Övünç Kutlu
27 September 2016•Update: 28 September 2016
NEW YORK
Wells Fargo will pay a $400,000 fine for "failing to comply with its obligations to submit accurate large trader reports," a U.S. regulator announced Tuesday.
The world's biggest bank should also "cease and desist from committing further violations," the Commodity Futures Trading Commission said in a statement.
The decision comes just weeks after Wells Fargo was fined $185 million by the Consumer Financial Protection Bureau (CFPB) for illegal banking practices.
The government found that the bank opened 2 million unauthorized deposit and credit card accounts, and funded them through transfers from customer’s authorized accounts without their knowledge or consent, according to the CFPB.
During congressional testimony last week, CEO John G. Stumpf apologized for failing to fulfill the bank's responsibilities to its customers and the American public, but refused to admit the practices were an "orchestrated effort".
High-ranking Democratic lawmaker Elizabeth Warren accused Stumpf of "gutless leadership" and blasted the CEO by saying, “You haven’t resigned, you haven’t returned a single nickel of personal earnings, haven’t fired a single senior executive."
Stumpf is scheduled to again testify before Congress later this week.
