US fines Wells Fargo $1 bn for mortgage, auto loan violations

New York (AFP) – Wells Fargo will pay $1 billion in fines to address deficiencies identified by regulators in its mortgage and auto loan businesses, US regulators said Friday.

The big US bank, which has been under fire from regulators and shareholders in the wake of a 2016 fake accounts scandal, will pay the fines to resolve actions brought by the Office of the Comptroller of the Currency and the Bureau of Consumer Financial Protection.