Capitol Report: Mulvaney’s first fine at CFPB is second-largest in history of agency

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Office of Management and Budget Director Mick Mulvaney

The $1 billion fine imposed by the Consumer Financial Protection Bureau, and first since Mick Mulvaney took over the agency, ranks as the second-highest in the history of the agency.

Wells Fargo & Co. WFC, +2.15% agreed on Friday to pay $1 billion in fines to the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency for harm inflicted on mortgage and auto loan borrowers. Technically, the CFPB fined Wells Fargo $1 billion and the OCC fined the bank $500 million, but the CFPB gave credit to Wells Fargo for the $500 million paid to the OCC.

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