Federal regulators fined Wells Fargo & Co. $1 billion Friday, punishing the San Francisco bank for abuses that hurt mortgage and auto loan borrowers, and for what regulators said was a pervasive and “reckless” lack of risk management.
The penalty, announced by the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau, is the largest against a financial firm since President Donald Trump took office.
It’s also one of the largest fines levied against any U.S. bank not related to the financial crisis and the first for the CFPB since Trump appointed Mick Mulvaney as interim director last year. In the months since, Mulvaney has been criticized by consumer…
