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Wells Fargo Hit With $1 Billion Fine For Lending Practices

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Wells Fargo Hit With $1 Billion Fine For Lending Practices
The Consumer Financial Protection Bureau penalized the bank for some of its car insurance and mortgage practices.
SHOW TRANSCRIPT

The Consumer Financial Protection Bureau hit Wells Fargo with a $1 billion fine Friday.

The total penalty is a joint agreement with a Treasury Department office that already fined Wells Fargo $500 million. That penalty will be credited toward the $1 billion fine the CFPB levied.

The penalty stems from some of the bank's car insurance and mortgage practices. 

Court documents say the bank forced hundreds of thousands of customers to buy unnecessary car insurance. And for mortgages, it sometimes charged home buyers a fee that the bank should've paid.

Beyond the fine, the document says Wells Fargo is working to fix things with the affected customers.