U.S. Consumer Financial Protection Bureau

Republican report accuses consumer watchdog of going easy on Wells Fargo

Republican report accuses consumer watchdog of going easy on Wells Fargo

The Consumer Financial Protection Bureau could have fined Wells Fargo & Co. more than $10 billion for its illegal sales practices but instead settled for $100 million, according to the agency's internal documents released by congressional Republicans this week.

The CFPB also had evidence that the bank's sales problems went back to at least 2006, far earlier than what Wells Fargo originally admitted.

The documents were released as part of a report issued by the staff of the House Financial Services Committee chairman, Rep. Jeb Hensarling (R-Texas).

Hensarling is a critic of the CFPB who, along with other House Republicans, has called for the firing of CFPB Director...

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