On March 02, 2021 a
Exhibit,Appendix
was filed
involving a dispute between
Wells Fargo Bank, N.A.,
and
Glenn A. Becker M.D.,
New York City Environmental Control Board,
New York City Parking Violations Bureau,
Pauline Lovelace,
for Real Property - Mortgage Foreclosure - Residential
in the District Court of Queens County.
Preview
FILED: QUEENS COUNTY CLERK 06/07/2023 06:45 PM INDEX NO. 704716/2021
5/15/23, 7:24 PM CFPB Orders Wells Fargo to Pay $3.7 Billion for Widespread Mismanagement of Auto Loans, Mortgages, and Deposit Accounts | ...
NYSCEF DOC. NO. 68 RECEIVED NYSCEF: 06/07/2023
Cfph ==;;f (cfpb.gov/)
CFPB Orders Wells Fargo to Pay $3.7 Billion for
Widespread Mismanagement of Auto Loans, Mortgages,
and Deposit Accounts
English Español (cfpb.gov/about-us/newsroom/la-cfpb-le-ordena-a-wells-fargo-pagar-37
Company repeatedly misapplied loan payments, wrongfully foreclosed on
homes and illegally repossessed vehicles, incorrectly assessed fees and
interest, charged surprise overdraft fees, along with other illegal activity
affecting over 16 million consumer accounts
DEC 20 , 2022
D.C. - The Consumer Financial Protection Bureau is
WASHINGTON, (CFPB)
ordering Wells Fargo Bank to pay more than $2 billion in redress to consumers
and a $1.7 billion civil penalty for legal violations across several of its largest
product lines. The bank's illegal conduct led to billions of dollars in financial
harm to its customers and, for thousands of customers, the loss of their
vehicles and homes. Consumers were illegally assessed fees and interest
charges on auto and mortgage loans, had their cars wrongly repossessed, and
had payments to auto and mortgage loans misapplied by the bank. Wells
Fargo also charged consumers unlawful surprise overdraft fees and applied
other incorrect charges to checking and savings accounts. Under the terms of
the order, Wells Fargo will pay redress to the over 16 million affected consumer
accounts, and pay a $1.7 billion fine, which will go to the CFPB's Civil Penalty
Fund, where it will be used to provide relief to victims of consumer financial
law violations.
"Wells Fargo's rinse-repeat cycle of violating the law has harmed millions of
families,"
American said CFPB Director Rohit Chopra. "The CFPB is ordering
Wells Fargo to refund billions of dollars to consumers across the country. This is
an important initial step for accountability and long-term reform of this repeat
offender."
Wells Fargo (NYSE: WFC) is one of the nation's largest banks serving
households across the country. It offers a variety of consumer financial services,
https://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-wells-fargo-to-pay-37-billion-for-widespread-mismanagement-of-auto-loans-mortga... 1/5
. ro
urders
FILED: QUEENS COUNTY Wells
CLERKFargo to 06/07/2023 06:45 PM
Pay $3.7 Billion for
INDEX NO. 704716/2021
including Widespread
NYSCEF DOC. NO. mortgages,
68 auto Mismanagement of Auto RECEIVED NYSCEF: 06/07/2023
loans, savings Loans, Mortgages,
banking and and Deposit
services. At
checking accounts, and online
According to today's
enforcement
consumers action, Wells
over a period Fargo
of harmed millions
several of
bank's largest years, with
product violations across
lines. The many of
CFPB's the
Fargo: specific findings
include that Wells
=
Unlawfully repossessed
vehicles and
had bungled borrower
systematic failures in accounts: Wells
its Fargo
servicing of
billion in automobile loans that
harm across resulted in
more than 11 $1.3
borrowers' million accounts.
applied The bank
payments, incorrectly
improperly charged fees and
wrongfully repossessed borrowers' interest, and
vehicles. In
ensure that addition, the bank
borrowers failed to
received a refund for certain
when a loan fees on add-on
ended early. products
"
Improperly denied mortgage
modifications: at
period, the During least a seven-year
bank
improperly denied thousands of mortgage loan
modifications, which in some
cases led to Wells Fargo
homes to wrongful
customers their
foreclosures. losing
The bank was aware of the
before it problem for years
ultimately addressed the issue.
"
lilegally charged surprise overdraft fees: For years, Wells Fargo
charged surprise - unfairly
overdraft fees fees charged even though
enough consumers had
money in their account to cover the transaction at the time the bank
authorized it - on debit card transactions and ATM withdrawals. As as
2015, the as early
CFPB, well as other federal
regulators, including the Federal
Reserve, began
cautioning financial institutions against this practice, known as
authorized positive fees.
=
Unlawfully froze consumer accounts and mispresented fee waivers: The bank
froze more than 1 million consumer accounts based on a automated
faulty
filter's determination that there may have been a fraudulent
deposit, even
when it could have taken other actions that would have not harmed customers.
Customers affected these
by account freezes were unable to access of
any
their in accounts at the
money bank for an average of at least two weeks. The
bank also made deceptive claims as to the of
availability waivers for a
monthly
service fee.
