CFPB v. Wells Fargo Bank, N.A.

Wells Fargo Bank, N.A. allegedly engaged in unfair acts and practices in violation of the Consumer Financial Protection Act of 2010 by incorrectly applying consumer payments; charging borrowers incorrect fees, interest, or other amounts; wrongly repossessing borrowers’ vehicles; and failing to refund consumers who had paid certain fees upfront to automobile dealers when warranted. Wells Fargo also allegedly engaged in unfair practices by improperly denying mortgage loan modifications, miscalculating fees and other charges, and assessing unwarranted charges and fees. With respect to deposit accounts, Wells Fargo allegedly froze multiple consumer accounts in instances of suspected fraud when lesser restraints were available; made deceptive claims as to the availability of waivers of monthly service fees; and unfairly charged overdraft fees even if the consumer had enough funds available in their account to cover the amount of the transaction at the time they made it, according to CFPB.

Summary generated from official Consumer Financial Protection Bureau press release