Wells Fargo Is Fined $185 Million Over Unapproved Accounts

September 8, 2016 5:18 PM

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Wells Fargo Is Fined $185 Million Over Unapproved Accounts

Wells Fargo & Co. will pay $185 million to resolve claims that bank employees opened deposit and credit-card accounts without customers’ approval to satisfy sales goals and earn financial rewards, U.S. regulators said.

The lender opened more than 2 million accounts that consumers may not have known about, the Consumer Financial Protection Bureau said in a statement Thursday. Wells Fargo, which fired 5,300 employees over the improper sales practices, agreed to pay a $100 million fine to the CFPB, $35 million to the...

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