CFPB Fine Against Wells Fargo Could Be Telling

A $1B Wells Fargo Fine Would Be Largest Against a Bank in CFPB History
– SNL Financial

Manatt’s Richard Gottlieb, co-chair of the firm’s financial services group, was quoted by SNL Financial for an article on what could be a historic fine against Wells Fargo—a $1 billion penalty levied by the Consumer Financial Protection Bureau.

Gottlieb told the publication that CFPB Acting Director Mick Mulvaney’s pursuit of such a large fine on Wells Fargo could be very telling, as he has initiated no enforcement actions since taking over the bureau.

“There is some [public relations] value to Mulvaney showing that he has some backbone in the context of what he sees as egregious behavior,” he said.