year amount description
2012 $5,342,200,000 The federal government and 49 state attorneys general reached a $25 billion agreement with the nation's five largest mortgage servicers to address mortgage loan servicing and foreclosure abuses. The penalty figure is the total of the amounts specified in the the individual company's consent judgment for direct payments and homeowner relief.
2020 $3,000,000,000 Wells Fargo & Company and its subsidiary, Wells Fargo Bank, N.A., entered into a deferred prosecution agreement and agreed to pay $3 billion to resolve their potential criminal and civil liability stemming from a practice between 2002 and 2016 of pressuring employees to meet unrealistic sales goals that led thousands of employees to provide millions of accounts or products to customers under false pretenses or without consent, often by creating false records or misusing customers' identities. The settlement also resolved an investigation being conducted by the SEC, which was to receive $500 million of the total to distribute to investors.
2018 $2,090,000,000 Wells Fargo Bank, N.A. and several of its affiliates agreed to pay a civil penalty of $2.09 billion under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) based on the bank's alleged origination and sale of residential mortgage loans that it knew contained misstated income information and did not meet the quality that Wells Fargo represented.
2013 $1,991,141,181 Ten mortgage servicing companies subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing reached an agreement in principle with the Office of the Comptroller of the Currency and the Federal Reserve Board to pay more than $8.5 billion in cash payments and other assistance to help borrowers.
2009 $1,400,000,000 The California Attorney General announced a $1.4 billion settlement with three Wells Fargo affiliates to pay back investors, charities and small businesses that purchased auction-rate securities based on misleading advice.
2016 $1,200,000,000 The Department of Justice announced the settlement of civil mortgage fraud claims against Wells Fargo Bank, N.A. stemming from its participation in the Federal Housing Administration Direct Endorsement Lender Program. In the settlement, Wells Fargo agreed to pay $1.2 billion and admitted, acknowledged and accepted responsibility for, among other things, certifying to the Department of Housing and Urban Development, during the period from May 2001 through December 2008, that certain residential home mortgage loans were eligible for FHA insurance when in fact they were not, resulting in the government having to pay FHA insurance claims when some of those loans defaulted.