- President Donald Trump rejected the idea that Wells Fargo would skate on penalties associated with claims of mortgage lending abuse.
- Reports circulated this week that Mick Mulvaney, interim head of the CFPB, was reviewing prior settlements the agency had made in enforcement actions.
President Donald Trump rejected the notion Friday that Wells Fargo would skate on penalties associated with claims of mortgage lending abuse.
Reports circulated earlier this week that Mick Mulvaney, interim head of the Consumer Financial Protection Bureau, was reviewing prior settlements the agency had made in enforcement actions.
Among them was a payout in the tens of millions of dollars regarding a practice in which Wells Fargo was charging borrowers fees to secure low mortgage rates. The practice reportedly affected more than 100,000 borrowers, and the bank has conceded that a “substantial number” of those customers were charged inappropriately.
But Trump asserted in a tweet that the CFPB will not be letting Wells Fargo off the hook and said the penalties actually could increase.
Fines and penalties against Wells Fargo Bank for their bad acts against their customers and others will not be dropped, as has incorrectly been reported, but will be pursued and, if anything, substantially increased. I will cut Regs but make penalties severe when caught cheating!
The development comes as Mulvaney has promised substantial changes at the bureau, which he once called a “joke.” He has vowed to examine open cases under his predecessor, Richard Cordray, who resigned last month.
For its part, Wells Fargo has pledged to reimburse customers for any wrongful charges. The bank did not respond to a request for comment on Trump’s tweet.
Courtesy of CNBC and credit to Jeff
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