President Donald Trump weighed in on an investigation into scandal-plagued Wells Fargo, tweeting Friday that fines and penalties against the bank would not be dropped, and may actually be "substantially increased." Wells Fargo, the nation's largest mortgage lender, has offered refunds to customers this year after acknowledging that its mortgage bankers unfairly charged them fees to lock in interest rates on mortgages. Wells Fargo employees also tacked on insurance for auto loan customers who did not need it, in some cases leading to defaults and repossessions. The CFPB under previous director, Richard Cordray, was considering additional fines and penalties against Wells Fargo, but the investigation was frozen last month after Cordray resigned from federal watchdog agency, and Mulvaney took over. While Trump signaled a tough hand against Wells Fargo, his appointments and recent actions have been more industry-friendly.

Source: ABC News December 08, 2017 17:48 UTC