CFPB Investigating Wells Fargo For Checking Account Practices

Wells Fargo has disclosed in a recent SEC filing that they are under investigation by the CFPB for checking account practices. Specifically the investigation is over how Wells Fargo disclosed how often a debit card needed to be used to receive a monthly fee waiver. Wells Fargo has previously agreed to a $142 million class action settlement over the practice of unauthorized account opening and have also previously disclosed that they are under investigation by the CFPB over whether customers were unduly harmed over the practice of freezing or closing accounts due to suspected fraud.