The Hits Just Keep on Coming: $24 Million Penalty for SCRA Violations at Wells Fargo
The OCC found that Wells Fargo violated three provisions of the Servicemembers Civil Relief Act, including failure to limit interest rates, failure to accurately disclose active duty status, and failure to obtain court orders prior to repossessing vehicles. Wells Fargo has been assessed a $20 million penalty and ordered to pay restitution. DOJ is not too happy about this either, to the tune of $4 million. (Wells Fargo's public relations agency must be a busy place these days.) Upshot is: add SCRA to your list of emerging hot spots in compliance. [9/30/16]