Wells Fargo is a repeat offender that has been the subject of multiple
enforcement actions the CFPB and
by other regulators for violations across its
lines of business, including faulty student loan
servicing (cfpb.gov/about-us/ne
wsroom/cfpb-takes-action-against-wells-fargo-illegal-student-loan-servicing-pr
actices/), mortgage kickbacks
(cfpb.gov/about-us/newsroom/cfpb-takes-action
-against-wells-fargo-and-jpmorgan-chase-for-illegal-mortgage-kickbacks/),
fake accounts (cfpb.gov/about-us/newsroom/consumer-financial-protection-b
ureau-fines-wells-fargo-100-million-widespread-illegal-practice-secretly-openin
https://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-wells-fargo-to-pay-37-billion-for-widespread-mismanagement-of-auto-loans-mortga... 2/5
Document Filed Date
June 07, 2023
Case Filing Date
March 02, 2021
Category
Real Property - Mortgage Foreclosure - Residential
Status
Disposed-Court Date/Application Pending
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FILED: QUEENS COUNTY CLERK 06/07/2023 06:45 PM INDEX NO. 704716/2021 5/15/23, 7:24 PM CFPB Orders Wells Fargo to Pay $3.7 Billion for Widespread Mismanagement of Auto Loans, Mortgages, and Deposit Accounts | ... NYSCEF DOC. NO. 68 RECEIVED NYSCEF: 06/07/2023 Cfph ==;;f (cfpb.gov/) CFPB Orders Wells Fargo to Pay $3.7 Billion for Widespread Mismanagement of Auto Loans, Mortgages, and Deposit Accounts English Español (cfpb.gov/about-us/newsroom/la-cfpb-le-ordena-a-wells-fargo-pagar-37 Company repeatedly misapplied loan payments, wrongfully foreclosed on homes and illegally repossessed vehicles, incorrectly assessed fees and interest, charged surprise overdraft fees, along with other illegal activity affecting over 16 million consumer accounts DEC 20 , 2022 D.C. - The Consumer Financial Protection Bureau is WASHINGTON, (CFPB) ordering Wells Fargo Bank to pay more than $2 billion in redress to consumers and a $1.7 billion civil penalty for legal violations across several of its largest product lines. The bank's illegal conduct led to billions of dollars in financial harm to its customers and, for thousands of customers, the loss of their vehicles and homes. Consumers were illegally assessed fees and interest charges on auto and mortgage loans, had their cars wrongly repossessed, and had payments to auto and mortgage loans misapplied by the bank. Wells Fargo also charged consumers unlawful surprise overdraft fees and applied other incorrect charges to checking and savings accounts. Under the terms of the order, Wells Fargo will pay redress to the over 16 million affected consumer accounts, and pay a $1.7 billion fine, which will go to the CFPB's Civil Penalty Fund, where it will be used to provide relief to victims of consumer financial law violations. "Wells Fargo's rinse-repeat cycle of violating the law has harmed millions of families," American said CFPB Director Rohit Chopra. "The CFPB is ordering Wells Fargo to refund billions of dollars to consumers across the country. This is an important initial step for accountability and long-term reform of this repeat offender." Wells Fargo (NYSE: WFC) is one of the nation's largest banks serving households across the country. It offers a variety of consumer financial services, https://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-wells-fargo-to-pay-37-billion-for-widespread-mismanagement-of-auto-loans-mortga... 1/5 . ro urders FILED: QUEENS COUNTY Wells CLERKFargo to 06/07/2023 06:45 PM Pay $3.7 Billion for INDEX NO. 704716/2021 including Widespread NYSCEF DOC. NO. mortgages, 68 auto Mismanagement of Auto RECEIVED NYSCEF: 06/07/2023 loans, savings Loans, Mortgages, banking and and Deposit services. At checking accounts, and online According to today's enforcement consumers action, Wells over a period Fargo of harmed millions several of bank's largest years, with product violations across lines. The many of CFPB's the Fargo: specific findings include that Wells = Unlawfully repossessed vehicles and had bungled borrower systematic failures in accounts: Wells its Fargo servicing of billion in automobile loans that harm across resulted in more than 11 $1.3 borrowers' million accounts. applied The bank payments, incorrectly improperly charged fees and wrongfully repossessed borrowers' interest, and vehicles. In ensure that addition, the bank borrowers failed to received a refund for certain when a loan fees on add-on ended early. products " Improperly denied mortgage modifications: at period, the During least a seven-year bank improperly denied thousands of mortgage loan modifications, which in some cases led to Wells Fargo homes to wrongful customers their foreclosures. losing The bank was aware of the before it problem for years ultimately addressed the issue. " lilegally charged surprise overdraft fees: For years, Wells Fargo charged surprise - unfairly overdraft fees fees charged even though enough consumers had money in their account to cover the transaction at the time the bank authorized it - on debit card transactions and ATM withdrawals. As as 2015, the as early CFPB, well as other federal regulators, including the Federal Reserve, began cautioning financial institutions against this practice, known as authorized positive fees. = Unlawfully froze consumer accounts and mispresented fee waivers: The bank froze more than 1 million consumer accounts based on a automated faulty filter's determination that there may have been a fraudulent deposit, even when it could have taken other actions that would have not harmed customers. Customers affected these by account freezes were unable to access of any their in accounts at the money bank for an average of at least two weeks. The bank also made deceptive claims as to the of availability waivers for a monthly service fee. Wells Fargo is a repeat offender that has been the subject of multiple enforcement actions the CFPB and by other regulators for violations across its lines of business, including faulty student loan servicing (cfpb.gov/about-us/ne wsroom/cfpb-takes-action-against-wells-fargo-illegal-student-loan-servicing-pr actices/), mortgage kickbacks (cfpb.gov/about-us/newsroom/cfpb-takes-action -against-wells-fargo-and-jpmorgan-chase-for-illegal-mortgage-kickbacks/), fake accounts (cfpb.gov/about-us/newsroom/consumer-financial-protection-b ureau-fines-wells-fargo-100-million-widespread-illegal-practice-secretly-openin https://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-wells-fargo-to-pay-37-billion-for-widespread-mismanagement-of-auto-loans-mortga... 2/5