More Wells Fargo news this week:
Wells Fargo will pay $4.1 million to settle Justice Department charges that it seized 413 cars owned by service members without a court order, a violation of the Servicemembers Civil Relief Act. The illegal repossessions took place from 2008 to 2015. The relief includes payments to each affected service member.
Also announced yesterday, the Office of the Comptroller of the Currency has fined Wells Fargo $20 million for breaking three provisions of the same Act by denying members of the military certain banking protections, including capping their interest rates at 6%.
CNN Money has the story. DOJ's press release is here. The OCC's press release is here.
