The $2.1 billion settlement is likely to be the last of the big toxic mortgage cases from the financial crisis; the move pressures rivals to lower prices.
The agreement was likely the last of the big cases to be cleared by the Justice Department, and Wells paid less than its peers did to resolve the lingering mortgage probes stemming from the meltdown.
Ten years after faulty mortgages upended the global financial system, Wells Fargo agreed to pay $2.09 billion to settle a U.S. probe into its creation and sale of loans that contributed to the disaster.
The letter from 29 Republicans, including some who may chair the House Financial Services Committee next year, urges the Federal Reserve’s top regulator to ‘recalibrate’ the capital surcharge for banks like JPMorgan Chase and Citigroup.
The company defended its prices for currency conversions after a report said employees boosted rates for some business customers without notifying them.
The retailer is ending its nearly two-decade credit card relationship with Synchrony Financial; Mulvaney says the bureau will first negotiate, not sue, to settle disputes.
