President Trump on Friday lashed out against Wells Fargo, insisting that fines against the embattled mega bank would not be scrapped and threatening even harsher penalties. “Fines and penalties against Wells Fargo Bank for their bad acts against their customers and others will not be dropped, as has been incorrectly reported, but will be pursued and, if anything, substantially increased,” Trump said in a tweet. “I will cut Regs but make penalties severe when caught cheating.”Fines and penalties against Wells Fargo Bank for their bad acts against their customers and others will not be dropped, as has incorrectly been reported, but will be pursued and, if anything, substantially increased. Wells Fargo has acknowledged that it improperly charged some customers fees to secure lower mortgage rates and said it would issue refunds. But the “Wells Fargo sanctions are on ice” under Mick Mulvaney, Trump’s pick to lead the agency, Reuters said.

Source: Washington Post December 08, 2017 17:15 UTC