Huge Wells Fargo Enforcement Victory for Lawrence Brown at CFPB
Lawrence Brown, an enforcement attorney at the CFPB was instrumental in securing the largest fine ever levied by the agency—$100 million—for alleged illegal practices involving account openings and bogus fees charged to account holders. The CFPB alleged Wells Fargo employees, spurred by sales targets and compensation incentives, secretly opened deposit and credit-card accounts in customers’ names. The bank’s own analysis showed more than 1.5 million accounts were opened by its employees without consent of the customers. In some cases, funds were transferred from customers’ existing accounts, with some 85,000 accounts incurring about $2 million in overdraft fees. For complete details on the fine, please click here.