>> Embattled bank, Wells Fargo, facing the steepest penalty from the Trump Administration yet. A source telling Reuters Thursday that Federal regulators are getting ready to slap a billion dollar fine on the bank for a variety of alleged misdeeds. The penalty is expected to come from the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency on Friday, says Reuters' correspondent Patrick Rucker.
>> This fine is eye popping. I mean, a billion dollars against a leading bank is the most that this regulator, the Consumer Financial Protection Bureau, has ever levied by a factor of ten. So it is definitely a big blow. Reuters reported that this had been on ice late last year.
President Donald Trump responded to that story of ours and said, no, forget it, we're going after there guys hard. So this is refilling essentially the President's words, they've got a record-setting fine.>> Wells Fargo is already coping with an unusually harsh punishment doled out by the Federal Reserve in February that prevents the bank from growing its business until it fixes its problems.
Wells Fargo has been struggling with punishment after punishment since it was caught cheating clients with dummy accounts for years to boost its business. The latest penalty for similar predatory behavior, like forcing customers to buy auto insurance they didn't need.