Wells Fargo employees allegedly used customers’ personal information to subscribe them to products they didn’t request. The bank says it refunded $2.6 million to customers – with each refund averaging $25 – for any fees associated with products customers received that they may not have requested. Wells Fargo will pay a $100 million fine to the CFPB; $35 million to the OCC; $50 million to Los Angeles and $5 million in remediation to customers. The enforcement actions will likely cause regulators to look more closely at how banks incentivize sales associates, says Christopher Pierson.”]
Source: https://www.cuinfosecurity.com/regulators-slam-wells-fargo-for-identity-theft-a-9388