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Huge Wells Fargo Enforcement Victory for Lawrence Brown at CFPB

lbrownLawrence 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.

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