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    Wells Fargo to pay $1 billion in fines over auto, mortgage lending abuses

    by James Rufus Koren, Los Angeles Times Apr 20, 2018 4 minutes

    Federal regulators slapped Wells Fargo & Co. with a fine of $1 billion on Friday, punishing the San Francisco bank for abuses that harmed mortgage and auto loan borrowers, and for what regulators said was a pervasive and "reckless" lack of risk management.

    The penalty, announced by the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau, is the largest levied against a financial firm since President Donald Trump took office and one of the largest against any U.S. bank not related to the financial crisis.

    It also dwarfs the $185 million Wells Fargo agreed to pay to

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