On September 8, 2016, the CFPB, the OCC, and the City and County of Los Angeles entered into a Consent Order with Wells Fargo, with civil money penalties totaling $185 million. The CFPB’s portion of those penalties is $100 million, which is the largest fine the Bureau has imposed since opening its doors in July 2011. The alleged conduct in question involved bank employees opening new deposit and credit accounts, issuing debit cards, and initiating online banking services without the knowledge of customers.
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