The Bank's board of directors has asked you to read the press release, CFPB Orders Wells Fargo to Pay $3.7 Billion for Widespread Mismanagement of Auto Loans, Mortgages, and Deposit Accounts (Dec. 22. 2022)

Actions

• Identify three key regulatory compliance takeaways from the Wells Fargo enforcement action
• Discuss the implications and potential lessons of the following statement included in the press release:
  • "The CFPB wishes to thank members of the public who submitted complaints through the CFPB's complaint system across Wells Fargo product lines. These complaints aided in the detection of some of the illegal activity uncovered in the CFPB's investigation."

Answer rating: 100% (QA)

Key Regulatory Compliance Takeaways from the Wells Fargo Enforcement Action Repeat Offenses Have Steeper Consequences This settlement marks the latest ... View the full answer