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Actionable news in WFC: WELLS FARGO & CO.,

Wells Fargo case is a loud, serious warning to banks, CFPB says

The penalties imposed by Wells Fargo are a "loud and serious warning" to anyone who may think about gaming a bank's incentive program, Consumer Financial Protection Bureau Director Richard Cordray told CNBC on Monday.

Wells Fargo is accused of creating accounts for customers across multiple product lines without telling them.

While the bank agreed to pay $185 million in penalties and $5 million to customers, it did not admit or deny wrongdoing in a civil settlement with the U.S. Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau and the Los Angeles...