WASHINGTON—Wells Fargo is facing a new probe from the CFPB over how it disclosed and assessed monthly fees on certain consumer bank accounts in 2016, the bank disclosed in a regulatory filing.
The Consumer Financial Protection Bureau is “investigating certain of the Company’s past disclosures to customers regarding the minimum qualifying debit card usage required for customers to receive a waiver of monthly service fees on certain consumer deposit accounts,” the bank said.
Reuters said the CFPB declined to comment, and that Wells Fargo did not immediately respond to a request for comment.
The probe is the latest regulatory hurdle for the San Francisco-based lender, which, as CUToday.info has reported extensively, has been mired in scandal related to unauthorized product sales since 2016.