On Thursday, the Consumer Financial Protection Bureau reported that Wells Fargo employees surreptitiously created millions of unauthorized bank and credit card accounts, which earned the bank exorbitant fees from its customers. According to Richard Cordray, director of the CFPB, “Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses.”
The bank hosts several branches throughout eastern and central Arkansas, and has agreed to pay $185 million in fines, as well as $5 million to refund customers affected by the fraudulent charges.
