WASHINGTON (Reuters) – U.S. President Donald Trump said on Friday that government fines and penalties against Wells Fargo & Co (WFC.N) will not be dropped and could be “substantially increased.”
“Fines and penalties against Wells Fargo Bank for their bad acts against their customers and others will not be dropped, as has incorrectly been reported, but will be pursued and, if anything, substantially increased. I will cut Regs but make penalties severe when caught cheating!” Trump wrote.
Reuters reported on Thursday that the new acting head of the U.S. consumer finance watchdog agency is reviewing whether Wells Fargo should pay tens of millions of dollars over alleged mortgage lending abuse, according to three sources familiar with the dispute. It was not clear whether Trump was reacting to the Reuters’ report.
Reporting by Doina Chiacu; Editing by Tim Ahmann