Wells Fargo to Pay $575 Million to Settle Nationwide Probe into its Misconduct
California News ı By Marivic Cabural Summers
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The bank admitted that 110,000 borrowers were inappropriately charged rate lock extension fees when it implemented a new Rate Lock Extension Fee policy. It identified and notified affected customers and refunded or agreed to refund over $100 million in rate lock extension fees.
California will get $148.7 million from the settlement
In a statement, California Attorney General Xavier Becerra, said, Wells Fargo “exploited” its customers by “signing them up for products they never wanted.” He emphasized that such action is “an incredible breach of trust” that threatens not just the customers but also the confidence in the banking system.
Additionally, Becerra stated, “As our investigation found, Wells Fargo’s conduct was unlawful.”
Becerra will obtain $148.7 million for California from the $575 settlement with the bank for its dishonest practices. The settlement is subject to court approval.
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