April 21, 2018

Brown Statement On CFPB And OCC’s $500 Million Fines Against Wells Fargo For Auto Insurance And Mortgage Abuse

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – released the following statement following the announcement that Wells Fargo will be fined $500 million by the Consumer Financial Protection Bureau (CFPB) and $500 million by the Office of the Comptroller of the Currency (OCC) for forcing customers into unnecessary auto insurance and charging mortgage borrowers unfair fees.

“On the heels of the Senate voting to repeal the CFPB’s fair auto lending guidance, I’m glad to see the CFPB’s case against Wells Fargo for its auto and mortgage loan abuses was allowed to move forward,” said Brown. “While these are substantial fines, they barely dent the almost $24 billion the Administration has and will provide Wells Fargo through tax cuts and proposed capital relief.  I hope the CFPB and OCC continue to initiate investigations of financial crime and return money to cheated consumers through their own enforcement actions in the future.