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Wells Fargo hit with $1 billion fine for customer abuses

A car sitting parked in front of a Wells Fargo bank
Photo: Justin Sullivan/Getty Images

Wells Fargo is being fined $1 billion by the Consumer Financial Protection Bureau for auto loan and mortgage abuses against their clients, reports the AP, making it the largest fine against a bank dished out by the Trump Administration.

The backdrop: In 2017 it was revealed that the bank was charging customers for car insurance they didn't need, and charging others for missing mortgage payment deadlines to ensure certain interest rates.