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WASHINGTON—The workplace of this Comptroller payday loans online for the Currency (OCC) today evaluated a $500 million civil cash penalty against Wells Fargo Bank, N.A., and ordered the lender to produce restitution to clients harmed by its unsafe or unsound methods, and develop and implement a powerful compliance risk management program that is enterprise-wide.

The OCC’s action ended up being closely coordinated having an action because of the Bureau of customer Financial Protection and made feasible through the collaborative approach taken by the bureau. Individually, the bureau evaluated a $1 billion penalty from the bank and credited the quantity gathered by the OCC toward the satisfaction of its fine.

The OCC took these actions because of the severity of this inadequacies and violations of legislation, the financial injury to customers, additionally the bank’s failure to fix the inadequacies and violations in a prompt way. (more…)