Op risk data: Wells Fargo walloped to the tune of $1.7bn

- By ORX News
- 26 Jan 2023

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The biggest operational risk loss in December 2022 was a $1.7 billion fine levied against Wells Fargo for violations across numerous product lines and widespread management failures in relation to car loans, mortgages and deposit accounts. The fine is the largest ever imposed by the US Consumer Financial Protection Bureau.

According to the CFPB, from at least 2011 to 2022, the bank engaged in unlawful activities affecting more than 16 million customer accounts. These included: repeatedly

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