2018-12-29 — bloomberg.com
The settlement with 50 states and the District of Columbia announced Friday resolves state investigations into Wells Fargo's practices from 2002 to 2017. The practices, which have previously been disclosed, include opening bogus accounts, charging improper mortgage rate-lock extension fees and forcing insurance policies on auto-lending customers.
Wells Fargo's expenses surged over the past two years, driven by fines and legal costs as investigations multiplied across business lines. Following the 2016 revelation that bank employees opened as many as 3.5 million accounts without customer approval in order to meet sales goals, issues have emerged in the bank's consumer-lending, wholesale and wealth-management arms.
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