Wells Fargo settles with CFPB for $3.7 billion, stock down premarket
Yahoo Finance Live anchors discuss reports that Wells Fargo has reached a $3.7 billion settlement with the Consumer Financial Protection Bureau (CFPB).
Video Transcript
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JULIE HYMAN: And got to move on to some breaking news that we are just getting. Wells Fargo agreeing to a $3.7 billion settlement with the Consumer Financial Protection Bureau. That's to settle a variety of allegations surrounding the mistreatment of customers.
The head of the CFPB, Rohit Chopra, said in a statement that Wells Fargo's rinse-repeat cycle of violating the law has harmed millions of American families. And calls the settlement an initial step for accountability and long-term reform of this repeat offender.
Indeed, this is not the first time we have seen a settlement between the bank and the United States. And the shares are taking a bit of a hit this morning. We'll bring you more developments on that as we get them.
