>> Good morning.>> Sources tell Reuters that Mick Mulvaney, the new acting head of the US onsumer finance watchdog, is reviewing whether Wells Fargo should pay tens of millions of dollars over alleged mortgage lending abuse. The Consumer Financial Protection Bureau, which, according to sources, has been investigating the mortgage issue since early this year, accepted an internal review from Wells Fargo.
And set settlement terms in early November. Wells Fargo said more than 100,000 borrowers paid a fee to lock-in a fixed-rate loan between 2013 and 2017, and that it believes that a substantial number of those charges were appropriates. But the bank said in October that it would indeed refund home buyers who were wrongly charged.
In addition, the CFPB envisioned a possible settlement, that would amount to a Wells Fargo payout of tens of millions of dollars. That matter and roughly a dozen others are now in question while Mulvaney, put in place by President Donald Trump, reviews, the agency's prior work. But the president tweeted Friday that fines and penalties against Wells Fargo for their bad acts will not be dropped.
They quote, will be pursued and if anything, substantially increased. Meanwhile, the agency, which was created by Elizabeth Warren to ensure federal oversight by companies that lend money to consumers, is embroiled in a legal fight over who should lead it until a permanent chief can be appointed. Senior CFPB official Leandra English, who claims she's the rightful agency head, has vowed to defend the bureau's existing consumer protections, while Mulvaney has pledged to have the agency step out of the way of business.