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Wells Fargo to pay $4 million for violations on credit card accounts -New York
February 5, 2015 / 5:23 PM / 3 years ago

Wells Fargo to pay $4 million for violations on credit card accounts -New York

NEW YORK, Feb 5 (Reuters) - Wells Fargo & Co has agreed to pay $4 million for violations on credit card accounts at a former affiliate, New York Governor Andrew Cuomo said.

Wells Fargo will pay a $2 million penalty and $2 million in restitution to consumers after the affiliate illegally took interests in borrowers’ homes, in exchange for extending credit for routine credit card purchases, Cuomo said in a statement.

The state’s Department of Financial Services found the violations in loans made through the bank’s Nowline Visa Platinum Credit Card Account product, the statement said.

A spokesman for Wells Fargo did not immediately respond to a request for comment. (Editing by Bernadette Baum)

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