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Violation Tracker Individual Record

Company: Wells Fargo Bank
Current Parent Company: Wells Fargo
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Penalty: $35,000,000
Year: 2016
Date: September 8, 2016
Offense Group: financial offenses
Primary Offense: banking violation
Secondary Offense: consumer protection violation
Mega-Scandal: Bogus Bank Accounts
Violation Description: The Office of the Comptroller of the Currency assessed a $35 million civil money penalty against Wells Fargo Bank, N.A., and ordered the bank to make restitution to customers who were harmed by the bank's unsafe or unsound sales practices, including the unauthorized opening of deposit or credit card accounts and the transfer of funds from authorized, existing accounts to unauthorized accounts.
Level of Government: federal
Action Type: agency action
Agency: Office of the Comptroller of the Currency
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: California
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Archived Source: (click here)
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.