Walling bank regulators off from politics

Mick Mulvaney, appointed acting director of the Consumer Financial Protection Bureau in November, has promised to shrink the bureau’s mandate and take a much softer approach to enforcement. (AP Photo/Alex Brandon, File)
Mick Mulvaney, appointed acting director of the Consumer Financial Protection Bureau in November, has promised to shrink the bureaus mandate and take a much softer approach to enforcement. (AP Photo/Alex Brandon, File)

Wells Fargo was just fined a total of $1 billion by the federal government’s Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency.

The fines are not related to the fake-account scandal for which the bank was fined over $100 million in 2016. This time Wells Fargo was penalized for requiring auto-loan borrowers to pay for insurance they didn’t need, and for charging mortgage borrowers fees to extend interest-rate locks even when the need for the extension was Wells Fargo’s fault. It’s the biggest fine ever imposed by the CFPB, an agency created in 2010 under…

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