Wells Fargo fined $185 million for improper account openings

The CFPB says Wells Fargo staff opened over 2 million bank and credit card accounts that weren't authorized by customers

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NEW YORK (AP) – Regulators are fining Wells Fargo $185 million for illegally opening millions of unauthorized accounts for their customers in order to meet aggressive sales goals.

The San Francisco-based bank will pay $100 million to the Consumer Financial Protection Bureau, a federal agency created five years ago; $35 million to the Office of the Comptroller of the Currency and $50 million to the City and County of Los Angeles. It will also pay restitution to affected customers.

The CFPB says Wells Fargo sales staff opened more than 2 million bank and credit card accounts that may have not been authorized by customers.

In a statement, Wells Fargo said: “We regret and take responsibility for any instances where customers may have received a product that they did not request.”

(Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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