5,300 Wells Fargo employees set up more than 2 million phony accounts; CFPB imposes huge fine

CNN Money reports:

On Thursday, federal regulators said Wells Fargo employees secretly created millions of unauthorized bank and credit card accounts — without their customers knowing it — since 2011.

Wells Fargo confirmed to CNNMoney that it had fired 5,300 employees over the last few years related to the shady behavior. Employees went so far as to create phony PIN numbers and fake email addresses to enroll customers in online banking services, the CFPB said.

The full story is here.

In response to the unlawful practice, the Consumer Financial Protection Bureau imposed a $100 million fine on Wells Fargo. The CFPB's press release, with a link to a consent order with Wells Fargo, is here.

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