April 20, 2018 / 1:18 PM / 5 months ago

BRIEF-U.S. regulators fine Wells Fargo $1 bln, order restitution

April 20 (Reuters) - Cfpb announces settlement with wells fargo for auto-loan administration and mortgage practices Cfpb says wells fargo broke the law in how it charged borrowers for mortgage interest rate-lock extensions Cfpb says part of the fine will be collected by the occ Cfpb consent order says wells fargo has discontinued the practices that led to its deficiencies, and has begun voluntarily providing remediation to consumers Occ says its settlement agreement maintains restrictions on the approval of severance payments to senior executives, and on the appointment of senior executives and directors Wells fargo is fined $1 bln, u.s. Consumer financial protection bureau says Cfpb says coordinated action with office of the comptroller of the currency requires bank to reimburse borrowers and pay the $1 bln fine Cfpb says wells fargo broke the law in how it administered mandatory insurance program related to auto loans Cfpb consent order says wells fargo agreed to settle without admitting or denying any of the findings of fact or conclusions of law Occ consent order says wells fargo agreed to it without admitting or denying any wrongdoing

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