Wells Fargo may escape some sanctions under Trump administration
Mick Mulvaney, the new interim head of the Consumer Finance Protection Bureau, is reviewing whether Wells Fargo & Co (WFC) will have to pay tens of millions of dollars over mischarged mortgage fees to as many as 100,000 borrowers, according to a Reuters report. The CFPB had been investigating the issue for months, and was set to agree on settlement terms. But the former director of the agency, Richard Cordray, resigned, leaving Mulvaney, who called the CFPB's work "a joke," in charge. Mulvaney said he would review all agency work still in progress. Wells shares are up 7.4% for the year to date, while the S&P 500 has gained 17.8%.
-Andrea Riquier; 415-439-6400; AskNewswires@dowjones.com
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12-07-17 1603ETCopyright (c) 2017 Dow Jones & Company, Inc.