargo called 'reckless,' hit with $1B fine

In deal, bank to pay for years of loan misdeeds

Posted: April 21, 2018 at 4:30 a.m.

People pass a Wells Fargo bank in Los Angeles on Thursday. The banking company was hit with a $1 billion civil penalty Friday by federal regulators over “reckless, unsafe or unsound practices and violations of law” that cost customers millions of dollars. Some customers had cars wrongfully repossessed.

Federal regulators hit Wells Fargo with a $1 billion civil penalty Friday after finding that the company had failed to catch problems in its auto and mortgage businesses over several years, cost customers millions of dollars and even wrongfully repossessed their cars.

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