Wells Fargo to pay $1 billion in fines over auto, mortgage lending abuses

Federal regulators slapped Wells Fargo & Co. with a fine of $ 1 billion on Friday, punishing the San Francisco bank for abuses that harmed mortgage and auto loan borrowers, and for what regulators said was a pervasive and “reckless” lack of risk management.

The penalty, announced by the Office of…

This story original published here: LV Business Cycle – Lehigh Valley Business Cycle