Years ago Wells Fargo settled with the SEC to the tune of $3 billion dollars stemming from a scandal where for nearly 18 years the bank opened fake accounts in customer’s names. The Justice Department did not send anyone to jail for that.
As part of the settlement, Wells Fargo admitted that it “unlawfully misused customers’ sensitive personal information” and harmed some customers’ credit ratings, collecting millions of dollars in fees and interest in the process.
Wells Fargo Reaches Settlement with Government Over Fake-Accounts Scandal – WSJ
Today, it was reported Wells Fargo reached a $3.7 billion settlement with regulators for illegally assessing fees and interest charges to consumers for home and auto loans. Some people had their cars repossessed. Still… not a single person is going to prison.
The settlement with the Consumer Financial Protection Bureau includes a $1.7 billion penalty and over $2 billion in consumer restitution, the regulatory agency said Tuesday.
The consumer watchdog agency said the bank illegally assessed fees and interest charges on loans for cars and homes. Some consumers had their vehicles illegally repossessed while others had overdraft fees unlawfully applied, the agency said.
“Wells Fargo’s rinse-repeat cycle of violating the law has harmed millions of American families,” said CFPB Director Rohit Chopra.
Wells Fargo Reaches $3.7 Billion Deal with Regulators Over Consumer Banking – WSJ
What will it take for the Justice Department to actually prosecute real crimes? Instead of the political shenanigans why don’t they do their freaking jobs and put some of these bankers in jail. Billions in fines with the pinky swear to never do it again doesn’t cut it.