For its consumer mistreatment, Wells Fargo had settled with the CFPB for $3.7 billion.

Some of the misbehavior at Wells Fargo that resulted in the $3.7 billion settlement with the Consumer Financial Protection Bureau occurred as recently as this year and involved client abuses involving checking accounts, mortgages, and auto loans.

The CFPB stated in a statement that the business had been ordered to pay a record $1.7 billion civil penalty and more than $2 billion to customers with 16 million accounts. In a second statement, the San Francisco-based financial institution claimed that many of the "necessary procedures" associated with the settlement had been finished.

According to the statement issued by the commission, "the bank's illegal activity led to billions of dollars in financial devastation to its customers and, for thousands of customers, the loss of vehicle and house." "Consumers were unjustly levied fees and interest charges on auto and mortgage loans, had their vehicles wrongfully seized, and had their payments to auto and mortgage loans misapplied by the bank."

The CFPB's description of the breadth of Wells Fargo's misconduct in serving its clients demonstrates that the issues predate the 2016 incident involving millions of phony accounts. Wells Fargo, the fourth largest U.S. bank by assets, serves regular people rather than Wall Street investors like its larger competitors, JPMorgan Chase and Bank of America.

These problems persisted until very late in certain cases. A compliance agreement states that the bank made mistakes with auto loan payments and other areas from "at least 2011 to 2022). Some of these errors resulted in improper repossessions. The CFPB also claims that beginning in 2011 and continuing through 2018 the bank made mistakes while processing applications to have mortgages restructured.