Wells Fargo being probed by consumer watchdog

Friday, 07. May 2021 03:22

Wells Fargo & Co. said it is being investigated by the Consumer Financial Protection Bureau (CFPB) over its banking practices.

In an SEC filing, the company revealed that the watchdog is looking into the bank's "past disclosures to customers" and whether it "unduly harmed" its consumers.

The probe relates to a sales misconduct dating back to 2016 when the bank's former officials were accused of creating fake bank accounts ever since 2002 in order to meet a sales quota.

Related Links: Wells Fargo & Company
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Breaking the News / NL