Trump Warns That Wells Fargo Penalties ‘Will Not Be Dropped’

WASHINGTON (AP) – President Donald Trump says government fines and penalties against Wells Fargo “will not be dropped” and is warning that they could be “substantially increased.”

The president is writing on Twitter following a report that the Consumer Financial Protection Bureau is looking at whether Wells Fargo should pay millions of dollars in fines over allegations of mortgage lending abuse.

Trump tweets that the fines and penalties for the bank’s “bad acts against their customers … will not be dropped, as has incorrectly been reported, but will be pursued and, if anything, substantially increased.”

Wells Fargo said in October it would refund customers who were wrongly charged with mortgage rate lock extension fees between 2013 and 2017.

Trump tweets, “I will cut Regs but make penalties severe when caught cheating!”

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