NEW YORK (AP) — Regulators are fining Wells Fargo $185 million for illegally opening millions of unauthorized accounts for their customers in order to meet aggressive sales goals.
The San Francisco-based bank will pay $100 million to the Consumer Financial Protection Bureau, a federal agency created five years ago; $35 million to the Office of the Comptroller of the Currency and $50 million to the City and County of Los Angeles. It will also pay restitution to affected customers.
Wells Fargo has locations across Kansas
The CFPB says Wells Fargo sales staff opened more than 2 million bank and credit card accounts that may have not been authorized by customers.
In a statement, Wells Fargo said: “We regret and take responsibility for any instances where customers may have received a product that they did not request.”