Wells Fargo has been ordered to pay $3.7 billion in fines.
- The banking giant was ordered by the Consumer Financial Protection Bureau to pay $2 billion in redress to customers and $1.7 billion in civil penalties.
- Consumers were reportedly illegally charged fees and interest charges on home and auto loans, resulting in financial harm and loss of vehicles and homes.
- According to the CFPB, Wells Fargo also incorrectly implemented overdraft charges to checking and savings accounts.
- More than 16 million customers were reportedly affected by these actions.