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Wells Fargo hit with $1 billion fine for customer abuses

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.

Go deeper

Dion Rabouin, author of Markets
40 mins ago - Economy & Business

Biden's inflation danger

Illustration: Sarah Grillo/Axios

President-elect Joe Biden's $1.9 trillion stimulus proposal has economists and bullish market analysts revising their U.S. growth expectations higher, predicting a reflation of the economy in 2021 and possibly more booming returns for risk assets.

Yes, but: Others are warning that what's expected to be reflation could actually show up as inflation, a much less welcome phenomenon.

Go deeper (2 min. read)Arrow
Ina Fried, author of Login
2 hours ago - Technology

CES was largely irrelevant this year

Illustration: Sarah Grillo/Axios

Forced online by the pandemic and overshadowed by the attack on the Capitol, the 2021 edition of CES was mostly an afterthought as media's attention focused elsewhere.

Why it matters: The consumer electronics trade show is the cornerstone event for the Consumer Technology Association and Las Vegas has been the traditional early-January gathering place for the tech industry.

Go deeper (1 min. read)Arrow
Sara Fischer, Ashley Gold
3 hours ago - Technology

The FBI is tracing a digital trail to Capitol rioters

Illustration: Sarah Grillo

Capitol rioters, eager to share proof of their efforts with other extremists online, have so far left a digital footprint of at least 140,000 images that is making it easier for federal law enforcement officials to capture and arrest them.

The big picture: Law enforcement's use of digital tracing isn't new, and has long been at the center of fierce battles over privacy and civil liberties. The Capitol siege is opening a fresh front in that debate.

Go deeper (2 min. read)Arrow