US regulators fine Wells Fargo $1 billion over abuses

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Two financial regulators in the US have fined the commercial bank Wells Fargo a total of $1 billion for malpractice towards retail consumers.

The Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB) each announced that they have fined the bank $500 million on April 20. Both agencies say the bank had breached regulation regarding the sale of insurance and on car loans and the administration of housing loans.

Evidence of large-scale malpractice at

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