trending Market Intelligence /marketintelligence/en/news-insights/trending/Ied51ixfHjKrlep2SGbYMQ2 content esgSubNav
In This List

Consumer agency probing Wells' mortgage fee practices


Banking Essentials Newsletter: 7th February Edition

Case Study

A Bank Outsources Data Gathering to Meet Basel III Regulations


Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)


Banks’ Response to Rising Rates & Liquidity Concerns

Consumer agency probing Wells' mortgage fee practices

The Consumer Financial Protection Bureau is looking into allegations that Wells Fargo & Co. charged its mortgage customers inappropriate fees related to paperwork delays, ProPublica reported June 6, citing "a person familiar" with the probe.

The allegations became public in January, when ProPublica reported on a letter to the House Financial Services Committee from a Los Angeles-based Wells Fargo employee. The employee stated that the bank charged customers for missing deadlines when the bank was the cause of the delay.

Law firm Winston & Strawn is overseeing an internal review by Wells Fargo into the matter, the publication stated. The focus of this internal review was originally on the Los Angeles area, but it has widened, Pro Publica reported without mentioning the new geographical scope. It did note that allegations of the practice have turned up in Oregon.