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OCC fines Wells Fargo $20M for Servicemembers Civil Relief Act violations

The OCC assessed Wells Fargo Bank NA a $20 million civil money penaltyfor violations of the Servicemembers Civil Relief Act.

The OCC said that between approximately 2006 and 2016, the bankfailed to provide the 6% interest rate limit to servicemember obligations orliabilities incurred before military service, accurately discloseservicemembers’ active duty status to the court prior to eviction, and obtaincourt orders prior to repossessing servicemembers’ automobiles.

Wells Fargo must also make restitution to servicemembersfinancially harmed by the violations.

The OCC said it took the action in coordination with theDepartment of Justice.

Wells Fargo is also currently dealing with fallout over itssales practices and the opening of millions of unauthorized accounts. CEO JohnStumpf testified infront of the House Financial Services Committee on Sept. 29 to addressquestions about the scandal.